The haircuts are positive - but had to happen because the company is now in a life support phase. The additional $1m in anticipated revenue (if earned) and the $750K management cost haircut won't be enough to stem the cash burn - without a lot of retrenchments (and what does that do to the 'pipeline'). This is just the logical flow-on from 'the letter' and changing of guard. And btw, 'pipeline' is just management-speak for 'a wishin and hopin'. And no mention of CEDIA. That tells a story in itself.
Ann: Company Update, page-44
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