Class action suit against Anthony@Pacific? As much as I despise what he has done, I don't think a class action suit by investors against Anthony is the appropriate legal action in a situation like this. I'm certainly not a lawyer, but it seems to me that it would be more appropriate for McBride (or SeaView) to sue Anthony for libel if it can be proven that Anthony knowingly published wrong information about him or his actions in managing the company. For instance, Anthony published information accusing McBride of being a felon. I believe McBride has denied this. Anthony refuses to withdraw the accusation. If McBride is not a felon this would certainly be sufficient grounds for a successful libel suit against Anthony. I would expect McBride and/or the company to take this action directly, not through a group action by investors. And shouldn't that action include an injunction to remove the information from Anthony's site until the suit is litigated? Why isn't any of this happening? The whole class action thing seems kind of hoaky to me. But who knows?
About the open house. What possibly can be accomplished by a bunch of questions from investors rehashing last year's PR issues? McBride has already given his responses in the Views as he sees fit to everything that Anthony has raised. What is it that you would expect to hear differently at the open house? It probably will just be a nice show-and-tell about all the neat products SeaView is working on and how happy the employees are to be working there. Haven't we already heard enough of that? I really don't see this meeting having any real impact on our investment.
The key things to watch for in 1st quarter that could have a real effect:
1) 4th quarter and end-of-year audited financials showing revenue increases for the 4th quarter and improvement in the Cash vs. Receivables area. (Isn't the filing deadline 3/31/01 to keep us off the pinks?)
2) Announcement that mass-production of SecureView is actually underway with a verifiable company.
3) Announcement of formal sales contract(s) with major retail or government customers. Again, needs to be issued jointly or at least independently verifiable.
Any of the above would do a whole lot more for investors than the open house Q & A meeting.
AI
