Legal action against Bloomberg on their last article about money laundering. Ebix warned Bloomberg and they chose to publish anyway.
Yes stocks, I do believe that it got out of hand because Ebix did not put the proper proceedures into place to use the license agreement. I don't think that it was intentional, but did occur. It's too bad that things have gotten to this stage, but they have. I had hoped for a settlement. If Microsoft wants the courts to determine the outcome, that is the way it will have to be.
No one is prepared for headaches; they come out of the blue. Some are easy to deal with while others are not. Read this before you totally condemn anyone though:
Frank Sinatra Ev'rybody Has The Right To Be Wrong! (At Least Once)
Songwriters: CAHN, SAMMY / VAN HEUSEN, JIMMY
Everybody has the right to be wrong at least once
Everybody has the right to be dunce-like, once-like
Not being too smart is, is no disgrace
What sets you apart is smilin' with egg on your face
Its naive to make believe that you're right, it's not bright
Only fools go walking on thin ice, twice
You and life can skip the strife and you'll both get along
All it takes is simply saying you're wrong when you're wrong
And everybody has the right to be wrong
You and life can skip the strife and you'll both get along
All it takes is simply sayin' you're wrong when you're wrong
And everybody has the right to be
It can be a real delight to be
And I'd fight, fight for the right to be wrong
"At least once!"
I heard a lot of... I was wrong... in the CC by Raina without him actually saying so. It might be the best that he can do to admit that he was wrong, ; he does have too much pride. I'll give him another chance because of what he did say. If he fails, I'll totally condemn him for walking on thin ice twice. If I'm wrong about Raina, I will not walk on thin ice twice with him.
Time will tell. But I had a very strong feeling from the CC that something is about to happen and that Ebix is going to go head to head with the shorts and not just deal with the government the best that they can as a shortcut. To get to the root of the problem, you pull the weed out by the roots and kill it, and that weed is the shorts who caused all the problems. I think that Ebix lawyers have enough information now to proceed.
I think that you will see another company being bought this quarter. They are conserving money and paying down debt. It could be a fair sized purchase for cash and not cheap stock, Mr pro. But how can you be a pro at 28? I'm less than a pro at anything and I'm nearly 64. I guess that you aren't old enough to know that you should never consider yourself a pro if you want to improve.
Thanks for the thumbs down. Some short must not like my interpretation of the CC passage. Is legal action coming soon? I think that it's quite possible since ongoing legal expenses are now tied to "we absolutely go to the root of the problem and absolutely get everything addressed." so that "our integrity is established without any doubt". Since persevering over the lawsuit and any government investigtions will not clear Ebix's name and the root of the problem is shorts and media hit pieces and not the lawsuit or any government investigations, other legal action will be necessary in any attempt to clear Ebix's name.
Thank you stocks. I had read that Ebix did make an offer of some sort to Microsoft earlier but they refused and proceeded to the courts. So I think that Microsoft is trying to make an example of them. But who knows if that will work in their favor. Again thanks for the update. Have a nice weekend.
So there's quite a bit of exceptional stuff in this quarter. But having said that, as Bob correctly pointed out, some portion of the legal costs will stay. We don't know what is that quantum, but it will be -- it clearly has to be a lot lower than where it is presently. So we'll keep everybody updated as we go along. I think it's obviously important for the company at this point. We want to make sure that while we improve our business, we are absolutely clear that we want to clear our name once and for all. It's extremely important to the management, to the board, that our integrity is established without any doubt in any -- without any doubt whatsoever. So we, at this point, are not looking to just find shortcuts. We're absolutely eager to ensure that we absolutely go to the root of the problem and absolutely get everything addressed. And so having said that, you'll see some amount of legal expenses going forward, and -- but we do expect it to be a lot lower than what it is at present.
