"I Goofed on DSSI
By Omer Shvili
DSSI: My greatest mistake this year, and in
which I invested heavily during the year. I still
believe this share is trading at a huge discount,
but DSSI's biggest problem is found in the
management item, i.e. in the chair of general
manager George Morgentstein. I am convinced
that with better management, the DSSI share
would trade at $10.
DSSI requires a management that will take care
of shareholders and work for them - not a
general manager who parties at their expense.
Of course, a younger general manager closer to
the high-tech world would do no harm. The
company invests in technology companies.
Fortunately, replacement of unsuccessful
management is a common occurrence,
particularly in cases such as DSSI, in which
management does not have many shares. I am
convinced that at some point, the company's
assets will be reflected in the share price. The
only question is whether it will take place with
Morgenstein at the wheel. If and when a serious
alternative to current management is proposed,
as a shareholder, my vote is assured the new
management. "
globes.co.il
This is the exact same problem which afflicted Rada Electronic Industries (RADIF). There, the CEO, Nissenson plundered the company to his own personal gain. The stock was going nowhere even though they have outstanding products. recently, Nissenson was given the boot and was reolaced by Generel (res) Hertzel Bodinger, who was commander of the Israeli Air Force. There is hope now for Rada. Until George morgenstern is told to close the door from the outside, I don't see much hope for DSSI taking everything into account (e.g. price below book, Comverge, etc.)
Zvi |
