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HhH

06/21/04 11:19 AM

#40120 RE: TonyMcFadden #39157

THE CULT MEETS TODAY!!

At Mrs. Helmsley's place. The one in NYC. I forget what time.

Anyway, if I were unfortunate enough to be a member of the Wavoid cult, especially one with, say, Weby's views (i.e., that something must be going right at WAVE otherwise the management team would be bailing), I would not have any questions for Sprague & Feeney. There is no point in asking Steven anything anymore because his word is utterly worthless. Instead, I would seek out any in the next tier of management--Veil, Allen, Nadig, those folks--and ask them a very simple series of questions, to wit:

1. Did you exercise options last summer?
2. Did you sell stock pursuant to the options exercises?
3. What, if any, percentage of your stock acquisition did you keep?
4. Did you put more than six figures in your pocket as a result of these transactions?

The purpose of these questions is to test the Weby hypothesis that these individuals could do better elsewhere, which I, frankly, seriously doubt. My suspicion is that management at WAVE Systems has figured out that the shareholders do not have to do well in order for themselves to do well. My guess is that these individuals understand who signs their paycheck and that it's the signatory who owns their loyalty.

However, cultists are meek individuals by definition and I am quite sure no one will have the "gall" to look these folks in the eye and ask the questions. It would not be polite. So the cult will continue to be manipulated and the people who do the manipulating will continue to laugh at them. As they so well deserve.



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HhH

06/21/04 11:32 AM

#40122 RE: TonyMcFadden #39157

I guess I might ask Steven one question...

and that would be:

How could you--as late as last November--have possibly thought WAVX could reach cash flow breakeven (even accepting your own tortured definition of the term) by the end of 2004?

I'm sorry, but that was possibly the most preposterous utterance yet from Sonny-boy and he has an extremely long list of preposterous utterances.