Gp & Richard,
Let me comment on Canning. Richard, what you have reported is pretty much right on. However, in fairness to both Mikes let me say the Hackworth and Canning had/have mutual appreciation for each other. Back when Canning was the COO, he pretty much ran all the business and did a great job. Hackworth directed the engineering, marketing and strategic planning. When the company got to a size that needed individual management, they broke away the COO position and created divisions. Canning was asked to run the Mass Storage company due to his contacts in that part of the industry. Mass Storage is were Cirrus really got their start with the Pluto chip.
When the company (graphics in particular) got in trouble in late 1995, Cannings' group was the only plus. I know Canning was the peoples choice to be the COO and as a result of Kelly, he left. However, Canning left not so much because of Kelly or even Hackworth but more because of he got a vote of no confidence from the board including Suhas, Hackworth, Guzy, and Smith. Certainly, Hackworth had something to do with this but it was Guzy calling the shots. In fact, these type of board decisions are influenced greatly by Mr. Guzy.
Now for Teo. This is probably the most interesting component in the current equation. Teo is not a dummy and will not let his investment wither. My guess is still the same. He, Teo, will flex some of his muscle in the not to distant future and we will all see his hand. My guess is first we will see him elected to the B of D in May. It will be interesting to see the proxy statement prior to the shareholders meeting. After that, we will either see a shakeup in the current board and top management or a fire sale.
I am still in the black on this investment but like I said, a couple of good up ticks and I am out of here. I am finding myself getting way to emotional and thus am breaking my own 1st commandment of investing. Thou shalt not become emotionally involved in thy investment.
Calvin Scott
PS Since I am now an outsider removed by many months from the bowels of CRUS, I don't care what them boys say about me or anything else including treats. They have bigger fish to battle than little ol'e me! |
