OK LE, thank you for your wonderful post, so factual and forthright, after all, you are here to save us. Luckily you picked such a low price. What's up with the attitude, sell out of INFE too quickly? You are the darling of SI and the multitudes throw roses at your feet at your great ability at prognostication. Regarding your post, line by line:
Jin, you used to have "excellent conversations" with Ira Monas
I'll tell you what, your absolutely wrong! I only had one direct conversation with Ira Monas prior to his hospitalization, and if you can find a post of mine that contradicts that, DO IT!!. You won't be able to. Although I can post the links where you give your entry into FAMH, and your exit, as well as your timing, which, taking everything you post as true, means that you have a realized loss of less than $80 including commissions. Small change, although I have this naggin suspicion that you have been in and out of FAMH at least once since then.
Randy Malinoff has had this position for a week and a half! Do I think he even knows all the FAMH problems yet? No.
Maybe you SHOULD call the company, because you don't even have the facts straight. Malinoff was brought in over a month ago to handle the assimilation of the Myriad acquisition and promoted from within. Maybe instead of posting negative speculation(read baseless bashing) you should get the facts straight first.
I will judge him on what he does, not what he says. Too many people, including yourself, judged Ira Monas on what he said, while he did otherwise. I trust those days are over
In one respect I agree. However, I think those days are over, and the first steps have been taken. What has been done? The financials are being put into a 10k filing form, which you know is extensive and beyond the scope of a simple financial audit. A respected SEC firm has been hired. An offer has been sent to fill the CFO position from a big 6 firm. They are concentrating on their current business model. They are dovetailing all accounting into the New York office to streamline their internal auditing processes. They are forming an executive committee to improve shareholder relations. They actually told us not to expect the financials promised earlier by Arif. It's a start, and a good one.
I don't trust what the officers of disreputable companies have to say. If their audit firm didn't change every other week, I might call them.
And how exactly are they disreputable? They have been idiots in their pr in the past perhaps, but disreputable? How have they been able to maintain contracts with AIG, Allied Signal, Kemper, etc. if they were disreputable? Again, another false statement: THE AUDITING FIRM CHANGED ONLY ONCE and it was because they were slow in finishing the filing and they had taken on too many clients.
Would I expect any response from Malinoff other than "the company is doing great?" Why not ask Bill Clinton how the country is doing while you are at it. Did you ask him what sort of stock options he has, and when they expire? Might cloud his evaluation just a little bit.
Actually the country is doing quite well I think, and if you want me to pull the labor statistics that show how the economy only helps this sector I will. Regarding his compensation, no I didn't, and that's a good question. I will tell you however that he stressed the importance of cutting costs and consolidating their resources and I will also relay (paraphrase to the best of my memory): "sometimes doing the right thing is painful at first, but it has to be done the right way".
Your distrust for what Firamada management has done in the past leads you to speak to... Firamada management. Now everything is fine?
It was Randy Malinoff I talked to, wasn't it? I think he's the new guy, probably has no idea what's going on, right!
As for the rest, I say only this: If you at the very least do not make the calls, do the DD, etc, then you are like the little fish that eat the left overs in between the teeth of a shark's mouth. You don't even have the simple facts straight, and when you do, you often misrepresent them. I have the links to prove it. The challenge is still there. Am I asking you to fix the company? HELL NO! please don't offer. At the same time, how can you expend so much energy on something you have no vested interest in? And if you have the sector valuations that show FAMH as fairly valued, put it up and we can discuss.
Regarding Cheryl and Brad, you should be lucky to know people as nice as them, and your personal attacks pretty much have become a mirror and as they say in the buckeye state, it ain't pretty.
Jin. |
