Tim, just watching.
Although the company is heavy on publicity regarding new hires, partnering, etc., it is also extremely light on relevant disclosures of related party transactions, stock options agreements, employment agreements, the salaries of the five highest paid individuals, loans to officers and employees, yadda yadda yadda...
They've also demonstrated that they don't know how to price an acquisition, that they've overpaid and subsequently written off purchased assets in the past, and that whomever ran the company with the CFO, Controller, etc. couldn't run a profitable mortgage business. I spent a year in Walnut Creek, CA last year working on an assignment for the benefit of a large (but no longer independent) California bank that has subsequently merged and their name (Finet) just didn't pop up anywhere in the banking and mortgage business.
Some individuals believe all that has changed with the addition of some new personnel and that this time, things will be different. Well, on this one, I'm from Missouri - Show me. Something. Anything. No pump. Just the facts.
So where are the disclosures?
Decidedly undecided,
Mark A. Peterson |
