FINALLY the replay is available on Tessera's web site. The transcript doesn't do it justice. Like having had a pet Rottweiler and then switching to a cocker spaniel. The business is still somewhat in disarray. There are still a lot of things that they can't disclose for competitive or contractual reasons, but they promise to say what they can, and to give estimates when they can even if the range is extreme. Recognition at all levels that a substantial part of the business consists of stair-step events. They THANKED Krish Sankar for continuing coverage (I somewhat devalue his subsequent upgrade: what I imagine is that several bigwigs sat down with him for an afternoon on "how do we repair broken relations with the investment community?" And ACTED, or at least promised to act, on what developed).
Of f'n COURSE the change is in reaction to Starboard and the groundswell of support for them. But their diagnosis of the problems didn't exactly take a business prodigy. I'm inclined to thank them for their service and vote for the existing board.
I couldn't disagree with you more. The Board/ Management has been effective at alienating analysts, shareholders, clients- even Board members. They squandered capital with faulty analysis of DOC market and how to approach it. Yet, they never failed to reward themselves for their miserable performance with excessive compensation and stock awards (obviously not rewards). The missteps are so glaring and thoughtless that the "house" must be cleaned. They had their chance to conduct themselves professionally and for the benefit of the shareholders- they chose not to and now must face the consequences of their behavior. In excusable!
What about the rest? My grudging support of the incumbents was a small part of the reaction. Do you disagree that they've suddenly turned to offering analysts everything they can possibly give (and more)? Do you think they were being deceptive about the licensing business being closer to restored than to collapsed? Are you less than astounded that a modern BoD would acknowledge that their business inevitably had periodic fluctuations at least as large as its regular progression?
I admit that given a choice between a PE consortium and a legion of demons, I'd give it a long think. So I'm prejudiced against Starboard given any alternative at all. But we seem to be getting a bigger change from The Three Wise Monkeys than I would EVER have expected.
Anyone planning on sending in their proxy vote ballot? Got mine the other day, but with 95% of the stock in the hands ot 'tutes retailer's voices and votes will make zero difference. Only about 1/2 of the top ten holders have updated their SEC filings, wonder how the top 3 holders at AMICI CAPITAL, SEIZERT CAPITAL PARTNERS, LLC , and FRONTIER CAPITAL MANAGEMENT CO LLC feel about Starboard's proposal/hostile takeover of the BOD?