tkc, pretty much. Alea's point about short-term debt against sales from dell pushes the window some, but not indefinitely in the absence of CFBE. TO me it is this Q that must more or less be CFBE. It seems they had $4+m of burnable for Q4, but I am not taking calipers to this matter by any means. Any notion of CFBE wont actually appear as CFBE as the dell-debt line will show up. I could see Dell buying Wave, but Dell seems behind on all things not Wintel, giving it a bit of the cart before the horse quality. Management would resist it, but as the dell-debt line grows, it seems dell gains operational leverage. Moreover, as dell is the largest customer by far, dell could just threaten to stop bundling ... (or is that a SEC no-no?) ... to put the screws to mgmnt.
It seems mgmnt would have a hard time selling crack to the PIPE if dell played hard-ball.
All these things tell me that if dell wants Wave, dell can have Wave, and they can have them rather cheaply (at or below current valuations).
Dell currently controls most of Wave's revenue and controls Wave's primary credit facility. Again, mgmnt has demonstrable weaknesses in precipitating current affairs, things that they are systemically and deliberately blind to.
I don't see alea's 3-year long shot, the debacle of 2011-12 is too hobbling. They are now a company operating on debt, and the lender is their primary customer. Mike, not Steven, determine what Wave is in the interval from now to 3 years from now. Perhaps Mike believes it is strategically best for him to prop up Wave, currently that is the case. Dell just went private and are now fully in the drivers seat to crush and consume Wave in a heart beat whenever/if mood so strikes. Dell is almost entirely in control of whether anybody buys any of Wave's products and whether anybody at Wave gets a salary. However (again) Dell may well believe it is in their strategic interest to maintain an independent Wave. I have no idea, but I feel rather certain that Steven has little to do in controlling Wave's fate at this point. This is something SKS has always claimed in the past - that they are simply the consequence of things outside their control - and I believe that in 2011-12, they made that true. Wave has effectively ceded control of the company. Wave management operates now by permission ... permission from Mike.
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