Solid... thank you for posting JB's letter to you. I was going to comment on it immediately... but thought better of it.
First... let me say categorically that whoever "threatened" JB is an idiot. This is the 21st century. Physical violence is abhorent.
Second... JB's letter reinforces my assertion that he is out of touch with his investors, their plight, and the legitimacy of their emotions.
He says we don't possess all the facts and, consequently, cannot know the true, altrusitic reasons behind his decisions. He often hauls out this old chestnut as a way of deflecting and minimizing investor criticisms. He typically follows this with some pouting and plenty of self-congratulatory comments about imminent successes on the horizon.
He never comments on the poor performance the PPS (has he seen a 2-year chart?) or that many investors are down over 95%. This makes sense, I suppose. He can't empathize with his investors because he has comfortably insulated himself from this kind of pain. He simply prints more shares for himself... and POOF!... HIS investment loss disappears! WE don't have that luxury.
He has placed investors in harms way by creating a situation where the PPS has, for many months, been battered by insider selling. He makes no comment on this.
Indeed, the whole MDFY share structure is a total mystery to all of us. Who owns what? At what price? He makes no comment on this.
Innumerable projects and promised revenues have failed to materialize. He makes no comment on this.
The R/S was a complete and utter disaster. (I'm still spitting nails over that!!) He makes no comment on this.
The massive dilution of MDFY stock was unconscionable. Moreover, he tried to slip this small item by us by putting it at the very end of the Q3 report as a mere one-liner. Does he not realize how much credibility he lost by doing that????
It's never good to make war with your CEO and call him names. But, frankly, it is HE who has repeatedly inflicted wounds on his investors. I have never thought it would be possible for management to be so alienated and vilified by its own investors!!!
We seem to be on the precipice of some success. That's good and I look forward to the possibility of some rewards. But JB has a long, long way to go before recovering his credibility. His self-absorbed letters where he paints himself as some poor, persecuted, misunderstood soul does nothing to help his cause. In the face of so much loss by so many...it's insulting, frankly.
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