Friday, June 15, 2007 11:57:44 PM
I don’t think Jim said much at all concerning shareholder issues. He spoke a lot about company business, what was happening and what needed to happen. I found him very honest in regards to what he expected to happen regarding business. It didn’t stike me as strange that he was “hands off” when it came to answering the sharestructure and share quantity stuff because Steve was handling pretty much all of that.
When Jim hired Charlie Wu for Redwood, that was to stimilulate more business which it has in the last 10 months. He realized that whoever was in charge of finding companies for reverse mergers wasn’t doing the job so a change was needed. We have another major problem with the understanding of how to create shareholder value. Is Jim responsible for that? Absolutely, because he’s the boss but like signing Redwood RTOs, I think he’s placed the ultimate decision making with others.
He needs a complete overhaul of the people responsible in making those decisions. Is Hunter Wise going to be doing that now? I’m not sure but I hope so since whoever had that responsibility has been making the share value go in the opposite direction as intended.
We not only need a stop to future dilution which I view as a neutralizing effect but also something that is viewed as a positive effect such as a committment to reducing shares (although nobody would believe it until it happened). The shareholder sentiment is very low and putting a plug in the leak is still going to leave the glass half full. We need Jim to make some decisions that can offset the negative sentiments and start filling the glass and shareholder’s faith in the company.
Will it happen?
Only the shadow knows I guess (and the little birdie).
I hope everyone enjoys their weekend and Happy Father’s Day to you dads out there.
Sloth
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