There are essentially 3 argumentative points that IMO, collectively establish a preponderance of evidence of fiduciary malfeasance and grounds for shareholder compensations.
First, on numerous occasions on the podcasts, a dividend relating to Nile shareholders was suggested, stated, intimated, and thereafter switched to an exclusive Preferred new issuance. The CEO in full possession of all preferred and benefiting monthly with a 13% return. Nothing for NILE shareholders.
Second, while the shelf filing was filed, a clear visual of the subsequent dilution and resulting stock/market cap, has evidently downward spiraled with no reversal, support, or inflection. The continuation of ATM, with no regard to shareholder value, clearly demonstrates a lack of fiduciary respect and primary duties of a CEO mandatory responsibilities. The dilution is unabating, and next months shares should reflect another dump at low of years. 9 million were added from the previous months dump. This has eroded institutional holdings, jeopardizing listing qualifications, and with the filing to increase the authorized as a poison pill take over obstacle, the actions clearly do not coincide with the reasons stated. The open market purchase totals, authorized and outstanding summations, only support that an increase is solely based on further ATM dilution.
Third, the speculative and wayward investments of shareholders monies, is clearly a demonstration of a lack of due diligence and irresponsible fiduciary. Regardless of the investments, zero appreciatable returns on shareholder equity. Pick the investment, and it's in the crap. Market conditions are extremely challenging, which should have garnered a greater level of fiduciary management, and not further eroding shareholder values. Yet, one hole after another.
In summation, the principal code and responsibility of any CEO is to provide shareholder value. Unfortunately, with no apparent change of conduct being witnessed, despite an increase in volatility in the markets, it is painfully clear that the only intent by the CEO is to exploit shareholders values by incessantly exercising the ATM.
Given the observations and reasons stated, I believe that there are credible grounds for a successful shareholder suit to be initiated. There's obviously no check and balance being provided by the board. They are equally as culpable.
Hopefully some measure of accountability will materialize soon. There are still sizeable and tangible assets for compensation at this point. Another year of this level of performance, and who knows what will remain.
Glta
