Ok, here goes. This will be sort of folksy because I'm too tired to do an edit. First, I reviewed JDN's earlier post and he has captured the conversation perfectly.
JDN has dropped some information on this thread in the past about himself. He is a retired auditor from a big 5 or 6 or whatever accounting firm with a special expertise in scaring the poop out of corporation types trying to evade SEC rules. He's got one of those gruff, gravely no-nonsense voices that if you were to here it on the phone late at night you'd swear you'd been targeted for a mafia hit.
After a brief introduction, JDN took over for the first twenty minutes of the conference and he and Doug Kelso and TAVA's corporate attorney talked some language vaguely reminescent of high cambodian. Hardrocker and I participated too, albeit peripherally, with comments like "yeah", "that's what we think", "right on", and "Yo bro".
Actually, the way JDN and Doug were asking and answering each other's questions, it really did begin to make sense to us. I admit I started with the premise that TAVA had pulled a fast one on us with the options package not being authorized by shareholders, but I too was left with the impression that this was a legitimate practice (authorizing the options package in advance then going through authorization proecess at SHM). I think we made it clear to management that without clarification, this had caused many people consternation.
Like JDN, I was amazed how amiable and interested our company officers were toward our input. At no time did they challenge the three areas that we raised as concerns: compliance and internal controls, IR, and PR. I thought there was no way we would have more than thirty minutes with the four chief officers of this company. I had a prior committment which demanded my leaving after one hour, and Fallon, Kelso, Jenkins and counsel, continued to make themselves available to answer in detail, our concerns.
About ten minutes into this call, I stopped monitoring my blowout indicators, and really began to feel that there was a willingness and committment to improve the relationship between investors and company management
John having temporarily exhausted his accounting questions, and having softened up the opposition, yielded to Hardrocker whose role was to argue that TAVA's PR was ineffective, uncoordinated, and
needed a major infusion of new talent and committment. Whereas JDN's presence is enough to make you want to pack several extra pairs of shorts in your suitcase, Hardrocker's deceptive monikor hardly prepares one for the soft-voice, intelligent, reasonable, moderate voiced individual behind it. Hardrocker researched months of PR releases, and presented our concerns with PR's that didn't say anything, or were ill timed, or didn't take advantage of Y2k general issues.
The problem was that Hardrocker's presentation was so polite that JDN and I, pumped up and raging on the sidelines, couldn't stop ourselves from jumping in. I can't remember what I ranted about, I think about needing a PR firm with prominence that could package TAVA's concepts within the framework of Y2k and Post Y2k work, and train TAVA's management about the importance of public information. Doug was a little hurt about this citing the WSJ article and the recent research report, but John openly acknowledged that this was an area they were committed to improving. Hardrocker kept us on task, and with his examples, John offered how TAVA could have presented guidance and figures without violating confidentiality relationships with different companies. This part was great and Doug and Kevin really followed John's and Hardrocker's suggestions.
One of JDN's suggestions was to improve the website with a CEO corner where John could provide information regarding the company to investors.Doug said he would look into this, and noted "We haven't done enough with the website and we certainly could improve it."
******* Big News.***** Kevin or Doug said the company was already in negotiations with two national PR firms, and the firms would handle both PR and IR functions. They hoped to have a decision within thirty days. They enthusiastically endorsed the idea of integrating PR functions within and without the company, and had the concept of a clear demarcation between the two. We should see changes shortly.
Like JDN and Hardrocker, I was impressed with the excitement and enthusiasm that leaked through their responses. They were confident without being arrogant, and open to a degree none of us were expecting. We pushed pretty hard, and they were clearly committed to improving their relationship with their investors. The enthusiasm was much like the attitude at last years SHM (this time last year), but I haven't picked up on the same level of excitement since June. They were a little like children before Christmas.
I felt so good about TAVA that for no other reason than I really like these guys I added to my position this afternoon, after selling half my position over the past six months.
Hardrocker will do a much better job of presenting the details and saying things that actually make sense. I will regret reading this in the morning and wish that I hadn't been so hasty. I'm going to sleep dreaming of Josef's TAVA hut in the Northwoods, only it's got my name on it and it is in Kona, HI. Other than that its exactly the same, except he's got a pine and I've got a palm, and his is an A frame and I have a lenai, and, oh you get it. Its on the beach right next to my TAVA Goddess sailboat (named for CK Houston) fma |
