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Sunday, July 07, 2013 10:46:28 AM
I agree that Frederic is not the right person to run this company, though I admire his passion and drive to pull this company out of the doldrums. He cut his salary by 90%, some of his leadership cut theirs as well, he moved the HQ to a much lower tax and cost of living location. For a guy like Frederic who loves CA to move to the boring mid-west with its cold winters tells me that despite all his faults, he is it giving his best shot to make the company succeed. Unfortunately, the Italy plastic bag ban did not pan out thanks to our friends in the UK, who are clearly protecting a large group of their commercial constituents. As for the U.S. opportunities, I have yet to see a big box retailer make the permanent switch to bioplastic reusable shopping bags. Unless a big box wants to prove itself as a good corporate citizen and go above and beyond what this country's regulations require, thereby giving up some precious margin to its competitors, I see no significant market in the U.S. So I believe focusing on other markets with bioplastic-friendly laws is wise. But I would re-domicile CERP to Italy to better compete with the EU competitors. Unfortunately, Frederic does not agree with me. I have difficulty understanding how the added costs associated with moving product over thousands of miles of rail, highway, and ocean, coupled with the intangibles of EU businesses buying from fellow EU businesses, does not give Team CERP any reason to be concerned about local competition. Apparently, Frederic's ties in Italy and CERP's product benefits outweigh the disadvantages of delivering products from the middle of Indiana.
All of the longs, traders, shorts, and folks on the sidelines know the story...we know the risks and the potential rewards. This has clearly been a trader's stock. I'm not the best trader, but I have made a little trading around my core position.
My post has not been easy to follow, I'm multi-tasking, but I guess my point is to chill and keep your emotions in check. Frederic is not going to read iHub and if he did, he won't take advice from an unhappy shareholder who dumped his stake in the company. It's best to send him and Valter a constructive email outlining your proposed changes.
Hang in there and drive safely.
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