To: spacecowboytoo: You know quite well what will happen if the price of the stock stays below $1.00. Lets say that CM only needs an extra year to get the product going and it does "not" need to do anymore Reg S. I would rather see the company go to the OTC than do a reverse split. Why? Because the price of the stock has an extremely high chance of going below the $1.00 mark anyway after the split very soon which will still mean delistment procedures. All of this price reduction will have been for nothing. If they had chosen to go to the OTC instead, the price could have held at this level, for however long it would take for them go get their ducks in a row. Not being on the Nasdaq is not the death of companies. "However", CM needs something very different. They are a money machine. They need the Reg S. If it is hard for the Reg S's to sell their converted shares for their profit in the OTC, they will not belly up to the table so easily with their money. My voting down the stock split is a symbolic vote of how I feel about Custer and the way that millions of dollars from all of these Reg S has been wasted. It is like he is operating a division of the government with a budget mentality. (If I am not mistaken, he was in charge of work done for government projects once.) For instance, they have spent $4 million dollars on software development, most of it coming from the outside. Do you want to guess why they have been hiring so many people lately? They are trying a different approach and get this type of work done in house and redo what has already been done. However, if the current management could not oversee the outside firms properly, what makes you think things will be any difference with the inside personnel. Next thing you know, they might want to build their own manufacturing plant, and try to oversee its operations too. Same nasty problem however.
The stock split tells us about where Custer believes our future is heading in the next 6 months. All along, I have been waiting for the turnaround, before this last Christmas, than see it pushed back to the first of the 1998 year. Now it is going past June 22. When will it stop? Perhaps if we had the real power to stop the reverse split in the first place, he would have spent our money wisely, and hired someone to take over the management of the company if he did not want to step down.
Bottom line, buying and selling outside of Nasdaq could have kept the stock price at this same level. It more than likely would not have gone to .03 cent so easily. However, after the stock split, we could see .30 again if they continue down the path of no returns on our investment. If Custer knew from the beginning two years ago, that the stockholders would not let him do a reverse split during a "downward fall", he may have taken this stuff more seriously.
The uniView if they follow the same path, will never be a real contender with the WebTV. By that I mean that the uniView program has to many holes in it, to try and make a come back unless someone else besides Custer is in charge.
I will be getting comments from Neal soon. Lets hope that his information changes the direction of my attitude. I really do not like being on this side of the fence.
I also hope that the Custer comes out with detailed plans on the Ednet purchase. Maybe there is a lot of hope riding on this company, but the investors will not know unless he submit the goals. |
