David,
I'm no longer a shareholder of MSU and only peruse its filings due to the amount of personal effort I put into what I believed was a shareholder education program. I still feel that I was misled and lied to by the company so any comments that I have are, of course, filtered through any resentment that I may feel. However, I always seek to maintain objectivity as a matter of smart analysis.
Good points that I noted.
1. They have money, thus the ability to pursue their research and marketing operations.
2. Wyn Holloway apparently has trading restrictions on his company stock. Additionally, he continues to place personal assets (cash..) into the company from time to time.
3. Envoy is in Silicon and C-Cube is somehow involved.
******************************
Bad points of note:
1. They have apparently missed the boat with the Netbox. They have only sold 9,000 of the devices according to the 10K and Mitac still seems to be dragging their feet towards supporting manufacturing and marketing of Netbox.
2. They still continue to rely on sales of stock to finance operations. (read Reg S.. convertible debentures, and other dilutive instruments.)
3. (.13/share loss) and increasing shareholders equity deficits.
4. Two years and STILL no concrete manufactuting/marketing agreements of any significance.
5. Complete disclosure. MSU has been shrouded in half-truths, high-powered promotions, and, IN MY OPINION, deceptive information pratices toward shareholders, of which I was one for close to a year.
I note it as a "bad point" as their will inevitably be many folks out there who scrutinize it and decide to liquidate their positions. However, I favor COMPLETE disclosure.
I was once, in earlier naivete', one of the company's biggest supporters. Now I merely sit back observing the continuing saga unfold wondering how much else will be revealed sometime in the future. Us early shareholders merely rode on the coattails of the hypsters like Global Financial Traders (under indictment by the SEC for manipulations involving another company) Wyn Holloway, MSU CEO and Mike Reilly (of GFT), were a little too cozy for my taste when I met them both in NYC at an analysts meeting that May 1st, 1996. But that is my opinion and should be not be the basis for any decisions to buy/sell MUCP stock.
Frankly, the 10K is pretty much as I expected it would be, except for the amplification on Marty Miller who placed the original Reg S shares for MSU. Don't tell me that Wyn Holloway didn't understand what was going on. (Relationships to Liberian and Channel Island entities???, come on now... :0| MSU has always been a classic case of abusive Reg S shenanigans. I had accepted the company assurance that Reg S would not be utilized anymore, but they still do it and likely will into the forseeable future.
However, we can always hope that their "ship finally comes in".
I believe the technology is real, but the management is lousy.
You asked for my opinion, you got it. Wyn Holloway must go, as well as Forte' Communications in order for many to regain any semblemce of confidence in the future of this company. (Wyn.. Prove me wrong.. Your shareholders would most appreciate it.)
Regards,
Ron |
