John, I don't dislike Chip (that would be Joel) or Kentucky (except when they are playing Duke). I do agree with Joel and others that bankers and bank treasurers are not the best bet for running a software company. It would not surprise me to see one of them gone before too long (I won't say which, but one of them owns considerably more stock than the other).
It is important to note, though, that Chip (IMO) does not manage the day-to-day operations including software development and implementation people, nor is his role in managing the back office transactions/data center operations. His value is in dealing with the bankers they are selling to. I can tell you, from first hand experience, that being able to talk the talk with bankers makes selling them a lot easier.
As for the question about "a number of large banks [that] will sign on over next 60 days", while they may sign some more, the broker stating that was probably confused. The 60 days refers to several banks going live online, including Wachovia and another very large one within 30 days.
As Joel said, read back over the past posts. And Joel, were you referring to me as the "extreme pro"? If so, I would respectfully disagree. I could kick myself for not selling when it hit $14 a few months ago, but I don't see a lot of downside from here and I don't need any more capital gains this year if I can defer them to next. I do think you will see some positive developments; the recent acquisition, for example, brings them some needed talent that will help greatly on development and implementation.
To wrap up, yes I am long (perhaps too much so), yes they did stumble, but no I am not selling here.
Bob |
