2B--It's kind of hard to separate the Spragues from Wave, both literally and figuratively. I don't think they have always operated with our best interests at heart, is the kindest way to express it.
No need to enumerate the other beefs with them, that's been done many times.
I do give them credit for the current Intel deal, which is major, compared to anything else in our past. But let's not forget that about four years ago Wave and Intel were at the table negotiating and SKS overplayed his hand, according to my sources. Intel walked away. And what followed was the Haup card, the dongles, and many other strategies that simply did not catch fire.
Granted, that was a different time and a far different atmosphere, but it is also true the deal or a deal with Intel could have been struck four years ago and we would not have had to be going through all this present agony, uncertainty and dilution.
I think SKS and PS in the past have been prone to hype a non-existent product and to promise deployment of what essentially was a design, not a product. I think those mistakes of the past continue to stay with us and as a result, I think Wave is not taken seriously today on Wall Street as perhaps our situation would merit.
I think we lost credibility and have had trouble regaining it with the people that count the most. And that that continues to hurt us in the present.
Could we have done better with someone else at the helm? How could we know? If someone else were at the helm, we might not be still paying for accusations of rampant nepotism which appear to the outside world that mgt values blood ties over competency.
Obviously this is an exercise in arguing hypotheticals and I'm not sure that is productive.
No reason to go to the laundry list of what Bluefang considers major mistakes, but let's talk about the present. The stock is barely above $2 and dropping. No analyst is covering us. Why is that, if we are indeed a force to be reckoned with? Our financial position could be worse, but only if we were in Chap. 11. The dilution has been severe and in my mind, not all of it has been necessary. A little frugality on mgt's part would have helped. Why did we have 3 or 4 offices when we didn't have a product?
When hard times came that were certainly not Wave's fault, why didn't we cinch our belt a little tighter? Other companies did. We felt the pain, but our leaders continued as if the money would hold out forever.
I certainly do not want to relive the past at all. But, it was the same mgt steering our ship back then, who is steering it now, except the son has taken the father's place.
If my concerns about past behavior are legitimate, it seems logical to consider that people who did not behave well then, may not behave well now. Of course if you feel everything has been hunky dory all along, I can certainly understand how you think I am a Chicken Little, or am concentrating only on the negative.
Although I have been lumped in the same category as Howie and CPA, I differ considerably with them about how I view our chances. I am cautiously positive about our future, but it disturbs me no end to see what is happening currently in the market, for reasons stated here too many times.
I'm not sure I've answered your question, 2B, but I gave it my best shot. Now it is your turn, or anyone else's, if they find these issues worthy of discussion.
Best wishes--Blue
AI
