Thanks Hectorite: the post by ECM1 on the RB board is a must read. ECM1 has obviously been through a few boardroom knock down, drag outs. Regrettably, so have I. It is absolutely positively guaranteed that the shoot out at Citrix was not pretty, unless you enjoy multiple amputations. When the Company's Founder severs all relationship with the company without so much as a statement for the press? When Templeton gets kicked down and sideways and says zip? And another Board member simultaneously resigns in another vacuum of silence? This was a fight for control and future vision and direction of the company.
What irks me is that we have million dollar/year security analysts, the internet, discussion boards, more information than you can shake a stick at--and nobody saw the most fundamental shockwave that can hit a company coming? The clearest sign was the jump in ARs and DSOs seen in last quarter's results--BUT MANAGEMENT FUDGED THE EXPLANATION. Worst of all [for my bank account], I bought their BS, literally.
I have not a whisp of regret over these high level departures, including the founder. As the Indians said: "Custer had it coming". Amen. Visionary techno founders who can actually run a business come along about 1% of the time (Bill Gates, Irwin Jacobs, damn few other examples). So adios Ed, do well at your next venture and try to install a financial reporting system that might permit you to see that you're in trouble when you can still do something about it this time.
As for those of us left holding the pieces: this one will be a long, long, long way back. At this point, I'd just prefer Oracle to pick it up even at a steep discount and end the pain. What a train wreck. Mike Doyle |
