My note to Mr. McGahn.
Mr. McGahn
I am disappointed. Shocked. Incredulous. And ticked. To put things mildly.
Your short press release is simply inadequate and insults the commitment and intelligence of your shareholders. After 7 years, you provide 6 paragraphs that “closes this challenging chapter for AMSC.” Really. Your disclosure needs much, much more detail. It won’t come from me, but fully I expect you and AMSC to be brought into further legal challenges by your broader investor constituency for the mismanagement of the last paragraph of this chapter.
In what chapter should I peek for the $500-600M in equity that was stolen?
How, for the love of Pete, do you re-enter into a future relationship with the very company that is at the root of this fiasco? It’s incomprehensible. As a shareholder I am aghast. And you provide no clarity, no depth, no explanation other than an arcane non-exclusive IP licensing.
Sir, I am an Engineer, and I am “green”. I came to and invested in AMSC’s endeavor for it’s potential, elegance, sophistication, and as the right thing as stewards of a global environment. I consider myself a good citizen and devoted my part and passion here. You have shit on both of those with this resolution.
No wonder the active short position in the stock. There are obviously people aware of the underside of this, and more savvy of your inadequate talents on this larger stage. And should you somehow have managed some greater new restitution and righting of this chapter, I would still call you negligent for the timing of your disclosures and the manipulation of the market and it’s investors.
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