I'll be honest with you Badgrass, I absolutely look at the Board and senior management before I invest. So how much have you made on your investment in this company?
Huge bid block at $ 4.36. I'm guessing it's part of the company buyback announced previously. Why else would the price be holding here. Outlook not so good going forward.
I walked through the supplement isle in Costco yesterday, and it just bugs me that Nutrex wants to market their products right next to the Nature's Made #$%$. But I guess that's all we're ever going to get with Bailey. He'll never be a Jacobson, and I don't think he'll ever do anything but continue to cheapen the Nutrex brand. I hope I'm wrong, but this guy just doesn't strike me as someone who can successfully market this product.
I don't quite understand why the company needs to sell astaxanthin through Costco. I purchase my supplements from either a health food store or on-line. I'm a Costco member, but I don't purchase supplements from them (or at Walmart either). Are sales to Costco going to be at a higher margin than what they are to Whole Foods?
I just started looking at this company, and I'm concerned about the composition of the Board of Directors and the lack of information regarding the qualifications of senior management. Two of the directors, Ms. Beard & Ms. Conard own no stock in the company. Ms. Beard, a CPA, has been on the board since 2003, and Ms. Conard, a high level manager at Franklin Templeton, since 2011. It's a sad statement that these two members, who represent the financial experience of this board, do not find that this company is a good investment. It's also sad that they don't have the confidence in their abilities as board members to lead a company that is worthy of their own investment. Furthermore, why is there a need to have two members with insurance backgrounds? In regard to management, the latest proxy statement is very weak (meaning nothing at all) in its profile of the company's senior management. I wonder if this management team has any educational background. Did daddy not send his boy to college? What did the VP of operations do besides work a few years in retail? I don't get this. Maybe somebody can help me out.
My heavens! They're paying over 15% for the line of credit they just received from this Summit outfit. Are they in this much trouble, or is there some kind of insestial relationship between Swenson & the lender?
I was just looking over the proxy statement. I was not aware that Mike Davis did not have a college degree. His profile indicates that he "attended Harvard University." I wonder in what capacity he attended Harvard, if he was actually enrolled, and if so, when he dropped out. I think it's appalling that this company's board is being led by at best a college drop-out. No wonder this company is in such a mess. An unqualified board and suspect management. It's beginning to look like a proxy contest is going to be needed to right this ship.
Just my humble opinion, but Michael Davis needs to get his head out of his a??, act like a Chairman of the Board, and do something about the company's incompetent management. It's way past time. This management team was brought in by the equally incompetent Robertson and Rosenthal (check out Gregg Robertson's linked-in page and see his glowing letter of recommendation of Rosenthal - who else would recommend him). What a joke these people are. Given any additional time and Bailey will destroy the entire astaxanthin supplement category (if he hasn't already done so). The quality of Bioastin went to crud under his leadership, he #$%$ away tons of cash by miring the company in senseless litigation, he's lost all momentum in sales, and now he's borrowing money at extremely high interest rates (in excess of 6%). I expect that the reason that he won't communicate with shareholders is that he fears it would expose his incompetence.