Hi Marc:
I share your frustration. But realistically, what do you suppose the grounds for a suit could be? I don't think a suit can be successful if it alleges that Zionts is an incompetent twit, put into power by some rich twits (Penny/Simon), and maintained in power by some lackey twits (Board of Directors).
The company can always state that the present sad situation was brought about by "market conditions" in the DSL field, lack of cost effective chip sets, etc. They can point to cost saving measures recently taken (90 person layoff) as reasonable acts to make the company profitable in light of current business conditions. And although I agree they should be sharing more announcements about what the hell is going on with their business segments, I also think they are not legally bound to say anything to shareholders, except in their quarterly filings with the SEC.
Sure, there is the infamous 3 contracts of the Seamans era, but to show specific shareholder damages due to his running off of the mouth would seem to be fruitless. Speaking of Seamans, it sure seems in hind sight, that even though we wailed and howled over his dumping of shares last year, he sure was sharper than most of us. He's crying about Westell's situation all the way to his bank.
Let's face it, we've made a bad decision in investing in this company. When I purchased shares, I thought the idea of it being mostly controlled by "insiders" (Penny/Simon) was a plus. Now of course I realize that was a bad analysis. The best thing that can happen IMHO is that Penny/Simon will find a buyer before the share price gets any lower. I don't give a damn about pounds of flesh, I just want as much of my money back as I can get. I don't need to support the lawyer's profession. |
