So looks like Balch Hill went to the brass shop. Had to rope Potomac in though.
Now BH wants to elect their candidates to the board. MM says they offered to "interview" candidates and offer two to the board for election. Clever.
As much as I hate to say it, because the family is horrible and runs the company horribly, from a tech perspective I think BH would destroy the company. I think BH doesn't know squat technically. Their comments about "unlocking value" and decreasing R&D spending tell me that. The SeekingAlpha article that reali_stec mentioned has quite a few charts of STEC compared with FIO. FIO is already $6M ahead of STEC in R&D.
Poor STEC employees. Stuck between jerks and morons. It's going to be sad if BH wins this and then find there have been no buyers for this company.
Given that the temporarily shelved COO is being charged by the SEC in a civil suit for what amounts to insider trading; that the company settled (for $35mm) a suit for financial misrepresentation; that their revenues have dropped like a stone....falling in each quarter as management kept calling bottoms (only to be proven wrong)....given that their reputation in the field sucks...who would buy this? They don't know what their buying. Would you buy a used car from them?? Balch and Potomac are bagholders trying to salvage a misguided year-end parry into a value-trap. Oh, did I mention that the cash should start bleeding shortly.