Stephen,
It doesn't seem that I'm garnering much support, and some have even been rudely antagonistic, so it may not be worthwhile for you to repurchase a stake in the company merely on the basis of my initiative to oust Par Chadha.
Of course, as a shareholder, I continue to hope that the company will succeed even if Mr. Chadha remains in charge. I certainly believe in the company's technology, and simply feel that Osicom would stand a much better chance if a fresh management team were installed. As an outsider, it is difficult for me to judge whether the marketing and sales teams need to be strengthened, or whether the apparent slowness in developing sales of the IQX-200 and the GigaMux is normal. (If the latter, then it would seem that management's earlier projections were very premature -- either through incompetence, or an attempt to hype the stock.)
I believe that the company should be valued much more highly, simply on the potential of these two products and the Net+ARM chip set, and I believe that if Mr. Chadha was replaced by a more credible management team, the valuation would quickly improve. I don't know if it's normal that other high-technology companies are valued at 50 or 100 times sales, or that one was recently purchased for 17 times sales, but it is surely not normal that stock in Osicom, an established company with three very dynamic products, should be languishing with a price/sales ratio in the 0.5 range.
To address your question regarding the NMS listing, it is beyond my comprehension that this matter has dragged on for so long, and that comments "may not be made." Unless there is a court order forbidding comment, which is surely not the case, I would feel no constraint to remain silent about the issue. If Osicom's attorneys are the ones urging silence, I would either ignore them or fire them. Attorneys should work for management, and not the other way around.
This entire NASD upper tier issue seems a charade, and I even think the shareholders should have the right to petition the NASD, perhaps through legal counsel, effectively saying, "You've told us to talk to Osicom's management about this issue, but they refuse to answer our questions. That being the case, we contend that instead of protecting our interests as investors, the NASD is joining Osicom's management in withholding material information that would help us judge whether an investment in this firm is prudent."
This issue alone is so devastating to the credibility of Mr. Chadha, that he should resign or be replaced, even without consideration of the poor performance of the stock, and the slow sales growth of the high margin products.
I wish that Mr. Chadha would recognize that, whether through mistakes he has made, or whether through being an innocent victim of Barron's slanderous article, his credibility has been damaged, and Osicom's stock -- and perhaps the company as a whole -- would perform better without him. As the company's largest shareholder, he would stand to gain immense financial reward were Osicom's stock to be valued as it deserves, which I feel would quickly happen were he to resign. I fear that his ego is preventing him from leaving, despite the fact that it would be in his own best interests, and in the best interests of Osicom shareholders.
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