You make some good points but I don't agree with most of them. To address them in the order you mention:
You say he should borrow against the stock for cash to finance growth. It was clear to me last night that Rich is well aware of this option and it simply makes more sense to do what they're doing now (funding secureview internally) than raise funds while the stock is depressed. I agree with Rich on this point. If the stock gets back to the 8-10 level which I believe a much fairer value then the option to raise funds via stock issuance becomes more appealing.
The house is presently for sale. It may have been bought/built by Rich long before SEVU, maybe not. I don't know and it's none of my business. Rich says he was paid $52K last year, hardly an extravagant sum for services rendered. You're taking things out of context. The same goes for the boats. He could have owned them previous to the development of SEVU. All outstanding loans from the company have been paid back, end of story.
Rich's relationship with Christy. I don't know if they're dating and this is definitely none of our business. I do know she was excellent last night. You don't need a college degree to be a great sales person. She gave myself and a few others a detailed presentation of the VIC cam and it's development from prototype models and then went into detail of how the offshore underwater cameras are rigged up for high speed trolling to catch a fish on camera when it strikes. She impressed me with her maturity and knowledge of the products.
Rich has acknowledged all along he's made mistakes. People like us have it so easy with the advantage of hindsight to say look how Rich screwed up, he should have done it this way. Yes, some of the plans from last year have not materialized. One of them is rushing out SecureView which we know now would have been deadly to SEVU b/c the product would have been built with GE plastics and probably defective. He's spending extra time getting the product RIGHT. That is incredibly important. I just can't believe we can bring in some new guy with a great resume but no idea of the business and have him do things a whole lot differently to accelerate production.
Last point, I may be wrong but I don't believe we're going to have the option to vote for a new CEO on the proxy. Isn't that something the board of directors would have to implement?
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