To thread,
This is just another sign of the POTENTIAL (it is still just potential) we have in Comverge. Mr. Morgenstern has nothing to do with this potential, the R&D team is in charge of that.
The CEO's job is to turn the potential into something real with meaningful revenues. Knowing Morgenstern, I'm quite sure he can't deliver on that. He already had gold in his hands and threw it away (PHD, CA id making tons of $$ from that division), and he'll probably do it again.
Morgenstern has no real interest in making Comverge a major success (and thus DSSI into a success), as he barely has any stock. As long as he gets all his management fees (he's getting some from Comverge as well, money that could be used for marketing efforts) and a hefty salary, he'll be happy. What does he care if the company is a success and we make money, he DOESN'T CARE ABOUT THAT !!!
He must be replaced, and the sooner the better. Going a step further, there is no real reason for DSSI to exist as it gives no advantages to its subsidiaries (what does Tower get from having DSSI as a shareholder ? the same could be said about the other holdings). The company should be broken up, and we should get shares in the major holdings (Tower, DSI and Comverge), and cash from the sale of the other holdings. DSSI exists only for Morgenstern's benefit. He's the only one who is enjoying this. We'll be much better off without him and DSSI. All DSSI does is spend money on salary of senior officers, officers that contribute zero to the development of the subsidiaries, and don't believe anyone who tells you different.
We need to vote this management and board out if we want to make some money. If someone pulls that off, it will be most profitable. DSSI has a break-up value of at least $7 per share, and that's when one values Comverge at ZERO.
Omer |