Oh come on stocks, you got are attention. Give us at least a hint larger than that,
Neither do I, so I must say that I'm just as inept as he is, period. He didn't sign up for that job to be Ebix's PR or to do battle with shorts nor has any other CEO. I haven't seen anyone effectively counter short attacks other than company financial success inspite of everything else that they have done. Profits do prove shorts wrong over time, since it's shorts goal is to restrict business. However, I won't bet against a lawsuit naming the shorts and their supporters coming. The higher legal costs last quarter were not attributed to the failed merger. Something is going on other than the known legal issues. Gearing up for a legal battle with the shorts? It's possible if you read between the lines of what Raina said today. Ebix just has to make sure that they can win without inflicting harm on themselves like others have in the past.
Thanks stuart. But the letter from the US Attorney stated that it was an early stage investigation based upon the shareholder lawsuit and media. The biggest thing that maybe you can say about that lawsuit is that he may have been over zealous in his statements about Ebix organic growth. Other than that what is that lawsuit based on? Short#$%$ pieces. But no Raina is no Sam Antar trying to make investors believe that he can spin straw into gold.
Thanks for the compliment as well as the criticism. But I can't take my statement back that Raina did an adequate job and deserves a thumbs up on the conference call even though he has angered me in the past, very much so I might add. I don't like getting angry, and it takes a lot to make me angry. My anger has subsided even though I have not forgiven him, yet. Forgiveness might come depending on how he handles things coming up. I reserve my judgement for later. And hey, he is the biggest single shareholder and he is just as much a victim as you or I. Maybe even more so since his whole life has been put into this company. Some here are forgetting who are the victims and who are the criminal element. Raina is not the criminal element but has done some things that I consider ethically wrong. However, I do believe that he regrets most of the things that he has done and will be a better man because of it. I can't criticize him for what didn't occur on the conference call nor condemn him for being human. Human beings make mistakes; it's part of being human. Human beings have deficiencies; it's part of being human. I can't dwell on Raina's mistakes nor deficiencies but must move on just as he must move on, you must move on, and everyone else here must move on.
Would I have done the conference call differently? Probably, because I am who I am and not Raina. Would I have done a better job? Probably not, all here would have criticized my mistakes and deficiencies, after all I'm just a human.
I do have a pretty good record of evaluating individual's character and personality and at times I am intuitive about the future. Actually, I have a good feeling about Raina and the future of Ebix after the conference call. He stressed as much as possible, without lawsuit, the pipeline of sales potential in the near future. So yes, I have to say that Raina did OK and deserves a thumbs up.
Agree. Business has not dropped as the shorts have hoped, and the future looks too bright to short.
I didn't hear your questions during the Q&A. Did I miss them? Otherwise don't act so disappointed; you had your opportunity. Raina did his best. It can't be easy to do these calls, especially after so many recent events. I give Raina a thumbs up for his efforts.
There was a response to that tweet which pointed out that only one person had questions and that Jeff was allowed to have more because of lack of others. But its a conspiracy anyway to Mr Yu, and it must be a disappointment to him that Jeff is so kind. It must have been a disappointment to Mr Yu that nobody cared about the "money laundering investigation". It could be that nobody believes that one is really going on anyway. Afterall, it's just another rumor published by Bloomberg from an unnamed ex-Ebis executive? source. How can Raina address a rumor that has no substance behind it to address? If Mr Yu wants questions answered, he should voice those questions himself and not expect others to do his dirty work. But I don't think that he has the guts to do it. He still retweets Gotham City Research as if its someone else and it doesn't take much guts to do that. He doesn't admit nor deny that he is Gotham and that takes even less guts than forming oral questions. Frankly, I'm still surprised that Q&A was done.
Jef Vhan Ree's questions are clearly intended to distract the public from getting to truth about $EBIX Might as well ask about the weather
Why is $EBIX only taking questions from Jeff Van Rhiee of Craig Hellum ? Why won't they let shareholders on the call?
Did Robin Raina, $EBIX CEO, just interrupt $EBIX CFO, to answer an accounting question?
Why oh why is $EBIX CEO Robin Raina not discussing the DOJ investigation? Why doesn't he deny the money laundering allegations?