Ginger,
Due diligence is great when dealing with companies run by honorable people; it is of no use when the info given by others. I attended the last shareholder meeting, and we were given a "dog & pony" about the potential of the product(s) etc., and in particular remember charts giving a bunch of (in hindsight) bogus projections of their potential and planned penetration in the golf shaft market, etc.
And then we had the misleading news releases during the summer and fall (big backlog of orders, can't make 'em fast enough, etc.) coupled with silence when material but adverse events took place.
In hindsight (might as well learn from this) I guess the lesson is that one should, if possible, check the credentials of the people at the top (especially with small companies) and be wary of management that can't execute (VEGA, Mcmanis, Wimbledon, etc.).
It's a shame, because the product itself did seem to have great potential, but it seems evident that management was inept or sham artists or both (I suppose that it is possible that Palermo was good but that circumstances just went against him, but IMHO that doesn't seem likely -- he liked to buy things, McManis, VEGA, Wimbledon, cable companies -- but one wonders why).
We lost money but all (hopefully) realized that QDRX was a speculation ... but I really feel for those who lost their jobs.
It would be interesting to know the real story of what went on at QDRX in its final 2-3 years.
TW |
