brwtrpilot, many thanks for making the effort to visit DDI and providing your excellent report to this board. Many very sincere kudos to you! Boy, were they ever expecting you!! Under the circumstances, it would have been quite difficult for you to give us a negative report after your red carpet visit.
OK, sorry, but, I'm going to make the first critique here regarding some of management's responses. My first remarks involve my questions regarding the shareholders meeting. My questions were:
5) Why is management opposed to a shareholders meeting?
6) If management is not opposed to a shareholders meeting, would they consider holding such a meeting within the next 3 months?
Regarding #5 and #6, please do not accept a vague "maybe sometime in the future" response. If they are opposed, tell us. If they are OK with a shareholders meeting, let's schedule one.
First of all, I was delighted by the below portion of the response:
In the future he is considering some to the following
A web cast shareholder meeting. Most likely just after the ¼ reports to help guys like me understand what the report means..
A video blog weekly to help keep us all abreast of what is up.
(I suggested that to Ron he seemed to like that idea)
HOWEVER, as I had expected, Ron was vague regarding when a shareholders meeting would actually be held. Nor, did he respond to having a meeting "within the next 3 months" as I had pointedly asked. I also feel that the first shareholders meeting should be on-site instead of a video conference. Let's all meet face-to-face with management in a group setting. I'm still a bit "perplexed" why management has not suggested and supported this idea since being incorporated 2 1/2 years ago
Secondly, sorry.....I don't buy Ron's comments about my question regarding the "self-imposed quiet period". He stated that he didn't want any "company pumping" during the now 10 month "quiet period". I felt Ron's explanation was weak. There is so much information the company could have released in a "business as usual" manner during the past 10 months, but the company chose not to do so. Meanwhile, the PPS dropped from 1.13 to .076 during the "quiet period". I remain extremely miffed that the company did not voluntarily inform shareholders that the daily 13K penalty ended in December. Instead, they chose to wait until March 16 to give us this information. That was a horrendous choice by management. That decision (remaining silent) was definitely a "self imposed" action. The buck stops at Ron Smith's door.
Look, folks......I'm very long on DPDW. I want to support the company more than anybody. But, as a shareholder now for over 2 years, I see major flaws in the manner in which DDI deals with its shareholders. I'm not here to say that Ron Smith & Company are the greatest thing since sliced bread. They aren't. But, they DO have the ability to make things better. I believe this 100% and that's why I remain highly invested in DPDW. I'd love to be a cheerleader and say "everything is wonderful". But, I can't cheer the men who have guided my investment from 2.35 to .12. Management needs to take some responsibility. We can't simply blame the declining oil prices. Remember, the PPS and confidence in management were declining as the oil prices were soaring last summer.
Here are my expectations of a good, successful company.
1) The company is growing and expanding. DDI is.
2) The company is profitable. DDI is not.
3) Management works hard at developing good shareholder relations. DDI doesn't. IR's "everything is wonderful" private emails simply aren't enough.
4) A rising PPS. DPDW has experienced a horrible decline in PPS.
When the above four criteria are working in unison, we could have an outstanding company and outstanding returns. That's my hope.
Once again, brwtrpilot, many many thanks for your efforts!! It was way beyond the call of duty. Oh, one question for you: Did you have some sort of recording device with you? If not, your recollection of the conversations was outstanding. Thank you!!
This is a great basketball weekend. Enjoy the games, folks!
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