Inclined to agree with wilef. Given lack of updates from this Co. it is hard to tell whether they have tried and failed, or not tried. Whatever, they burnt a lot of cash doing it and didn't show any ability to generate results in a hot industry (MBE, MKB seem to have traction). Feels now they are doing a new start-up, different industry, from the residual cash and income in the shell. Over 40% of equity to 3 of 4 Board members, so Board control and close to effective shareholder control? Got to assume they have access to all the planning/scoping behind the forecasts that were withdrawn, so minorities at info disadvantage. Doesn't look like new CEO is taking any start-up compensation risk on $300k. Continuing high fixed costs into speculative venture in new industry with no forecast and no track record. That is just asking minorities to bet. Didn't invest for that and don't agree that is what Board should do with shareholders money. If they like the idea and are effectively funding through closed placement, should do in new Co.
JMB Price at posting:
11.0¢ Sentiment: None Disclosure: Held
