The Jailhouse

[HhH]

This time last year, Steven Sprague...

reportedly emailed a Wavoid a message in which he clarified his cash flow breakeven in 2004 point. He then went on to redefine the term, eliminating any "ramp-up" costs from the equation. Which then would freeze the cost structure (for purposes of his definition) at approximately $5 million per quarter. This was a year ago. So far, this year, he's yet to hit $100K in a quarter. Maybe my calculator's broken, but it's tellin me he's missed another projection by 98%. Which would be the second revenue projection he's missed by that amount in 4 years. Two of which he refused to give any guidance. So he's oh-fer-two with an average miss of 98%.

This would be abysmal enough to garner him a severance check from every single publicly listed entity in the Western World, but it's not all. The e-mail he reportedly sent was in direct contradiction of guidance given at a shareholder meeting in which apparently much wiser folks (on the board) indicated a 2005-2006 time frame for cash flow breakeven.

God. Even the Rigas family would fire a son this incompetent. (Or, perhaps, delusional. Third choice? Dishonest.) Fortunately for Steven, he has a cult behind him.