I agree that the family car deal was just a poke in the eye.
It shows that not only do they know that there's an issue. They don't give a damn how they are perceived.
Of course, this means the stock is less likely to rebound. All but the family loyalists are bound to want to escape from a stock with a private purpose. So the dilution will be more severe than it would be if the governance was and appeared to be strong.
But of course, Wave's board has little interest in the value of the equity to long term holders. Mostly, they are not investors. They get their options at better prices every year. They get paid in cash to sleep through meetings. If it takes years, no problem.
I believe the company has a long run strategy. I also believe they are in no hurry for it to come to fruition because the short run wait game is also lucrative for them.
The lack of major sales in the first 6 months of 2012 is astonishing. It isn't explained by Thailand's floods. It isn't explained by cultural issues. Wave always has excuses. It is explained by the complete failure of the expanded US group to contribute materially to enterprise sales.
Wave's hopes are in the hands of Joseph Souren. Hope the US management doesn't place their dead hand on the opportunity in Europe.
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