Controller- history. period. Apparently already done. I've got a buddy at the company confirming this. He also told me about the CFO and Treasurer a while back. It may go even deeper. NONE of these guys are CPAs, and ADPT board wants a world class finance team to be built from scratch. Correct action, IMO. As many have correctly indicated, ADPT has to win back the street. Earnings growth is key, but distrust of key management, especially guys forecasting the future numbers and managing the street's expectations, have cost us dearly. ADPT has missed the consensus estimate for three straight quarters, and accountability is being served.
Regarding rumors, the INTC one is alive and well. My understanding is that the numbers were too far apart, and INTC had concerns about the FTC. I have heard other rumors about takeover interest, however I personally do not think, given the current market price of this stock, that ADPT management would be able to come to an agreement on a "fair" price for the company. They are very confident that they will turn things around, and IMO a independent ADPT will be in the long-term best interest of the shareholders. If this company goes down, I'm going all the way. There is no way in h*ll that I am going to dump my shares anywhere near this level.
I have also heard that the Ridge products are fantastic, and based on benchmark test results, they will be the best on the market. This is incidentally where my hope lies for recovery. Look at QLGC. They turned their Fibre Channel R&D into new contracts, had one great quarter, and the stock has gone from $28 to $67 in two weeks.
Also, I hear that Ridge managers are making key inroads into the management structure. The key managers of Ridge are former Sun and Apple execs, and apparently they are VERY aggressive.
It is my perception that change is on the horizon. Werlick, I do not know when you plan to retire, but I would not recommend dumping your shares at this level, unless you have a "sure thing" to recoup your paper losses. And, if you do, please let us know :) |
