Ed, none of us longs delight in a share price <2, but you are a serious member (one of few!) of this board, and you don't really want to acuse former management of criminal behavior, do you?
The blacker the mood gets on this board, the closer we are to good news I believe. I saw it with INVN 5 years ago, and the pattern (it went from 8-10 range to below 2, before GE bought them at 50) repeats itself in many ways...
I would say yes criminal practices. Maybe it is within the law but wouldn't you say that paying an inventor / shopkeeper 500K a year (4 times the salary of the Dutch prime minister) is a bit overdone? Who is paying for that, where does the money come from? Why is he getting paid such a big salary. What did he do to deserve this?
Further they clearly have been trying to mislead the market, here I give an example:
on the 31-st of March 2005 the new CEO writes:
"The Thunder & Lightning SBIR has been discontinued following a change in the status of the lead contractor."
This project was initiated on the 11-th of May 2004 where Metal Storm would work with Foster-Miller. On the 8-th of september 2004 Foster-Miller was sold to QinetiQ. So from the 8-th of september 2004 it was known that this project was discontinued (as they claim on the 31-st of March). But on the Metal Storm webpage they show this project together with a big picture of navy ships on their home web page up until March 2005. That is misleading. people might have bought their shares based upon this project. This is a crime.
This company has huge problems. I think they are only able to fire flashbangs. Their system will not even work with HE rounds, because these people are too stupid to have realised this. If you ask me they know as much about weapons as I do, zilch. Investing in an uneducated shopkeeper is asking for problems (as I have learnt). They made the market believe that it is only a matter of time before their huge technology would be discovered. They were not even sure yet that it would work and Thomas Edison ODwyer doesn't have the skill nor the education to be able to plan more than 1 day ahead. These guys are a bunch of FUCKERS