even if i am the evildoer who simply didn't believe they were crazy enough to ramp up the sales team without seeing demand in the pipeline. Steven's discussion of the pipeline alone should be enough to see him moved into a different role. It is the total inability to get a grip on forward sales which is the root of the current problems at Wave.
"awk, first as I stated a couple of times a billion dollar order tomorrow would not change my general belief that the board does not use what influence it has to create pressure in manners that protect shareholder interest. The board is aware of matters like management skin in the game, perception of nepotism, perceptions or careless dilution. The board is who works for me, they can and should represent on these matter of which there is broad sentiment. They have every right to represent at CCs, they don't. They cannot dictate things like skin in the game, but they are the compensation committee, they can exert pressure, they can have an influence. They, IMO, don't.
On telstar's "bad move" about ramping up capacity prior to sufficient cash, I am less inclined to judge that as a "bad move". I think being early is better than being late, years early not so good, but a few quarters seems perfectly sensible.
Nobody seems to give a flying monkey about dilution (and I'm not talking the ATM) I'm talking EVER. It is not reflected in their communication or manner in any way. Its a matter of tone and actions consistent with that tone. The actions for the last year (form 4) are that owning WAVX is not a good investment. The actions are correct.
I agree that there are spikes in BoD thoughts when the SP suffers, although I might add that it also occurs in the leading up to proxy time such as this. I like to think that my impressions of board oversight, and the companies ability to merge enthusiasm, opportunity, resources, and reality is does not vary with the SP. Again, a billion dollar order doesn't change that. It just allows for bigger displays of disregard for shareholder value, bigger displays of poor integration of enthusiasm, opportunity, resources and reality (EORR).
Some speak of a COO, others whine about the ATM, some call for Feeney's head. I want evidence of respect for shareholder value and better integration of EORR. The only voice I have and only body I influence is the BoD. I believe a more adversarial relationship (not animosity, just healthy advocacy) between the executive, the BoD, and finance would make for a better company more able to properly respond to the metaphorical billion dollar order.
Perhaps SKS should be relegated to a Chief Strategist role, I don't know, perhaps Feeney needs to go because at this point the dynamic doesn't work even if he has proven quite capable. Perhaps a COO to make SKS less busy and hopefully more clear headed (I don't find his communication particularly lucid). I don't know if its just a matter of demand, or whether its screwed up sales, or whether there really was no other opportunity to finance the company. I do know they run this train into the wall with some frequency, and I don't think that the current BoD provides the imagination, tone, and force to change the culture. the tone and content of remarks reflect the culture, errors need to be recognized, remedies need to be found, people need to believe that htere is a BoD, that there is accountability, and that there is rigor and capacity to handle the EORR if/when the demand picks up.
Currently I see no redeeming qualites for any of the BoD. It could be that if one changes a couple of the senior cronies that a more business-like less family-like company can emerge. I see no downside to tossing out the board.
Remeber, I observed for some time that the train was flying towards a hole without a bridge ... and I was right. And I have access to very little info. It seems if I can see it, they can see it, or they should! I was told repeatedly that I was wrong, that they simply wouldn't ramp like that without the orders to pay for it. It was as if increased expenses represented proof of sales. The integration of EORR at this company is broken (since inception, not just now). Canning the board provides for an outside chance for improving EORR integration."
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