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LiLiFar
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Re: ATRN - Atrinsic, Inc. - PINK
« Reply #2545 on: Yesterday at 07:05:41 PM »
I am finally home!
So, I went to Atrinsic. The pictures showing they were not where they were supposed to be were not the right address. They are at 469 7th Avenue, and take up the entire 10th floor.
When I got there I asked to speak to Mr. Fong. He was in a conference with the door closed, not expected to be available anytime soon.
Can I wait?
Miss Skinny Jeans in very high heels says - no - I can't wait.
I said I was representing a group of 225 shareholders who owned approximately 37% of the company. I am in no hurry, not there to cause trouble, and we deserve the common respect of being addressed. Can't she go find someone else that can speak to me? I gave her a copy of the letter I emailed the otherday and had just sent certified mail on the way into the city. She asked who that was for, and I think she was getting nervous, because I did not skidaddle.
So then she went to get "Chris" and after a short while he came out.
I was very nice to the guy, that is just my way to do things. I shoot straight from the hip, and say it like it is. So, I said, I am one of 225 or so shareholders, that have apx 37% of the company and we are all officially "freaking out". I asked him to sit next to me on the couch but he sat on the coffee table. Everyone was casual, I was in yoga pants so it's a laid back atmosphere. He probably talked to me for about half an hour.
They can not give out anything that would remotely be considered insider information.
Have you ever been in one of those situations where you are not allowed to say anything but your body language or posture says a lot? Well, that was his position.
He COULD say the following:
1. Spider has been fully operational for a year, and works exactly as intended, and it does give them an edge against the competition. It's just not a "pretty" product that can be sold in a glittering digital "package". They had issues with it bogging down the technical capability of the hosting equipment which required them to do some changes. Those are ongoing, improvements are imminent. I can tell he takes a great deal of pride in this work. He sat up, was comfortable talking about the challenges, technical and otherwise. This seems to be a project that had certain parameters that morphed along the way into something broader or bigger, but that has all the way around been a good change. The portion of the website that had the counter was mostly for internal purposes.
2. I made the statement that I had been excited about what "Goldfarb had accomplished" and while he took nothing away from his performance, he did say that there were MANY people responsible for the ways that they had cut overhead and increased profitability, and seemed to indicate that the other people that had made those contributions were still part of the team. I personally felt this was reassuring because, from the way I had read his analysis and execution I would have expected "more to come" 4th quarter and past the point at which he left as CEO and went on to the BOD only. I started to dig for more, but, I think he was concerned I might misinterpret and made it clear he was not saying anything negative about Goldfarb, period.
3. They ARE looking to move, and lease out their space. MY Gawd that office is sooooo pretty, very fancy digs. But while there was no echo, it was pretty quiet for that size of a place. He said that they could have as many as 150 employees on that floor, it was more space than they need, and that they were looking to move out of it. There was really nothing apologetic about his stance with this.
4. He said that they are WELL AWARE we are freaking out, and even seemed sad about this statement that they had lost at least a client (not sure that he made that plural), because of the discussions here. I made it pretty clear that I felt that a total black out on any and all news had led to everyone's discomfort - and that there were a number of things that they could say about their activities that could help everyone. I explained that many are like me in for $3000 or less, but that there are others that have more skin exposed. That there seem to be people at ihub that had deliberately pumped up their stock so that it would be the thing that would let us all retire for life - the look on his face at that comment was like - he would like to comment but can not. I think from a penny stock perspective it could still be for US - but - these poor kids have gone from having such a great ride where the company was bustling and doing so great - and they are just figuring out how to regroup and go on since last year some time.
They've all taken a beating... but I think we need to remember that there was a time not too terribly long ago where their stake was worth far more than $7 a share... much less $.07 a share. It's got to be heartbreaking for them.
I did not get the "vibe" that anyone is trying to deliberately cheat anyone. They are just reviewing ALL of their options. He did not give a definite date for information to be released but sooner than the 60 to 90 days we were told last week seemed to be more in order.
He reiterated a number of times that he did not know much, if anything, about financials, and that they were doing their best not to release any information that would get them, or the recipient of it, in any kind of trouble at all.
He seemed to indicate that if they gave me, or us, information that they'd have to give the information out in an 8K. It old him I was not an attorney and had not played one on TV... but that was my feedback, that as shareholder I was alllowed to look and would like to.
He was a nice kid. He is working his ass off. He was not remotely rude or disrespectful, angry or evasive. He really is doing the best job he can, and seems to feel that is true of everyone around him.
Our speculation, especially negative speculation, may actually be hurting them, and painful, in that they are trying so hard to move back in the right direction.
For what it's worth, when I lost my software packaging company it was kind of like that. You know it's like there are a million different things that can happen when you are figuring out how to regroup and its a constellation of events that makes it good or bad. I'd just say this...
IF you personally believe in ATRN and you want to hang on for the results, then do that based on your own T/A and your own gut feeling or local gypsy consultation.
IF you do not, then act on that. I can't read the guys mind but I didn't see a criminal there. I saw someone that had worked hard, been SUPER successful and was reconciling the drastic changes that have taken place over the last year or so... not the past few weeks.
My gut? I feel BETTER about them than I did this morning when I left, and I am rooting for them to be successful - and I said that - we want them to be more successful than their wildest dreams and if we could help them we would. But I did also emphasize that they made things worse on themselves by ignoring the fact that they have so many of us out here hanging on every little tiny thing they do.
I think that is both bewildering and overwhelming to them, and I don't envy being under our microscope.
Hope that is enough information, and detailed enough... My memory is not the greatest anymore, so I may think of other things. I texted Bluebird until my phone died, so maybe she will remember if I left anything out.
AI
