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Technology Stocks : INPR - Inprise to Borland (BORL)
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To: Kashish King who wrote (4968)6/16/2000 1:39:00 PM
From: Dennis Nicks  Read Replies (3) of 5102
 
I can't explain the decision to merger with Corel nor the defense of that decision. Evidently it is beyond our comprehension as far as the management is concerned since no real reason was ever given. Anyone with half a brain and the back of an envelope could have figured out that Corel is a crappy company. But if you are going to evaluate Dale's performance take a look at what's happened the last year.

Success:
1. MS cross licensing deal and investment
2. Kylix development
3. Enterprise deals with Cisco, Ericsson, Deutsche Bank, Sabre, etc.
4. Effective cost containment without layoffs.
5. Continued support of Linux as an enterprise platform.
6. Sale of Scotts Valley campus (very expensive to maintain)
7. Formation of a venture capital unit
8. Free "Foundation" distributions of development tools (some marketing that actually makes sense)
9. Consistent positive cash flow
10. Increase in shareholder equity

Failings:
1. No total revenue growth
2. Sale of Scotts Valley campus at a very low price
3. One word: Webvolutionary
4. Corel Debacle (an inexcusable mistake)
5. Has not demonstrated clear direction for the company (no business plan)
6. Showed little commitment to Visi-brand Enterprise products during Corel debacle (resulting in an exodus of talent).

Please add to the list as needed (especially any leadership from the talented head of the cleaning crew)...

I can't argue with you that Fuller has some failings and has made some serious mistakes. But there have been some significant positive developments as well. We certainly need better management. But should we throw them all out at once? A complete and instant overhaul of the Board and CEO would introduce too much short-to-mid term uncertainty. I prefer to make some significant changes/additions to the BOD. They seem to be the one constant for the last 4 years of this failing turn-around. Perhaps if we had a board that held the management accountable (instead of issuing golden parachutes and millions of dollars in housing allowance), we would see improved performance from the top down.

Dennis
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