Wave Systems Corp. (fka WAVXQ)

[internet]

2011 Share Holder Meeting notes.....

Let me start off by saying that I've been attending these meetings on and off since 1998. Through the years....a number of us shareholders have become very good friends. One of the benefits of meeting members of the BOD as well as upper management through the years is that on develops a very good "feel" for when they are shooting straight vs attempting to dodge a question with a very vaigue answer. It's one thing to listen to someone on a cc vs talking to them face to face while also watching their body language.
As in years past....a group of us got together prior to the meeting to discuss our thoughts about the state of Wave. Unlike in past years...when the market was not quite there yet......this year we found ourselves in the middle of a perfect cyber storm....yet our share price descends into the toilet. The discontent amongst the attendees was very palpable. George Gilder was approached by Weets to join us to discuss issues that were concerning us about the company. 20 minutes later....George was true to his word and joined us. Let there be NO misunderstanding as to what transpired next.......THERE HAS NEVER BEEN A CONFRONTATION BETWEEN LONG TIME SHAREHOLDERS AND A MEMBER OF THE BOD LIKE THIS.... during the years that I've been attending these meetings. To those on the i-hub board who continue to say that this meeting was the same old same old rah/rah meeting have NO clue as to what was said and discussed with Mr. Gilder. It was a very frank and honest discussion of a variety of topics. This pre-meeting provided a unique opportunity for individual shareholders (who collectively own millions of shares) to sit with an important memeber of the BOD and honestly discuss a variety of serious issues. I've gained greater respect for Mr. Gilder for being willing to sit and listen to our concerns. He assured us that he was going to take our concerns to the other members of the BOD as well as to upper management.
The voting on the BOD as well as the other measures were a lot closer to going down to defeat than at any time in the past 13 years.(not including the option plan that was changed after a huge uproar from the shareholders a few years ago) Trust me when I say that the message was received loud and clear by both management and members of the BOD.
For all the bluster and chest thumping in the days leading up to the meeting.....ALL of the hard ball questions asked during the formal portion of the meeting were asked by the "old timers".....the same people who have been accused on more than one occasion by some on this board as being no more than cheerleaders for Wave's management. Amazing how the loudest critics are so often MIA when it comes time to talk directly with management or BOD members...be it on a CC or at a SHM.......

Part 2 to follow......

Sincerely,

Jas