That is a great question you asked. I certainly do not know the answer although sometimes the obvious answer turns out to be correct and in my opinion the only entity that could force this sort of thing is the BOD. Micro gave a great profile of the BOD. Perhaps the fact that the remaining members own virtually no MCZ shares should tell us exactly what they really thought of Darren's leadership? I also tend to believe that this has been brewing for quite some time given the promotions that were also involved and org chart impacts. We all have been wondering who has been selling shares. Perhaps it has been the former CEO's buddies and associates who only owned the stock because their friend(s) were involved? Sorry to ramble and shift gears. None of us know who owns big stock positions, perhaps the BOD did know and used that knowledge to exert pressure?
Perhaps as simple as Darren saying "I'm tired and sick of it and want to move on". And the BOD told his buddies to go with him? All interesting stuff.
I agree with you love your attitude and approach. I just do not understand how you could have had a conversation with Norberto and not wanted to commit suicide afterward. I talked with him 2X over the last 3 years and was always disgusted with his unprofessionalism (f bombs, vulgar) and seeming lack of knowing anything specific about Mad Catz. Just my opinion.
A couple things. None of us really know who was the main driver behind the the shelf and/or the ATM. CFO reports to the CEO so ultimately the CEO was the responsible party and maybe he was the driver and she the good soldier (we will likely know soon). Switching gears, if the next 12 - 36 months were not so clearly well defined (RB4 followthrough, Saitek followthrough/optimization, Capcom relationship, Harmonix relationship, Samsung relationship) in terms of opportunity I would probably agree with you with respect to her readiness to assume the CEO position. But what I see immediately ahead is the need to optimize the financials to take advantage of the generally strengthening revenue picture.
There is also a ton of work to do to get better manufacturing contracts and so much opportunity if they (Mad Catz) would just stick with something for more than 2 minutes.
Had the market known this was coming, the stock would not have moved today. The Q2 earnings release was another good example. No one saw the ATM coming. No one saw an EPS loss coming. Thus the stock made a big move. They have never been a leaky ship in spite of what the bashers spew.
Although my motto is "it can always get worse".....from a market/investing perception of MCZ, difficult to see how it could. Tomorrow's report sure to be the type of numbers you mentioned. I am now at the point where I hope the stock drops to 10 or 15 cents. Buying shares today sub 30cents was just swweeeet. There is a ton of potential here for a new CEO to unlock. Replacing Darren's strengths (good grasp of passionate gamers and some industry connections) are not going to be difficult and improving on his weaknesses (attention span of a puppy) will be easy.
-at least we don't have to wait long for the next earnings report or to hear from the new CEO.
-ever notice on a couple prior calls how Karen jumped in to answer several questions that should have been answered by Darren, several of us even commented on that.
-at least no one made any money on today's drop as short interest was (and is) about nothing (sub-1mil shares)
-this again proves Mad Catz IS NOT a leaky ship.....the stock reaction is again proof of that.
-volume today was less than 2% of outstanding shares....no one BIG selling, no one BIG buying
-this also explains lack of insider buying if departures were voluntary.....though it seems certain to me they were forced.
Tomorrow's PR and cc will be interesting.
Though it was sort of like pullin teeth.
Worked out pretty well for me at least twice in my investing career. First time was with DWCH.....stock went from 90 cents to $30........second time was NAVR/Speed went from 75cents to 38 cents to almost $4. Buy shares.
I use Fidelity. Just canceled part of a buy order. Entered it to buy 100,000 shares at a limit of 31 cents. All the while (about 20 minutes or so) the bid ask was mostly .29/.30......I filled about 35000 shares in those 30 minutes via 39 separate fills.....biggest was 5000 shares. I got sick of it so hit the cancel.
Yes, technically they may have resigned but I would guess it was either that or they would have been axed to leave. Hardly voluntary but about the only way to do it to avoid a ton of legal fees.
The stock market is an interesting place.
About the only thing sort of fascinating is the timing being 1 day before earnings release. At least Karen has a better voice than Darren to listen to tomorrow.
earnings release was tomorrow and not last week? Why no insider buying? Why no dog-n-pony shows in the last few months? But if it is good news (takeover at higher price) then why wasn't it wrapped up over the weekend? Maybe buyer had to cough up a few more dimes?
Or maybe one of the bigwhigs got hit by a truck walking out of Starbucks?
Maybe the decimal point was off on the earnings release and eps was really 15 cents and not 1.5cents?
Sort of a fun day though.
With a 40 cent stock trading at current valuations, even terrible bad news would be good news. Speculation is a blast.
eightball, No one will ever be able to top the stupidity of your post. No one at Mad Catz cares a bit about what a bunch of stupid people (me included) post on an anonymous message board, especially when the total shares represented by those posters is far less than 10% of outstanding. It is all meaningless. Carry on.