Ok, Heres my recap/perception on the call.
Dr. Ben spent the majority of the time talking about the "internal challenges" again.
Although he never comes right out and states clearly what the problems are, he did make several comments that lead me to assume that they are disagreeing on money issues.
- Dr. Ben wants to maintain his office in NY (Perhaps the BOD doesnt want to foot the bills for this).
- He wants to maintain his exec team. (Maybe the board doesn't feel that H3 should have to pay for Ben's "team").
- He needs to "build relationships in the communities" where H3 is set to expand. (Maybe they dont want to finance his travel?)
- Issues surrounding financing?
- Possible issues surrounding how they are moving forward, and the pace at which they grow.
It sounds like the BOD (or one specific individual), is attempting to micro manage Dr. Ben and they cant agree on next steps and spending.
This is only my interpretation and may not be accurate. I can only speculate like the rest of us.
The only new info gained from the call is that Dr. Ben wants to hold a shareholder meeting prior to the end of his 1st year (June).
The deal with Microsoft is still in the process of being developed.
Letter of Intent is signed for Miami, No opening date set as of yet (He wont announce a date until he is certain it is attainable.)
Dr. Ben's management team has bought shares (at a much higher price than the current price.)
Ultimate goal is to leave the pinksheets and move to the big boards.
He admitted that there appeared to be a pattern of someone holding the price of the stock down, he doesnt know who that would be.
He expected to make more progress in resolving the internal problems over the last week, but has not. The next webcast will be when these internal issues are resolved.
...........
IMO, He is getting frustrated and he is using the webcasts to attempt to motivate the BOD. I personally dont necessarily agree with this tactic. There has to be a better way than this. I just dont know what it is. How about a hostile take over? Russell and Diddy team up with Dr. Ben and buy up a majority stake in the company?
I agree with cautionupahead's post. If this doesnt get sorted out soon. Dr. Ben will bail. He has a vision and a mission to build a long term solid company. Maybe the board just wants to ride on the backs of shareholders for a couple more years.
If its one person in particular on the board that is causing the issues. Then the rest of the board needs to step up and oust him.
You are in the plan, or you are in the way.
Just my opinion...
