HWP bought CPQ b/c of Wave?!?
"Weve been waiting around for these guys to feed us a bone only to be led done the path of bankruptsy so one of them can buy us for a song."
ROFLMAO!!! Wave wrote off the entire Embassy chip inventory this year btw.
reg, PJS seemingly knows all about this tactic -- after years of apparent infighting w/his father-in-law (Milos Krofta -- much of it reported by the Berkshire Eagle), Krofta Water was eventually driven into bankruptcy.
PJS reportedly acquired the BK estate of KWI for something around $600K. meanwhile, PJS was in default w/a $1M "loan" from Wave (who had charged-off the "loan" as uncollectible).
it was also reported back then that the IRS had levied a $1M (+/-) lien against him (whether it was satisfied is unknown).
but to his good fortune, Wave released the infamous INTC & IBM PRs in late July/August & the stock went into parabolic P&D mode. PJS reportedly sold at least 500K shares into the hype (though he hasn't filed a form 4, so who knows what prices he received for his dump - perhaps as much as $2.5M).
oddly enough, he apparently only disclosed dumping 100K shares to the SmartMoney reporter in classic Marie Antoinette "let-them-eat-cake" style b/c there was so much volume in the P&D that "100K shares didn't seem to matter all that much..." (paraphrasing).
somehow Wave ostensibly concluded that the company founder; fmr CEO; fmr CofB; single largest holder of Class B shares; father of current CEO; & CEO of majority-owned subsidiary was not an "insider" (req'd to disclose changes in beneficial ownership w/in a few biz days of the dump).
9+ months later...
caveat empty
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