'admin' pid='44882' datel Wrote:I'm long and I don't disagree with you. I use the same analogy with pharma companies, I don't like it when the CEO is a Dr, they typically aren't as market savy in dealing with investors.
Have to disagree here. While at the present juncture, it does seem like we're in need of 'savy' management able to deal with investors, I still prefer to have a management that runs a business first and foremost. I have to further caveats to make:
- Market 'savy' people can be hired in addition
- I'm not at all sure any company, no matter how market 'savy,' would have been able to withstand this kind of onslaught...
I try to respect all opinions even when I disagree.
For example, and to be honest I have been a proponent of this for a long time, and expressed as much, but never got the time of day..
I think given the delays and the cheapness of shares it would have been nice if before the black out period they had a tender offer for say 10% of their shares at whatever price that could provide a floor, tender offers don't happen overnight, there's a timeframe to work around and it buys time. Given the circumstances and the future, and the fact that they were likely thinking about the VC deals for some time, this would have been a logical step to maintain stability, and buyback stock all in one shot. Holders who wanted out, could tender, those who wanted to hold on, could hold on, and it would just help the situation. Instead they bought back some stock when they were able to, and have been unable to do virtually anything with the blackout period now in effect for some time. They needed to think ahead, sure there have been many delays that they didn't expect but it should have been a tool in the toolbox ready to be deployed if there was any inkling of a delay..
Of course hindsight is 20/20, but if this has been on my mind for many many months, they should have also been thinking about this as a tool to utilize. Instead, we are shareholders in a blackout period without protection, I'm sorry but that's not exactly kosher with me, when they had options. Just my two cents, and I've been holding during this bludgeoning.