Hi dig,
I agree almost entirely.
But I've said for many moons that it is a hedging arrangement for the Spragues and the board.
Keep the long run opportunity in play, and meanwhile collect the winnings from high salaries and bonuses.
If it ever looks like the business plan is working out, benefit from the upside via the options pool.
That's a gig that works really well for them. Almost no exposure to risk via share ownership. Pursue the development of the business but don't over-commit to near term success as that risks the security of one's position.
Is it illegal? I would guess not.
Does it work in a way that harms long run investors? Seems to right now.
Is it impossible that Wave will succeed? Nope.
Are they in a rush to make this thing work? Doesn't look like it.
What's the interest of shareholders? To make office holders insecure, so they don't feel they can rely on their long term tenure. That forces them to execute or potentially lose their position.
Are shareholders inclined to act against weak performance? Right now, apparently not.
| 