Good morning, Matt!
Sorry I missed our morning heart-to-heart yesterday. Given the losses I've sustained in my CBAI investment, it sometimes means working longer hours.
I had hoped my CBAI investment might further my goals of retirement. I notice that you haven't really felt the same way, or you'd be snapping up shares for yourself.
Why don't you have more confidence in your (and our) company? I find it very telling that you have no problem telling the investing public how WONDERFUL a CBAI investment would be - the huge developments on the horizon, how we can "see" a clear path to profitability, and how excited everyone should be about CBAI - yet YOU DO NOT BUY SHARES YOURSELF.
Now, I realize you've recently made some small personal purchases. I'd imagine your need to actually pay for shares is relatively small, given the large amount of free shares you've given yourself. But don't you think you could instill a lot more confidence in your promises if people saw regular insider purchasing? I mean, it's not like the shares cost very much (feel free to belly laugh)
To many, it looks like your vocal confidence in the company is negated by your actual behaviors.
Of course, maybe it's possible that you've already planned for retirement, via your incredibly generous severance package (awarded to yourself, of course - why needlessly involve outsiders in such a personal decision, right?).
It's nice to see that you have decided that you've done such a good job, that you should reward yourself accordingly. Out of curiosity, though, by what standard did you judge yourself as such a high performer? Couldn't be creation of return on investment for shareholders. And between your and Stephanie's yearly compensation, I'd have to imagine you broke even and then some on your initial capital investment a long time ago. I wouldn't think that you view yourself as a master PR guy either, considering the nightmares of the past 18 months.
So what is it that makes you view yourself worthy of a multi-million dollar Golden Parachute? My guess is that "worthiness" didn't come into play at all. My belief is that you finally realized that your performance has been abysmal, and panicked. In the event that anyone might even think about kicking you off your personal gravy train, you wanted to make sure that it would bankrupt the company in the process. A poison pill to end them all, eh? Of all the promised benefits of the R/S, it seems odd that the immediate actions were incentive stock plans and Golden Parachutes.
This is likely the first in a series of discussions we might have about the appearance and propriety of self-dealing. While not necessarily illegal, such things only further the notion that you view CBAI as a mere conduit for personal gain. I'd like to think that you would NEVER want to give such an appearance, but there are several actions you've taken that present a very concerning appearance on their face.
But alas, those examples will have to wait for another morning.
I'd like to let you know how much I've enjoyed your quiet attentiveness. It means a lot to know that you are able to sit back, and passively absorb all this information. I know you'd like to publicly thank me for my guidance and advice, but that would run afoul of your recent blackout on communication with shareholders.
But don't worry - I can still imagine you running to the computer every day to see what the topic may be, as you smile and nod your head in agreement, and asking yourself "Why didn't I think of that - it's SO OBVIOUS!"
I'm glad to help all of us get out of this mess you got us into - but only you can take those first steps toward change.
See you tomorrow!
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