The car transaction was remarkable. So obviously not arm's length - and therefore a failure of governance. It has made the Spraguoids look ridiculous, if nothing else. If I had been a proponent of the status quo re the board I would be feeling like I had a mega egg on face problem right now. Ostrich scale. Not fun for those folks who have an ounce of self-respect.
The thing about Wave is still that you have at least two competing purposes in play.
The business purpose is just surviving, although it remains obscured by the smoke from the unsafe harbour. In terms of history, clearly these folks have not seen the demand they hoped for. And there is little willingness to exchange the folks responsible for the poor execution for others with fresh ideas.
The family purpose is thriving, of course. The setback of WXP which led to a few years of restraint is now over and a new vehicle has been constructed to provide a basis for family rewards. Who knows: Some of the fungible sponsorship monies sent from one vehicle to another may be used to support board income at the car company? Nice bit of family business.
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