RE: Letter from BOD / Skippen (on Yahoo) As a long term investor in the company, it is impossible not to feel distressed about the state of the share price. It is quite easy to blame management for this situation. However, at the same time, it is difficult to argue with the logic behind some of the arguments being made by management. The reality is that the defendants are not willing to negotiate on terms that Wilan considers fair and favourable, so the discussions have dragged on for a long time and there is nothing that can make them pay except for a legal ruling. As investors, do we really want Wilan to settle for less than favourable terms just to prop up the share price? That won't help the share price or investors long term - and maybe not even in the short term. Most investors would blast management for letting the defendants off too easy. Quite simply, we need to get the best deals. If JS finally does start to deliver the deals at the best terms, he will be looked at in a completely different light - and probably admired for his steadfastness. (Of course, we know how he will be perceived if he fails.)
Part of the reason people are selling now is quite simply to buy back shares at a cheaper price. Undoudtedly there are a lot of investors waiting on the sidelines to jump back in at the first signs of progress. The management team has been working on the deals for a long time now, and they could still come at any time. Once they do, the stock will jump fast and those on the sidelines or who walked away may regret.