RE: RE: The Pumpers Simply Don't "Get It" I haven't participated on this BB for some time, but apparently I had such an effect that my names keeps being brought up. It's not my intention to bash selectcore, but let me re-cap my position and why I'm choosing to sit this one out.
- Management has failed to execute on almost everything they've announced. Iridium has languished for 2 years, the office in Jordan never produced, Conquest has yet to close, iSign deal was a non starter, Paymobile was joke. These are but a few examples.
- all Selectcores NRs are full of lots of adjectives and hype but very thin on facts.
- Management is made up almost entirely of telecom execs, that failed in running a profitable telecom company. Expecting them to run financial services company isnt even a reasonable expectation.
- Management uses selectcore as their personal ATM. Executive compensation is very generous given that they have never turned a profit and revenue has fallen considerably over the recent years. The fact that an unnamed exec "borrowed" 70,000 and then failed, or refused, to pay it back AND the other execs permitted this is a huge red flag in my book.
- There seems to be no cost control what so ever. Offices in Windsor, Chatham, Toronto and Miami.
As you can see my issue is entirely with how the company is run. I do actually think this new direction is quite a sound plan, I have invested in a company in the same space. But given Selectcores past performance I need to see some success before I put any capital at risk.
I wish all the longs all the success in the world.