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Microcap & Penny Stocks : FRANKLIN TELECOM (FTEL)
FTEL 0.850+4.7%Nov 28 9:30 AM EST
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To: Roger Bass who wrote (28325)2/18/1998 8:02:00 AM
From: Roger Bass  Read Replies (2) of 41046
 
After receiving some private comments on my last post, I will just add a little more basic explanation here. After that I am leaving this thread, as I have no further interest in the stock, now or in the future. This has nonetheless been an interesting lesson for me in understanding some very weird investor psychology.

To quote Warren Buffett: "you can't do good business with bad people". My comments here are not on the products or technology, but rather on some very unsound (though probably legal) management practices.

A basic principle for an investor in evaluating an investment, is whether management's interests are aligned with yours. This means that management should be getting richer essentially because the share price is going up, and shareholders are getting richer too.

The transactions described in my last post are emphatically not in this model, and are not at all standard practices. They represent a continuing *transfer* of wealth from minority shareholders to Frank Peters. Frank Peters is working for himself, not for you.

The Tempest may even still be great technology, but when things smell this bad, it's almost invariably because the whole setup is rotten.

These posts are obviously not directed at the tireless hypesters on this thread who consider the quality of Franklin's business an article of faith, but rather at anyone who wishes to make their own cool-headed assessment of the company's prospects.
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