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CLRS Message Board

  • bluematchbook bluematchbook May 2, 2003 11:08 AM Flag

    Message to Warren

    I've been a relatively quiet, positive-natured investor for a while now. I've kept my mouth shut about the quirky details of your original approach to us, the shifts in message during your fight with management, and the way in which you've publicly run the company since. Complaining never seemed like something that would help. But I guess I've sort of lost interest in playing with the team now that the team I knew is all gone.

    So, Warren, what are you doing? Why have you rented property from yourself with company money, first of all, and why are you remodeling it now? Why on earth is this necessary for a staff of four? In this market? And who is that staff? Who is your new controller? And your IR? And where are you? Are you really silent, or just silent publicly? You did your best work during the proxy fight by leveraging one-on-one channels. It seems like a stretch to think that this isn't the way you'd continue to work. And more power to you. But the way I see it, there is either a plan in place, with specifics, or there isn't. If there is one, the buyside probably knows it. I'd like to as well. If there isn't one, stop painting the walls, Warren. Don't buy another armchair for the lobby.

    You didn't shy away from questioning the competance and true intentions of those with whom I worked at Clarus prior to your acquisition of power. So with full apology to those currently under your employ, I am now comfortable in questioning your own. It has been long enough. I respect that you may be a man of taste, but I found it inappropriate for you to ask shareholders to pay for your accommodations during the fight, in full. But that, sadly, is a privilege of fatcatting and more so the implied right of the victor. But to equip yourself with offices that we do not need does little to build my faith - and faith is all I've got to go on now. To pay yourself for such accommodations is unclean. Why can you not just be clean?

    My position in CLRS is token. I've worked most of it out, but have left just enough to do something nice for myself if you actually end up doing what you said you would. Call it a bet with myself. A small emotional short position to hopefully celebrate being wrong about you. A present to accompany the closure that comes from turning the last page on this silly saga. So I don't write you today to protect my savings or out of anger that they're gone. I never got hurt on this stock, and I never will. I'm not upset about my shares. What I am upset about is that I stood by while you put on your policeman uniform and shined your flashlight in the faces of our team and claimed we were up to no good - and that you've done little to distinguish yourself since. It's hypocrisy, Warren. Or so it seems. Make it seem different. Appear honorable if you happen to be so. Be trusted. Be better than we were, and be better than you've appeared to be.

    And good luck to you, sir.

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    • OT

      hey partitown, you used to post on the tern board i think. are you still in tern? talk about an nol? lol!!

    • indulgence_personified indulgence_personified May 20, 2003 10:52 AM Flag

      The NOL is indeed equal to cash when 1) it's calculated on the net tax effect, and 2) discounted over the time period(s) when it is actually used to serve its purpose.

      The fact that you must acquire a company that makes a profit to use the NOL is a foregone conclusion.

      The poster's opinion that the NOL is worth a buck or two a share is pretty much right on...if a) the NOL is $120MM, b) shares outstanding = 15.8MM, and c) the corporate tax rate is 35 percent.

    • The NOL is not worht anything unless CLRS buys a company that needs the NOL to offset gains and the NOL is typically used over a period of time, say 2-4 years. The NOL is not worth the same as cash. CLRS will realize any value on the NOL if they buy a good operating company. Till then a premium to cash is a bit risky.

    • Sure, cash is 5.70. But the NOL is 120 million. Isn't that worth at least a buck or two per share. And, the stock trades on anticipation of a future event.

      This stock is a double or triple. Enjoy the ride......

    • Exercise I understand the SEC rules but what I am trying to figure out is why this stock would pop well over a premium to cash value, less any payout for the remaining settlement, less the quarterly burn. The buy in from the recent report is great but that can come right back if the Warren does not do anything with the company. Or the recent buy in is front running news, which means a headlinse on CNBC with someones hands behind their back. Maybe I am wrong and CLRS should be trading at $6 or higher but I thought that would occur when there was some material news to report.

    • scdevildog

      The reason their is no update from Clarus is
      there is no deal to purchase another company yet. I believe that the SEC will not allow
      the company to report any pending deal unless
      a contract is signed. I also believe the
      company has told the public what their strategy is regarding redeployment of assets.
      Do not expect to hear anything from them company until a contract is signed. JMHO

    • Operating expenses for the first quarter were as high as they were because the company still had employees in Georgia and was finishing closing everything down, so the expenses were related to that. my understanding is that in the future they will be lower in the second quarter b/c there is nothing of old clarus left, just Connecticut. Also, it is tough to live within interest income when interest rates are basically zero.

    • Well said Blue! You get my recommendation!

      Dave

      • 1 Reply to SuperDave15923
      • Could not believe the self dealing that I saw in the 10-k. I thought SOX would have made most companies clean up their act. Guess the Board members of this company are a bunch of yes men. Too bad, I bought this stock with the understanding management had their act together and was going to do turn cash into some type of return for the shareholders. Maybe this matter should be brought up at the shareholders meeting in NY?

    • Blue:

      Well said. I too found it quite unusual for Warren to rent out his own property to Clarus for such a sweet deal. Were all the other office space possibilities not available ?

      Tex

 

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