I've read some of your previous posts about PLL and I've been impressed with your knowledge. Believe it or not we, the employees, learned stuff from reading your posts, that's how much in the dark they kept us.
Now to your questions.
"Any idea what will happen now, is it a viable business capable of being sold as a going concern or is it going to the knackery?"
The business of traffic cameras is a golden goose and will continue to be so for decades to come. I am an Engineer and I could talk your ears off about the stuff we can do, given professional management and support.
Poltech however does not have and never has had professional manangement. I'm 41 and have worked in a lot of companies as an Engineer. I have never seen a greater concentration of bozos anywhere in my life. If these fools have a finger in the pie it won't work, it cannot.
"Are the speed camera faults repairable?"
The biggest bozo off all was the guy they put in charge of technical matters. I cannot begin to describe how this guy's insecurity and fear got in the way of the best and brightest delivering good product. Calling him the biggest bozo is quite a call, you'd have to have met these blokes to have any idea how little exaggeration there is in my statements. Given a free hand, the Engies at Poltech could have delivered faultless and robust systems and still can. Now we are looking for venture capital to do it ourselves. We already have systems designed and ready which will leave Redflex's systems eating dust. The existing systems on the Western Ring Road and the tunnel need fundamental changes made that we were pushing for 2 years ago.
"I wonder if any of their competitors are seriously looking at the whole business or just picking over the carcass."
The IP is worth Jack to the competitors. They've got that and better. The only thing worth anything to anyone is the existing maintenace contract with the RTA as it provides an entree into that customer's heart. The same goes for the DOJ here in Victoria. Finish the Geelong Road project and fix the WRR and tunnel and you have a happy customer which will give you more work. We engies could do all that, we just need funds.
"That $440,000 salary for Walsh plus it appears unlimited credit card expenses seems incredible for what has been done to the company."
You don't know the half of it. What you're seeing is the tip of the iceberg. You shareholders have provided and large group of these guys with the ride of their lives. I've got to be careful what I say to avoid litigation as it'll be pretty obvious who I am.
BTW the reason the Malaysians pulled out is that the bozo put in charge of technical stuff (mentioned above) convinced them that their money would be better spent giving it to him. Why pay $5mill and take on debt when you can give me $1 mill and I'll come over to Malaysia and run the show for you? No debt, no previous issues or history to work through.
We told the management this is what he was doing but they sat on their hands and when the Malaysians did pull out they were "shocked."
The only consolation is that the Malaysians will be sorely dissappointed. They will pour the money into a big black hole and they'll get nothing back from him because he simply does not know how. By the time they discover they've been conned it'll be too late.
OK I'm bitter but I know why the Chinese use the same word for Chaos and Opportunity. Time like this open as many doors as they close.
If anyone out there knows a good Venture Capitalist then I'm happy to talk.
