A few things to remember why FNet in the eyes of FCM does not need to IPO.
Infrastructure outside FNet: FNet does not need money to build an infrastructure. As FNet uses the backbone of their provider, i.e. WCOM, and others. FNet is letting the smaller on/off net players bring minutes to them. How much money is needed there? Very little Its extremely complicated in software, but as a structured network, very little money is needed. So why IPO, when you don't need critical funding at this time, and when?
Payroll: Who besides Kuykendall, and a handfull of others are causing a sucking sound in the ol cash drawer? Not many
Hardware inside FNet: There's enough cash flowing from the few minute area's FNet is pulling minutes in to sustain things.
General Consensus from FCM: FNet value in the hands of FCM, we could use the value, but no hurry. Others are saying we don't need an IPO. Some would hope that FNet never arises and that all the value should go back including shareholders into FCM.
So if you ask yourself what is FNet's niche market? I don't think they can tell you other than: we'll take what ever we get.
So as Macgruder got the boot, that helped in solving one problem. They guy spent close to 500k on nothing but false promises.
In my estimation, where's what will probably happen. In the next 12 months, FNet will not IPO, FWP will have his shares returned at a higher premium that paying a penny and a half. We on the other hand, may not be so lucky. But you would think that having only 2+mill out that would be enough to upset the balance over on FCM. There are still a few holding major stock in FNet that have yet to come out of the closet. Two in particular that I must say are very disappointing. The 20k holders are everywhere, but the 60,100,150, and above don't seem to get the picture. As we head into the 4th year of false promise's, lets not let the whole thing drop to the floor.
We need a guarantee that if FNet does not IPO within 18 months TOPS !! from the SHM, that we as FNet PP holders have the RIGHT to convert into FCM @ a discount. That it is only an option, and not required at the set time. Given this, the holders could convert at least 50% if the stock is above $2.50 or so and at least get their initial money returned to invest in something far less speculative. Thats all I'm trying t accomplish here. But if we don't act as one unit here of FNet, I think we'll find out later that FWP has already converted, or gotten some kind of value out of FNet before we do. IF that happens with all the bs that's been said, it will be a sad day for all those that didn't let their voting-voice be heard.
All I can say, is not let the hype that come out of FCM disrupt normal thinking here. There is way to much of that.
I did receive an letter from someone who attended the SHM. It was not signed, and I haven't a clue who it is. Some may differ, but I sent this to someone else that knows me well, I didn't make this up. Read into it what you will, but its just one mans opinion, and went something like this>
The parts of the meeting I can recall and my comments may not be what
you are looking for. But, I assure you they are honest and as accurate as possible. Peter Buswell: I thought his presentation was excellent. Clear, even-handed, and he pointed out 'FCM's potential place in the industry.
Frank Peters: I thought he as ill prepared, nervous and unsure. His
comments about the IPO were somewhat ludicrous. Just like he was
bringing up the subject for the first time ever, and "gosh", it's
costly!!. The implication was "we are looking into it". No explanation about why it didn't happen by now, or why your faith and investment was misplaced. It wasn't until a shareholder asked was the "letter" brought up. Some will get part of their investment back, (My bet is Frank's shares will be purchased by FCM at a premium).
Responding to a question about needed public relations, he just shrugged his shoulders and agreed it was important. But gosh, it is difficult to do. At this point he mentioned the new board member. wh is someone nameless actor in commercials. I think we were supposed to be impressed. The guy was apparently reading for a part with Disney, or we would have met him. Oh and yes, he had a part in the new Austin Powers movie !!. And he has offered to do a free commercial form them.
He mentioned the recently announced sales to cybervoz, he referred to it in less than glowing terms as a multilevel marketing company of "some sort. The word PONZIE comes to mind.
At this point, I thought Tom Russell was going t be sick. Don't know
how they look normally, but I thought the entire board looked very
uncomfortable.
I think that is the main theme of what I witnessed: uncomfortable.
Before the meeting I was given a company of the Magruder lawsuit. I am sending you a copy> end
Well folks, I think we need a little more here than prayer.
bytheway...here's a neat little story on an IPO that should have happened, but given the RIGHT-Management Team, anything is possible.
redherring.com
I didn't proof read the spelling or sentence structure, ug !
Temp'
|
