Hello MouseHouse. I note this is your first post, so welcome. Have you been a holder for a long time? If so, you will have seen that the current management has done little other than "suck all the cash out of the company". The Company has never turned a profit, has negative growth and all we seem to have left now is a worthless business with some cash at serious risk of being further depleted by these same folks.
Under the status quo, the share price has declined from $1.30 to $0.13 today... That's a 90% destruction of value for those that bought in at highs. "Corporate Raiders" tend only to get involved in broken companies that have broken share prices... this is their opportunity to play a role in efficient markets. It is not, however, obvious to me at all why the largest shareholder of our company would be looking to "suck all the cash out of the company"... how would they do this? Aren't the "Corporate Raiders" listed public companies themselves, responsible to their own shareholders? How does removing the Chairman achieve such an outcome for them?
Desperate Boards say desperate things when their own shareholders are taking steps to remove them and the perks of their employment... in my experience, rarely is it the shareholder (who has real money at stake) the bad guy, even though that's the obvious defence of a board.
If this Chairman was worth one's salt, he would not have let the situation with his Company and his shareholders get to such a disgraceful farce that this is. A good Chairman resolves disputes before they arise, he does not fan them with Company damaging tit for tat. Dear me, is it that hard to get a job as an overpaid Chairman these days?
YOW Price at posting:
13.0¢ Sentiment: Hold Disclosure: Held
(20min delay)
