Ok-glad that you have not thrown in the towel. However, without a top-notch CEO to lead a recovery, I certainly don't have any confidence in anything positive happening under this structure. IMO, it shows that Hicks is not serious about a turnaround. Can't see how it can be done! We both have the same aims but different views on how it can be possibly accomplished. Either view, it is very much a long-shot.
Unfortunately, I very much doubt there will be sales since there is no one there that I believe can secure a sale. If Hicks is really serious to turn this Company around, he will have to reach into his own shares and give them to someone who can lead a recovery. Otherwise, it is over as everyone has predicted and I agree. It seems that you have given up also like everyone else on this Board which is understandable-I am just spinning my wheels and that's that! I won't waste my time on this anymore and spend time on the beach and playing golf tomorrow.
No one is coming on for the $150K or whatever the salary is. The salary is not why someone would take on this very difficult risk and challenge-it is for the payout if he/she succeeds. It most likely is someone unemployed who after looking at the FRU may see that it has potential and believes that he/she can sell it. Hicks has to agree to fund at least $3M which is his risk or obviously it will not happen which is most likely. You have repeated everything you said over and over and I know that this is a very, very difficult situation to overcome but again not impossible if Hicks decides to step up, take on this challenge, follow the action plan outlined and if successful, make a fortune for himself. Only time will tell. By the way, hope is long gone! We are in the miracle phase and not a small one but you never know. It is interesting that I may be the only one who took the majority of my losses last year realizing that the hope factor is gone.
Gemm-You all may be very right but unless Hicks gives it a try, we will never know for sure. I had a salary of $150K for the candidates but should be negotiable upwards somewhat to perhaps $200K if Hicks is serious about trying to turn this dilemma around and fund at least $3M and make a possible fortune for himself. If so, he needs to find a real risk-taker who wants to make multi-millions of dollars and has the confidence in themselves to make this turnaround a reality and believes that the FRU is the real deal. I guess that I am the only one dreaming on this board but sometimes dreams come true.
You know the answer-none! That is not his MO. I know that my suggestions are wishful thinking and hoping he will follow up on them and give it a try as a result of his greed for money.
I doubt that Orlando ever heard of Hicks but being unemployed, he most likely, IMO, would take the call.
As a follow to this latest topic, I was just informed by a member of the PSC that one of the leaders of the PSC very recently communicated to Steve Hicks that Anthony Orlando, CEO of Covanta Holdings Corp., a $1.7B waste management company, was replaced by Steve Jones, the former EVP and Managing Director of Air Products Corp. Mr. Orlando was with Covanta for 25 years and was CEO for over 10 years. It was suggested to Hicks to contact Anthony Orlando and that he might be a good "source" for potential candidates for the CEO position at Puresafe as well as someone who could advise Puresafe on how to develop business relationships with waste management companies. Who knows, maybe Mr. Orlando might find this risky opportunity interesting but I doubt it. Mr. Orlando has a Civil Engineering degree from Villanova and an MBA in Finance from Seton Hall. His 2013 compensation was $2.5M with a base salary of $755K and a bonus of $285K. The balance was in stock. Sam Zell, a billionaire and entrepreneur, is Chairman of Covanta Holdings and Third Avenue Management holds 6.5M shares of Covanta. David Barse of Third Avenue, announced the management change at Covanta in an interview on CNBC's Squawk Box last week regarding Covanta's earnings release.
I believe that there is a market for the FRU if it is truly a viable machine which proves to have a need. As I said prior, the only way we will know is if the FRU secures some sales which unfortunately has failed to date. It may be because the Company does not have the correct sales personnel and the leadership to spearhead this effort. I must admit that I sound like a broken record repeating myself.
A very good and truthful response to Gemm but we will never know if LesB can sell the product until a change in mgt takes place and Hicks commits to funding of at least $3M. If LesB has developed a couple of possible sales, then we will find out if he can close them if this was to happen.
