Requiem: DMX & The Peter Principle
We're now in the final phase of reconstructing and covering up the litany of errors that was Dimethaid Research. What emerges in the next few months will bear little resemblance to the entity into which thousands of Canadian investors poured millions of dollars.
Message 19949598
Message 19976038
In the time that I held DMX, the debate was characterized by 2 groups on this thread; one (to which I belonged) believed in the integrity of management, and believed their silence concealed the ability and the intention to bring their public statements to reality.
The other half of the debate was largely articulated by a group of bashers whose hatred of management was so deep that they constantly strayed into dishonesty and perverted truth in their statements. There is still one, for instance, who publicly maintains that Acqua was the best financing available at the time - not realizing the greater truth: management's conduct left no choice but equity financing. The Street won't touch existing management, and hasn't for years.
The odd thing here is that the bashers, and the shorts, though they couldn't explain what, exactly was wrong, were right. They couldn't make their case, but they were correct. Those (like me) who believed in the integrity and ability of management were wrong. Those (like me) who forgave mistakes as simple errors of management in a field new to them, were wrong.
Investors like me - "the believers" - were wrong. The bashers, the shorters, the liars, those who would say anything to damage Dimethaid management were right.
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Behind the scenes, things have changed. Many of these changes were externally motivated; one of the motivators was the Movement for Management Change, but there were others. The Provalis decision against Dimethaid was the catalyst.
Message 19604718
Unknown to most investors, a large number of Dimethaid shares have undergone a change in ownership. What many believe they are holding, they are not. What many believe Dimethaid management will do, it will not. What many believe Dimethaid Research is, it is not. The changes have already happened, and the only ones who don't know - as usual - are Dimethaid investors.
DIME is in a world of hurt. Tracks are being covered. Money is being moved quietly in the background, and when you find out what's happened, it will be too late. Investors will be holding the empty bag.
Based on current sales and financial realities, some believe Dimethaid couldn't be properly financed at more than $0.25 - yet existing shares are moving at around a dollar. What does that tell you?
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There's no point in perpetuating the "good management/bad management" debate. You're either in one camp, or the other. My only advice, if you're a "believer" would be to limit your exposure: minimize the potential damage. There's ample evidence that management's failures extend well past publicly-known facts. Be careful.
While there was a chance that Dimethaid could be turned around, I continued to hold, and continued to post.
I now no longer hold DMX, and will no longer advocate change or post on the failures of management. Bashing is a form of self-indulgence best left to others.
In the end, the Dimethaid story was a textbook case of vulgar greed, misconduct, non-disclosure, and incompetence. The Peter Principle at work.
I've "met" many wonderful, fine people on DMX threads. It's too bad the reason for our meeting was the source of such disappointment. I wish you all well, and hope your future investments meet with more success.
Best to all,
Jim |
