@grandslam... With the change in CEO, it isn't clear. They were a couple months late with Q1 reporting, which I think likely reflected the fact that they decided to come clean on the financial events of the prior 18 months, which took time. In the end, I'm happy they decided to do that, although I am not happy with some of the activity that they documented. E.g., what exactly has Jack Zamora done for VB to warrant the compensation package that he commanded? It sounds to me like Musick was tired of being CEO, Zamora talked a big game and convinced the Board to buy into his vision. Except he ended up being an empty suit, mostly committed to his high-end facial aesthetics business (I'm reluctant to call it dermatology at this point). At least that's my take. So, to your point about waiting, I think we lost a couple years to COVID and Jack Zamora. And I'm not sure which was worse.
Of course, this is all just conjecture. My point is that I would not assume that the wheel-spinning that we have experienced since the delisting is a permanent feature. It might take some time to return to a typical reporting schedule. If they remain two months behind, Q2 could take until early October. I would hope that is not the case, but it would not be "late" relative to their last reporting. That said, it would be a nice precedent for the new CEO to prioritize returning to predictable, prompt reporting ASAP. If they don't report by early October, that would be unacceptable, and then we will be back to looking at alternatives.
More than anything, we need to hear from the new CEO. We need to hear a concrete, realistic plan that adds some teeth and milestones to the happy claptrap about being committed to shareholder value. Our shares are currently worth nothing. That's zero effective shareholder value. He needs to address that situation head-on, and stop with the vague, one-liner references to shareholder liquidity being a challenge. Are they working toward an IPO? Are they working toward an acquisition? If neither, when will they file a Form 10, and allow shareholders to trade while they screw around for another decade? Those are their options. If they won't commit to one of them, then they actually have no discernible commitment to shareholder value. And in that case, they would once again make themselves targets of lawsuits. I hope it doesn't come to that. I look forward to hearing from Furman soon. Next steps from shareholders will depend a lot on what he has to say. And what he does for the balance of CY 2022.
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