is that it won't help itself.
It ignores sensible suggestions re governance.
It is defiant about purchases of stock by directors and defends sales by managers.
It refuses to estimate future performance and thus seems to think it can avoid accountability for discouraging growth.
It continues to treat the safe harbour as a mechanism to manipulate hope rather than to paint a plain image of itself.
It continues to pay its executives vastly in cash as well as options and it appears to guarantee performance bonuses.
It replaces expired options for its executives with fresh ones at lower prices.
It fails to provide a spokesman from the board at conference calls so that questions may be asked about the performance of management to those who make judgements about it.
etc.
Right now, both the board and management are hard to defend as there's a long-standing sense that they are hugely self-interested and mostly disinterested in the travails of shareholders. I'm alright, Jack.
Put $30m into Wave and it would re-establish its liquid credibility. But these folks don't give off the vibe of discipline that many investors would want to invest in. You'd think - well, it will be turned into high salaries, family hangers on, tangential opportunities and diluted to death and there's no getting rid of the folks even if they under-perform. So instead, folks flee from the likelihood of dilution.
In sum, Wave listens, but apparently only to those who agree with the righteousness of their positions. Congratulations!
It should listen harder to those whose criticism is meant constructively. Not so as to try and deflect it, but to respond. It might actually do the company some good.
It's tragic to see a good idea so weakly valued.
| 