Doctor: "For the life of me...I can't figure out why everyone thinks getting another two quarters translates into a great pp."
IMO the vast majority do NOT think it translates into a great pp either. maybe they are reluctant to discuss it aloud (or in print for all to see) for a variety of reasons?
it might be b/c of the unpopularity of dissenters, or maybe the fear that if these grievances are aired, the stock'll go even lower?
it could be deep-seeded denial. embracing the fact that the spragues, a family that IMO doesn't care one bit about the very investors that permit them to live lives of bon vivants while voids live the life of Reilly, just might be less than honest.
that is a prolly difficult realization to reach -- one that could be the remaining piece in a game of psychological jenga that if pulled out might cause some to lose their fragile faith altogether.
i'm very grateful that you, one of the "originals" stepped up & posted what i believe many of the originals are quietly thinking. you are among that short list of influential posters from yesteryear that has truly seen it all w/this company & much of what the St. Louis Univ. professor of ethics referred to in the "Wave of Delusion" article as "shennanigans."
when compared w/the situation as it existed in the mid-Spring, this pp is much, much, MUCH worse than the prior one IMO. this one sliced off over a third of the market cap in < 4 trading sessions. this one eliminated $53million in exhange for $7mil. this one has supposed worldwide TC services domination on the heels of the INTC PR, etc.
i understand why voids get mad @ me, CL, BF, cpa, HhH, etc., but none of those posters cited are idiots by any stretch & each comes to the table w/a great deal of wave knowledge as well as knowledge from their respective fields. HhH has a near blanket ignore from most here, but he made a really valid point (well, dozens actually) that is worth evaluating.
in the Spring CC, CL asked SKS about financing needs. SKS said Wave needed $7mil to get through March '04. SKS was very clear to include references to sales of securities as well as revs in the equation that would get them there. execs & employees exercised options into the INTC spike & 4 months later w/no revs, meager sale of SSPX in the face of heavy volume & a 100% gain in a month-long rally. they are back to the printing press.
all inferences now point to revs being pushed out further than previously thought. SKS predicted in the summer CC that Wave could achieve breakeven sometime in '04. He made no such statement in the last "best ever" CC.
SO, here comes Wave yet again w/hat in hand 4 1/2 or so months later to print more shares... when SKS answered CL's questions, he made NO reference whatsoever to a follow-up PP w/in just over a Q. none.
that by itself is an enormous problem that wavoids have the power to change but don't seem to realize it. or maybe they realize it but are afraid to assert their power? i dunno, but there have been clear instances where mgmt has curtailed some of their BS in response to S/H displeasure.
the fact that the PP is class A shares & warrants is a positive, but it doesn't mitigate the end results. not by a long shot!
again, if the TPM rollout was the "sure thing" that some here like to believe, long term bank financing would have been the optimum means by which to get deployments going & revs flowing.
instead, they print more shares @ a discount that results in a loss of $53 mil from the market cap! IMO there are bigger, more troubling reasons why they won't use bank financing, reasons that most voids don't want to delve into. reasons that if true, incinerate all of the optimists' hopes & dreams in one blinding neutron blast.
i really hope voids'll step up & express their views on some of this stuff b/c SKS is @ the helm yelling "stroke! stroke! stroke!" & the wavoids are on the verge of having one & wavx is hemorrhaging!
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24 -- i (think i) understand your FD comments. if i've construed it correctly, you seem to be suggesting that Wave's responsibilties end w/FD in this instance & are merely responsible for assuring that the "accredited" investors acknowledge the confidential nature of the non-public disclosures. whatever happens after they have selected the group of PP investors & obtained the acknowledgement is not their concern or responsibility & that any stock manipulation in the secondary market by the PP agent, MMs or the PP investors acting alone or in concert is irrelevant as far as Wave is concerned.
i guess that's a bunch of "smart words" from me & while i'm @ it, i should say that i'll try harder to get along better w/you in the future. but @ the same time, i like to believe in fair play & i don't see much of it here & the (some of) the same people that'll look the other way w/corporate (mis)governance & other similar shadiness, will also be some of the first to toss around entirely unsubstantiated allegations of price manipulation by negative posts.
i'm long & wrong right now... & i had finally submitted as much trust for Lee as i could muster in a post dot.bomb era. that same trust was vaporized w/the CC, the $2.71--->1.85 decline in days & what i believe was frontrunning on the stock by the very people that Wave & its agent selected to "loan" 'em money.
it was a mugging.
SPIN
PS Snack -- you are 100% correct & it's my bad for assuming you deleted it b/c you were active on the thread @ the time & 2b has been under the radar for quite some time -- i doubted it was Matt (though considering that riptide2004's post included one of the "7 dirty words" in the title, it could have easily been Matt).
PPS GET WELL SOON Nelzoni! BOTH of you!!
AI
