I am starting to slowly accumulate down here having been out of the shares since earlier in the year...I know not to bite off more than I can chew. I don't think dividend will be raised - not until things stabilize and better profitability. I'm hoping in the next day or two some tax loss sellers just want to toss their shares at whatever price they can get. I'm only buying lower from here.
At the current price and lower, my belief is that the company is ripe for a buyout at a 50% premium.
Happy New Year to you too.
Thank you for the thought.
Unfortunately, I would not be able to live with the media and others digging into my personal life looking for smut. I would also have difficulty being a good politician - being able to lie to constituents and colleagues while keeping a straight face and then backstabbing anyone necessary when it would prove advantageous to me.
they come back as the shares approach 50 cents, the momentum gets going, shares go to 55 cents, then they back out. you need to buy on the way down, be patient, let the sellers come to you. these past few days has simply been tax selling - someone was nice enough to give me some shares yesterday at 42 cents.
just be patient, take more shares when someone really wants to get out and is willing to part with their shares at the bid. no reasons to pay the ask when volume is so low.
as things continue forward and company continues posting solid results and continued profitability, the volume will come back and shares will move higher. for the time being, again, need to have patience.
as has been mentioned here, LTS is a good comparable, and NHLD is much better on most all metrics and certainly undervalued.
I'm guessing we should get a January bounce as the tax selling is about over.
Jenny Yu votes with Wise - she is a colleague of Wise's. If you read some of the prior propaganda, Yu was asked to attend board meetings by Wise, but Frank had issue with that since she is not a director and claimed information being discussed was "confidential". I believe Frank tried to claim that Yu's holdings was actually causing the situation which he was arguing to the court in that Yu + Wise was over 20% and they were essentially a "voting group" because of their relationship but didn't claim to be...essentially a way for Wise to control more shares though not directly attributed to his ownership.
Frank knows that Wise will carry sufficient votes - that is why he is going PR insane these past couple weeks.
Morgan is also a dissident - currently a director as well.
As far as the incumbents and the number of shares held - go pull up the 424B3 from April and jump down to page 6 - it shows how many shares each owns as of that date. The amount you have for LaGrange is what is shown in the prospectus.
"What I don't understand is why LaGrange et al doesn't just buy the outstanding shares and take this private...the amount of money is tiny, in relative terms of public companies"
LaGrange or Wise? I could see either buying the whole thing.
"I would've bought shares today but no size was on the ask so I didn't bother chasing it."
I noticed same when I was jumping in past few days. Very few shares bought or sold can move the prices quickly. While the sellers were pushing down, I'd pick my price, then just watch it slowly fill. Happy with those prices now, but would really love to grab a nice gob of shares in the 70s.
don't be silly - we all want the right outcome and would be kicking ourselves if there were some technicality like this that negated the effect of our votes.
you're welcome to call and ask specifically about the scenario. call during business hours and they answer on the first ring.
the rep told me if you submitted multiple proxies the last one received would be counted. it says as much somewhere in Terence's pamphlet that if you had already voted the white, you could still vote the gold after. implication is that only one will count.
broker non-vote probably comes into play only if you do not submit either the gold or white proxy.
"We anticipate that shareholders would foot the bill for Mr. Wise's hostile proxy campaign, which as of two weeks ago was already approximately $250,000 solely for proxy expenses. Mr. Wise has four different teams of Skadden and ex Skadden lawyers working out of their New York, Palo Alto and London offices on his proxy campaign and related litigation so we expect his expenses will be a multiple of that reported amount. Don't risk getting stuck paying Wise's legal fees!"
But Frank, how much shareholder money have you spent on attempting to prevent Wise from even nominating anyone from the director vote? I believe that last quarter alone it was about $300,000 - no? How much more this quarter? How much this year? How many times did you go to NY courts filing lawsuits? How much in legal fees are you personally racking up for the company? In defending your positions are you spending your own money or shareholder money? You are a bloody hypocrite.
Your continual flurry of bogus PRs is what is a distraction. You sound like a little kid whining to his parents. Give it up - let shareholders have their vote and decide for themselves. If you wouldn't have been a jerk from the beginning attempting to control the board as a personal rubber stamp, you might not find yourself in the situation you do today.
Yet again, you do not address any of the issues and look to distract attention into left field.
What are you day trading today with our money? Markets are at all-time highs - how is it possible to have lost 50% and collect fees for losing it? Any bonehead could have put it all in a low cost index fund and made 50% over the past two years.
Why has ISS endorsed Wise and not you, the current board, and Garrett?
You are pathetic Frank and your days are numbered. Quit spending our money.
I expected Innisfree to return my call today, but apparently they've ignored their voice mail. I will call during business hours tomorrow.
What swayed me:
1. The facts Wise presented which clearly show how Johnson uses the company as his personal piggy bank - scheming for ways to have more money flowing to him.
2. Wise is the single largest shareholder. He has more riding on this than anyone. Johnson was unloading shares earlier in the year.
3. I have seen and been involved with probably 4 or 5 proxy fights in the past two years, and all very similar to this one. In every case, the dissident board won the vote, and in every case immediate change took place and every one of the companies performed better going forward. All have seen their share prices double and triple only one year after the board was overthrown and CEO terminated.
4. Johnson has not once addressed any of the charges levied against him by Wise - nothing regarding the secretive convertible preferred notes, nothing regarding renting office space to the CEO and jacking the price from $30k one year to $120k the next, nothing regarding the $2 million which he had the company let him invest (aka day trade) and lose 50%, nothing regarding attempting to get the company to give him a paid position for $300k/year as the head of the company's M&A.
5. Of course Wise's objectives and assertions are self-serving - do you understand how many shares he owns and the bath he's taking on the value - having lost about 50% in the year or two since he purchased?
6. The company is operationally profitable today, we know this. Is it not obvious that the expenses that Johnson is loading the company with to support himself and his actions prevent the company from posting bottom line profits?
7. So what that Wise owns the sourcing company. What did Johnson say - that he's getting $1.5 million/year? Is that so outrageous? The company did $30+ million in sales - is some other company really going to supply the same for significantly less? Look at the numbers - I don't really think so.
Change is good - we need change, Wise means change for the better.
shouldn't play games with it...it is a day trading toy, and will always go down long-term because of how it's constructed. if you get stuck, you'll lose. the historical part which sticks out to me is that last two 1 for 10 reverse splits were roughly 20 months apart - and it's approaching that timeframe...within next 6 months or so.