I am no fan of Mr Groves.However I find it interesting that he...

I am no fan of Mr Groves.

However I find it interesting that he was not removed:

1 - When his fellow Directors left the Board
2 - When ABS was negotiating the JV deal with MS

Groves has been described as an impressive character and a true driving force for the company - perhaps there is alot more going on behind those boardroom doors (which I expect are showing their age) than we expect.

At the end of the day, and as suggested by my fellow posters, ABS took on a significant level of risk in its efforts to expand and this was fully reflective in the value of the stock (R=(E)r). We all knew of the debt levels, we all knew that asset quality was low (absurd intangible % of total assets)

Perhaps this is an opportunity for Mr Groves to obtain a lesson in Accounting/Treasury Management and get on with business. If he was a dud - like many of you suggest, I am sure he would be gone by now. Remember, ABS is now a puppet being manouvered by very influential strings - Infuential strings who want to make money.