Cojones
posted on
Dec 19, 2007 04:22PM
My own 2 cents worth (well I'm currently 2 cents above my average, so I reckon I'm entitled...)
Regarding the PPS - The PPS dive since settlement I can handle and could even have predicted to certain extent, given the history of this company (with particular reference to the Sony deal). Since the majority of the same board remain in place today, and our current CEO was party to it in an advisory capacity, it is not unreasonable to predict that widespread trust in the good faith and accumen of our management might be a little thin on the ground. If a chance to grab a quick buck with this stock presents itself, it seems almost a dereliction of fuduciary duty not to grab it, run and come back later for more - the only people who have made money on this stock have done exactly that, and will continue to do so. There is plenty of money to be made in other plays before April, and the PPS here will surely bleed until the April 10Q, with the exception of a good flipping opportunity around the time of the 3rdQ earnings. Why would anyone want stick around here - will anything different happen than already has over the last 2 years ? If the reaction to the settlement news is anything to go by, I seriously doubt it. If the boat doesn't leave 'till April, and the tickets get cheaper by the week, then why the need to get aboard now ? Answers on a postcard from the CEO whenever it is convenient please...Talking of which - it does nothing to improve anyones perception of the company management when our CEO, the man who supposed to lead us to the promised exchange, is effectively neutered by his own legal team. To be unable to make any comment whatsoever on what was surely a pivotal event in the company's history is not just a 'fumble' - it is humiliating and sad for him and all investors. (I assume the PR wasn't actually written by him - I'm certain he would not be allowed to communicate with his shareholders without appropraite prior vetting). Apart from the rosies, it seems that everyone here agrees that some form of communication with the shareholders is now essential. The form, wording and legality of such a communication should be left to him to sort out, as this is why we pay him after all. The distinct lack of testicular fortitude at this moment does not bode well for the future. Why are our interests not as important as TPL's?We have seen today that the exact value of settlement without numbers and PR is minus 14 cents (thus $56 million) - are TPL going to repay this to us, in the same way that we will have to fork out for half of their legal expenses from the settlement ? You can be sure that the NDA resulted in TPL pocketing more coin - why should it cost us ?I honestly believe that our bottom line and PPS would be better today if our CEO decided to demonstrate to the world that he actually has a pair.