Indi, your arguments are well thought out, nicely presented, and your conclusions seem solid. Underlying each of your points is that fact that they rely on one crucial variable (Trust). Without trust your arguments fall flat on their faces. So, trust being the issue, I have learned over the years when it comes to money "trust no one" This is not a personal statement about any particular person on the board. I went to the first company meeting and met each of them and found them to be very nice guys.
The US Government was designed out of practicality rather than trust. There are three legislative branches designed for checks and balances. The main underlying theme here is no one person or branch of government can be trusted to work on the people's behalf, for the people. When it comes to money and power it is interesting to see how quickly a person's ethics will change. Am I saying that the current managements ethics have changed? NO! Am I saying that given too much power and money can influence them to change, absolutely.
At the first meeting, the main theme of the business plan was to stay exclusively with TBI. Mr Stearns argument was that the other companies failed because they had too many irons in the fire. Currently, we have more irons in the fire than any of them had, and this goes against his basic conclusions a year ago.
I respect the need to adjust to the reality of a situation and to be flexible, thus the change in the business plan. I still think this decision is premature and Oxbo with develop over time based on its' own merits rather than the new suit we are placing on it. The words from commercial from Smith Barney said, "We make money the old fashioned way, we earn it" I don't beleive we have earned institutional support yet because we have nothing to show but potential. Potential is not always a sell-able commodity.
The fact remains, anyone can buy, invest, and make agreements with a company such as ours regardless of the price or status. Is it limited, yes, but don't think for a minute that the heaven's are going to open up because we are at $6 a share. Smoke, mirrors, a glass of scotch, and a gamble is what stands out to me. I prefer not to gamble at this point. I think the RS is premature and is more a case of putting the cart before the horse than it is a grounded business decision.
Just my thoughts
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