borredo / Re: Gimmicks....Here we go again.
in response to
by
posted on
Jun 25, 2008 12:22PM
From their 1/29/08 letter to us, from the committee CHAIRED by Carlton Johnson when the share price was 44 cents:
"We certainly share the frustration expressed by many of our shareholders regarding the share price of our common stock. Management and the Board of Patriot feel that Patriot stock is currently undervalued, and we hope that our activities in the near future will lead to increased investor confidence that will be reflected in a higher share price. "
We appreciate your continued support,
The Executive Committee, Board of Directors
From your post today when the price is 20 cents:
"If the BOD starts buying potential investors will wonder why, especially coming from a suggesting by a shareholder coup"
Rather than trying to belittle the efforts of Brian, perhaps you should analyze your thought process. If you think as you post that POTENTIAL INVESTORS would wonder why the BOD members would be buying, perhaps you should reconsider your thought process. Perhaps instead you should consider the BOD's VERY PUBLIC statement that I reference above, the shareprice discounted environment that we are in now, and the CLEAR FACT that in light of those parameters, potential investors are more importantly wondering why the BOD members have NOT been buying!
It's NO GIMMICK for insiders to buy stock. In fact, in general, PTSC's insider ownership is DISMAL compared to other successuful companies. What's more dismal, is the BOD trying to convince retail and other shereholders to consider the share price "UNDERVALUED" at a price DOUBLE what it is today and encourage people to buy, and yet THEY CONTINUE TO REFUSE TO. They cite in their letter that certain "activities" will increase investor confidence. Well until THEY exhibit confidence in their activities, how can it be expected that others will.
Perhaps if YOU pressured the BOD as Brian is trying to, and as I and others have in the past, they might realize that they are FAILING in this particular aspect of their roles as BOD members, because they are implicitly delivering a message to the market that they do NOT believe in their company. When their ACTIONS reflect what their WORDS represent, then perhaps then the market will ascribe some credibilty to their words. If they are unwilling to match their actions to their words, then at best they are as much to blame for the current share price level and direction, and at worst they are intentionally deceiving the market.
They serve at the pleasure of the shareholders, so without shareholder pressure and concerted effort, we can expect no change. With it, if they continue to be duplicitous, at least we can replace them with directors who may perform better. To date, the ones called out in the letter, could have scarcely have performed worse in delivering VALUE over the last 2 years to anyone other than their own specific interests, which clearly is NOT the general retail shareholder base.