There is nothing like the taste of a defense attorneys blood in the morning. God, I feel good.
Most of the things you point out, like the purcahse of Peregrine, etc. are fine, but you still don't understand my beef, and while its probably a waste of time I'll try to explain it.
Footnote 2 makes pretty clear that there are no extraordinary items in this statement. The purchase of furniture is a normal expenditure in the course of business. And the purchase of furniture doesn't explain a $500,000 per month discrepency from what we were told 4 days before the quarter ended.
The presentation at the shareholders meeting did not state anything, like onetime purchases or expenditures were left out. It was intentionally misleading. It was made 4 days before a quarter ended. If they knew there were one time charges of $1.5MM it should have been disclosed. Then there wouldn't be a problem, but it was intentionally left out to try to make the operating numbers more palatable. Manipulating the facts to appear the way you want them and in the process deceive the shareholders is wrong.
I'll say it again. When 4 days before a quarter ends and top management says we are spending about $700,000 per month, and no notes are made of significant one time expenses than the statement is misleading. In fact leaving out a $1.5MM expenditures during a major presntation 4 days before the quarter ends could be called something else. I'm thinking of a 5 letter word that starts with F and ends with D. That's the problem. And you still don't get it.
Once again I'm not mad the burn rate is up. I'm mad about being lied to.
Jim, if I want to count all the lies, misleading statements, failure to make adequate disclosure, incidents of delaying prompt disclusure of material events I have to take off my shoes and socks. And that's only for the last 6 months. That's not an acceptable way to run a company.
And lets add paying touts to run up the price of the stock the day after Stones' account gets sold out. Is that OK with you if Stone gives out options to touts the day after his account is sold out? WELL, IS IT?
Jim, I have no beef with you. You shouldn't waste your time trying to defend the indefensible. After it wasn't you who lied. And its not a waste of my time to tell the truth. Someone has to do it.
In response to your statement there are burn rates and there are burn rates I say there are liars and there are liars. In the first gruop are those who refuse to see the truth--these are the apologists for management, and I feel sorry for them. In the second group are the managers who intentionally mislead shareholders. They get sued and there is no sympathy for them. Its the shareholders who get the sympathy.
I think I have been fair in both my support for the company and my critisism of management. Go all the way back and read my posts. I've praised this company's technology and defended it from the liars like CR. I like to think I've been fairly precise in both my defense of, and critisism of the company. I can always back up what I say with facts. I apologize for your forgetfulness.
And I apologize to TCLN's management. It must really be tough trying to run a company and get products to market when pesky little shareholders (100,000 shares+)like me expect to be told the truth. It must be a horrible burden to run a company when truth gets in the way.
PS: One more time, all the points you make about why the burn rate being up are fine. But those should have been known to management on 10/27. And they should have been included in the figures pubically presented at the annual meeting. You were lied to!!! |
