Thanks. You articulated my thoughts as well. No mention of stock price in the letter either which is where I thought they were going with the hearing investors loud and clear. It's about the stock price ultimately and they made no reference to the year after year frustration of no increase in pps.
OK, here's what struck me, but again, I caution, my slant is definitely biased by TINY's 5 year performance of being down 50% in a market that's been up 100%. It is also only that of an observer nowadays, not an investor.
To me, even the good news comes out wrong and the best news was their statement that "one of the messages we heard loudly and clearly at our Meet the Portfolio Day in April of this year was that our shareholders are interested in gaining access to investment opportunities in our portfolio companies when available." Really? You're only hearing that now as if it's not been something of expressed interest by shareholders for years? TINY used to do that in the glory days and it was always well received strategically. So couching this statement as being responsive to shareholders is a bit of a stretch imho.
Now going from top to bottom in the letter pointing out what irked me: First, regarding Molecular Imprints, noting that "Harris & Harris Group was the only investor group to have a realized gain at the close of this transaction," after reading the details, is another way of saying most of our investment tranches into MI were losers, it took way too long to monetize and we lucked out when the other early investors said enough is enough and elected not to continue funding.
Re: Kovio, well where to start??? Blaming the problems on "1) traditional venture investor syndicates being in total disarray, 2) the investment taking too long for the fund life of the typical venture investor, 3) a hubris from top tier investors on the types of liquidity events they were willing to undertake and 4) us having too small an ownership, too little capital to affect a different outcome" and then going on to admit that "Kovio had a tier one group of venture investors" seems to be contradictory at the very least as well as an admission by TINY management of a poor investment strategy by placing themselves voluntarily in a position where they had an inability
forever, would like to hear your thoughts as I am a longtime holder and had the same reaction to the letter.
I admit to having a negative bias to TINY and, having exited two years ago, I shouldn't even be still be here, but I am. With that in mind, I can't help but be struck by bad things written in the Letter to Shareholders out today trying to be explained as good .... I'll not go into details immediately because I'm not really out to bash, but man, to me there are spin masters at work here, but they're coming across more like spin rookies....
Obvious typo- meant to input "$3.12,' not $2.12.
Otherwise, all other contentions stand.
Mgt is a joke and has long been- just a bunch of bumbling fools- and yet some posters still buy in to the blather emanating from corporate 'bowels.'
Never cease to be amazed at how some posters continually express optimism about the long dismal SP.
Again, the alleged NAV has long been a ruse. When a company doesn't have publicly traded shares in-much less dominating- its portfolio- TINY's longtime practice of claiming an NAV significantly north of SP is just so much bunk.
And again, all outrageously over compensated mgt. talks about year after year after year is 'next year.'
The SP tells it all-and that's that this mgt outfit is a miserable failure-period! Good grief it's a $.2.12 stock 5+ years into a raging bull market.
My same thoughts. I did talk to Jameson last Wed. and he did say earnings would be reported that Friday or Monday. He was very optimistic about some of their investments specially D-Wave that should be a IPO next year.
Sentiment: Strong Buy
ehead of tomorrow's conference call. For executives who are supposed to be Wall St savvy, it beats me why they come out with earings on a Friday after the close and a CC a week later.
Boy do some people hate this stock. At this rate, share price would stagnate at a 30% discount to NAV. Let's see what Doug can pull out of the hat during Friday's CC.
Yet another example of the 'manana syndrome' with TINY. That is, variations of 'wait til next year,' this particular position could be a winner 'sometime down the line,' etc.
Been hearing such bunk from mgt., and most especially CEO Jamison for MANY years running now. All
such no more than totally vacuous rhetoric.
Whereas the continuing miserable SP, combined with the obscene levels of 'compensation' mgt. UNjustifiably grabs for itself the real story.
Enumeral Transitions to a Public Company and Raises $21.55 Million in New Equity Capital New Stock Symbol OTCQB:ENUM
GlobeNewswire Harris & Harris Group 8 hours ago
NEW YORK, Aug. 4, 2014 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (TINY), an investor in transformative companies enabled by disruptive science, today announced that its portfolio company, Enumeral Biomedical Corp., completed a reverse merger of the company into a publicly traded shell company simultaneous with the close of a $21.55 million equity round of financing. The surviving entity will be called Enumeral Biomedical Holdings, Inc. ("Enumeral") (formerly known as Cerulean Group, Inc.), and be traded on the OTC Market under the symbol "ENUM." Montrose Capital Partners led the round of financing, Intuitive Venture Partners acted as exclusive financial advisor and EDI Financial acted as the lead placement agent. Harris & Harris Group invested $1.5 million in this round of financing alongside other current investors including Allan Rothstein of Hedge Capital Partners and a member of the board of directors of Enumeral. Following this transaction, Harris & Harris Group will own approximately 15 percent of the outstanding securities of publicly traded Enumeral.
Enumeral is focused on using its proprietary drug discovery platform, developed in the laboratory of Enumeral Co-Founder J. Christopher Love, Associate Professor of Chemical Engineering at MIT and licensed exclusively from MIT, to identify and elucidate antibodies and antigens that we believe will be relevant to diseases that affect millions of individuals and are underserved by current therapeutic alternatives. More information on Enumeral can be found in a blog post on the company that was posted today on Harris & Harris Group's website at http://www.hhvc.com/blog/harnessing-the-human-immune-system-on-a-single-cell-level/.
I always felt TINY is like the mutant team X-Men, a bunch of companies each with their unique super power(capabilities/technology which can change the world). Now if they can only be a successful as their comic counterparts ....
Give ME $8M and I can pretty much guarantee you at the end of the year there will be a good profit.
All you do is #$%$ away our cash.
I've been betting on TINY since 2007 and have made not one dime of profit in that time. You've made millions in salary and benefits.
What about us shareholders?
I submit to you that your compensation is too high and your salary, as well as every other board member's, should be cut severely.