IMO, someone who is highly qualified out of the waste water/water segment with high level sales contacts/relationships with global govts and industrial manufacturing companies. Could be a Division GM within a large company who is blocked from further growth or a CEO/GM looking for a new opportunity or a retired executive with CEO/GM solid experience who is willing to accept one more challenge and have an opportunity to make big $s. This individual must be a real risk-taker with tons of confidence who sees the FRU as a viable saleable machine to not only his/her contacts/relationships but to other global govts/industrial corps that he/she does not have an immediate relationship with. It could also be a licensing arrangement with a waste mgt company. Must have Hicks and the Boards complete support with full range of authority. Hicks must commit to funding at least $3M to bankroll the Company and its FRU inventory, clean up the balance, have the CEO hire a small staff of operation/sales personnel and determine the role of messrs Michel/Bebchick, hire a PR/IR firm to promote Company with Wall St/retail investment community and terminate LK's services with the Company. Salary compensation of $150K which is $30K below LK's. Share grants of 250M-500M before R/S which if it reaches .03/share equates to $7.5M-15M profit. After R/S of 167 to 1, shares would be at $5.00. The shares owned would then be 1.5M-3M. Once the R/S is finalized at $5.00, then the CEO would receive bonuses in the form of 500K options eligible to be exercised once it reaches $6.50, followed by another 500K options eligible to be exercised at $8.00 and so on. IMO, this is what is needed to recruit a top-notch leaders and have a chance to put the Company on the road to recovery.
Wasn't LK the CEO when the FRU was developed? If so, she was responsible as CEO for the blueprints. The blueprints are very important to have and to know how the machine was built piece by piece. Nevertheless, we supposedly have a machine which was RE by LesB and his team and according to Les in the past year or more indicated that it is much improved and is a viable, saleable machine which he cannot seem to sell which certainly gives me pause for concern. Is it because Les is incapable of selling it or there is no market for it or it is not a viable, saleable product? Nevertheless, my assumptions are based on the premise that it is viable, saleable and LesB does not have the ability to close a sale. He may have a few situations which could close if he had an experienced leader at the helm to assist him in closing the deal.
Pete-I still have more than half my shares-over 6M-after selling 80% last year as a tax writeoff. The 20% reflect the averaging down. If there are any indications that Hicks is going to start implementing the appropriate action plan ie new qualified CEO, funding, etc., I will certainly consider buying substantially more. Again, the ball is in Hicks court if he wants a chance to make an enormous fortune for himself and let the long-term shareholders climb out of the current hole we are deeply in.
My understanding was that not only the blueprints were prepares as a result of the RE but the improvements also. I may very well be wrong since nothing every gets done at this Company. The improvements are what count and might sell, not the blueprints! The PSC might know but don't count on it since I believe they think the improvements were made.
Pete-If I knew, I would be glad to tell you. As I have said in previous posts on numerous occasions, the only way to know if it is a viable, saleable machine is if it secures significant sales. LesB had said that it is a well engineered, saleable machine after the reverse engineering project but he has not been able to sell one machine to date so the jury is out. My recommended action plan to turnaround the Company is based on the assumption that LesB and his team of engineers did make it a viable saleable machine and with the qualified sales personnel and proper leadership which it has never had, it will sell.
My opinion of Mr. Michel background and qualifications is outlined on 1/5/15 at 11:34am under your recent Topic-"Truth or Dare". His background with govts seems limited to LI and NYS with no national/global govt involvement that I can see. Also he has no selling experience to industrial companies. He is another pair of hands but needs leadership from a CEO who has the experience and contacts in the waste water industry selling to global govts and industrial companies which is absent at this point in time. Need to recruit an experienced, top-notch executive if this Company is to have any chance of a turnaround. The ball is in Hicks hands if he wants to place the Company on the road to recovery and make a real killing on the stock. The appropriate action plan has been outlined and communicated to him "chapter and verse"-just start executing it and although a difficult task, IMO, it is the company's only possible chance for success.
From my understanding of LesB, as owner of his own businesses, he considered himself a crackerjack salesman which has not proved true. LesB seems to be a decent, hardworking man and after 2 years with PSWS, he may have a few solid leads/contacts for sales and either needs assistance in closing them or is not receiving the support necessary to close them by himself from Hicks and company. Nevertheless, it would be very foolish not to keep him on board working with a new CEO who might be able to close LesB' potential sales if Les has a few. Again, the ball is directly in Hicks court and in his best interest to utilize and manage Les' strengths properly.
We are now approaching crunch time and need all hands on deck as well as the appropriate actions being executed if this situation is to have any chance of a successful turnaround. Amen!