Larry: For five years...
I've been the rightest guy on the topic of WAVX, so the fact that I am once again so does not surprise me. The problem with WAVX is the cult. The cult, convinced that the world is conspiring against it, will circle its wagons to defend all things WAVX-ish even when it is obvious, to rational individuals, they have shot themselves in the foot so often there isn't a toe left in the bunch.
This circled-wagon mode requires the Wavoids to defend management regardless of how greedy it is, regardless of how inept it is, regardless of how deceitful it is. There are multiple, repeated examples of each of the above attributes. Most recent was the November e-mail from the CEO that backpedaled away from the SHM discussion in which more earth-based life forms suggested cash flow break-even in 2005 or, possibly, 2006. Apparently he couldn't wait to contradict the moment of realistic, frank guidance and substitute more pie-in-the-sky for it. True, he modified his definition of break-even to the point that, well, it no longer resembles the conventional meaning of the word. But even in Spragueese the suggestion of break-even in 2004 is utter lunacy. Or worse. I'm starting to wonder which.
Anyway, God only knows what will happen next. Probably some more fat bonuses, while the getting is good. Followed by some minor griping by a few of the grumpier longs, who will then be persuaded that it is all a matter of time before the promised land is reached, after which they will all be high-fiving each other again until the next shoe drops.
To my way of thinking there are only two options. Either this is the most inept management conceivable or the least honest. Possibly both. Whichever is the case, the folks in Lee should go. Quit or be fired. All of them. This thing needs a complete management makeover before there's nothing left.
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