All of us still holding stock are so pissed/gutted that we don't want to talk anymore? :-)
I reckon Hughes ought to be strung up. Bailey obviously knew of the magnitude of the earn-outs, took (out) his money and ran.
It's a crime that the terms of the earn-outs were not revealed by Hughes. I'm sure many of us did our calcs on the value of the business using 40-50m expected earnouts rather than 176m!
Equally as incredible that Hughes kept buying the stock hard as it fell, and him being the one who knew of what was to come, that is, to be paid in earn-outs.
I'm astounded that a guy that has been so lauded and credited in the past, especially as a money manager for Grundy, could be so incredibly stupid and irresponsible.
Of course, I now feel equally stupid.
The presentation that came out yesterday I found to be very unconvincing or inspiring. I also thought it noteworthy that Philips was seemingly hovering in the background, rather than pushed to the front as THE leader out of the mess and THE one to turn it around. Perhaps this is a deliberate ploy to not have his name attached to a potentially sinking ship?
I was set to buy into the cap raising, but now I'd be a reluctant participant.
With my average buy price being below the last close, I can't imagine how un-willing the insto's that coughed up at $1.50 and $3.00 might be on the back of yesterday's news.
Looks to me like a very, very hard sell. And that's concerning.
One also wonders how much due diligence Packer or his money managers did before picking up 4.5% of the stock. You'd think 'not much', because it's hard to imagine they wouldn't be given an indication of what was to come out in the wash in the weeks that followed them taking a position? Hard to think that Hughes/Photon would not give a 'heads up'? Then again, from what I am learning, maybe that should not suprise, either.
Seems to me that this thing might now need a Grundy or Packer to commit some SERIOUS capital if this thing is to stay afloat. I'm struggling to see how they will get enough out of the insto's and us regular investors now.
PGA Price at posting:
$18.36 Sentiment: None Disclosure: Held
