I agree with you on this one, Zeev. It would certainly be hard to argue that VEBA has done a good job of running MEMC. Yes the industry they are in is struggling, but they sure haven't done much to help themselves. In my opinion they haven't shown vision, cost reduction skills, or much of anything else. I agree that the rights offering was just about as poorly managed as could be imagined. I still recall how, when things were beginning to deteriorate, instead of focusing their attention on their own problems, they focused attention on members of this board, giving us an excellent signal to exit with the stock still above 30.
Given this background, it only seems reasonable to expect them to leave at the bottom, don't you think?
By the way, what is your guess for next week. I exited many of my positions on the Friday morning rally, and am back in cash. Maybe I need a new eggplant, but I'm not getting any consistant readings. On the one hand, the semi market is recovering, but on the other hand Asia was very weak Friday, with Hong Kong down over 4% and interest rates are the highest they have been since 1997.
Carl
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