Originally posted by aniesbaswedan
The board is there to hold management accountable, yes but I do not think you understand how corporate structure works. The board is merely a collective of directors and CEO and other executives that, in SAS case, include Meir Moalem, yonathan Sharman, etc. The way I understand it,
Michael Malone was appointed as Independent Non-executive chairman of the board and thus has no operational responsibilities whatsoever. In that regard then
he would serve merely as a bridge between the CEO and members of the board and nothing else, to present executive decisions to the board. There is nothing for him to deliver, Rusty, that is not his responsibility at all nor is he obligated to do anything. So then his role seems to be inconsequential so why was he appointed? I strongly believe simply because of the appeal of his name, which is represents
vanity value for a publically traded company where a lot politic is involved
. The intent, I think, is to spruce up the SP just enough so that a capital raise becomes viable again because announcing MoU simply no longer works. To induce euphoria within investor sentiment and the tactic obviously work as intended simply by observing how people here in this forum responded to the announcement. Practically, MM could do nothing and look pretty and still get paid for it. There is a reason why a person can be non executive chairman in multiple companies all at once.
So much hype over essentially not much else other than vanity. To me, the fact, that SAS appointed MM as independent non exec chairman guarantees that a CR is imminent. Just waiting for the right SP.
@sim9 SAS business model and whatnot has never been proven nor tested to be commercially viable. So even if SAS, by miracle, get the fundings they need then the chance of it failing is still extremely high. The claimed number of revenues that SAS, as far as I am concern, has never been tested through economic modelling and there is no precedent that could be used as case study. Also all of the MoU signed was obligation free quote with fellow spec stocks. Even gommspace is a cash strapped spec stock...SAS is basically an Israeli national run company, domiciled in the UK, that employs entirely european work force, who makes their products via third party spec stock, and sign MoU with other spec stocks. No true offtake commercial agreement, nothing...
Hey Anie - why will MM simply act as a go between himself and the Board. He'll be working his butt off to arrange finance to ensure the Pearls are up and away, therefore generating more and more contracts (that will be a strength of his) and revenue to SAS. And why ? Well read the announcement. All those performance shares, options or whatever will come his way - and MM rarely, if at all, fails
