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Microcap & Penny Stocks : DCI Telecommunications - DCTC Today

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To: Ken Salaets who wrote (17125)	7/12/1999 12:33:00 PM
From: Steven R. Bergman	Read Replies (1) of 19331

All, Just read the 14K. Nothing unusual, except I would have preferred it if the representatives of at least one of the accounting firms involved planned on being there. Of course, one could always infer that there were no "significant" accounting questions to be asked. One could also infer that the soon-to-be-deposed auditors didn't want to answer questions about the earnings restatement and that DCI didn't want to have to get a court order to force them, but that's an unsupportable -- albeit logical -- inference, nevertheless. What disturbs me is that after all the snafus the company has had over the last year, no one sees the need to have independent representation at the Board level. If IXC expects to keep its investment (or if it deemed its investment material), wouldn't they wish to be represented on the BOD as the company's second largest shareholder? Such a Director could always excuse him/herself when discussions regarding IXC-competitve suppliers or partners were being held. Similarly, why isn't there a representative of an investment advisor or a law firm or even a marketing/PR firm on the Board? Where are the strategic partners whose interests tie into DCI's? Where is anyone other than an insider? There is an interesting story in today's WSJ about the downfall of Telecom Italia, whose CEO's insular attitude virtually guaranteed its demise. Now, Joe Murphy is certainly not aloof (I can testify to that) and he does want to communicate with others, perhaps even to a fault. But I see no signs that DCI has learned important lessons from its recent history. I see no evidence that professional PR counsel has been retained, for instance. That means that while the actual news may improve, external relations with the investment and investor communities may well suffer -- again. Joe knows he cannot build the DCI world by himself. I think it's time that he brings others into the planning and execution process and he clearly makes their existence and identities known. A good place place to start is with the BOD. The DCI Board has clearly aligned the shareholders interests with its own. But a BOD must be more than that. It has to bring together diverse experiences and expertise in order to create a compound body of knowledge with which to review management's performance and to advise management regarding the company's future. As long as the BOD and management are the same this is not possible and one cannot believe that the company will be made stronger by this lack of counterweight and outside perspective. SB

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