RE:RE:RE:RE:Year End ReviewThinkwithme I tend to agree with your comments in the most part. It looking as though they are unfortunately going to roll this into the year end which is not a good thing. The optics here are as bad as it gets and now this has ended up in the hands of the auditors so its beyound executive control at this point. This will have them in year end blackout for several more months so it makes it more difficult to explain a few things. Harry and Klien should have been out ahead of this situation and will have know well enough what happens, they have both been through this before. The lack of transparency here has been unbelieveable. Given there assets, debt level and potential revenue it might be still posible for a restructure plan however any serious come back would require getting rid of both the CFO & CEO. I wonder what Dr Kramer has to say abought all of this? They have been down and out before and managed a recovery, perhaps this has all been enginered for a private take over. It wouldnt be the first time they attempted a insider coo. There has to be more here then incompetance, the shortage of common transparency towards shareholders shows an inherent lack of respect and requires an explination.
thinkwithme wrote: As a long time shareholder, I have continued to believe their business model was sound and that management could - and would - correct the myriad of missteps and begin to execute against the assets, strategy, and forecast.
At this point, I can be pragmatic and recognize that this is not - and will not - ever be the case. The fact that Harry has not stepped down at this point, nor has management felt compelled to issue a press release - material or not - speaks volumes. The ego and mismanagement have run deep and long and the music shall stop.
My average share price is still just north of $2 (yup, a big bag and certainly lessons to be had) after averaging down. I won't be buying another share. Now, or ever.
It is clear to me that, at very best case scenario, this is sold privately for a fraction of its value, not even some 12 months ago. Some will be quick to point out that Harry has presided over this very scenario before and that is, certainly, but just one of the very artifacts that me and other longs should have been attentive too, because alas history does have a way of repeating itself.
If such time comes that Nobilis does release their 3Q and then 4Q, I will look forward to having my popcorn from the peanut gallery for that MD&A call. Would we see some humility from the cast and crew? I still think its unlikely...
Sadly, I don't think that day ever comes. To all the bears, yes indeed, you were right, I'm not sure any follow on posts highlighting that are needed at this point.