Internet Explorer 6 is currently not supported. Please consider upgrading your browser to Internet Explorer 7. It's free.
Internet Explorer 7 Download

VTSS Investor Forum

Matt Millen

+1
1 Votes
-1
Vote history graph

For non football folks, Matt Millen was the former president/general manager of the Detroit Lions.....and given the 31-97 won/loss record compiled over 8 years (4-12 record on average with the infamous 0-16 goose egg) perhaps the worst of all time, or at least in the running for that dubious award.

Garif* commented that Ed Rogas mentioned to him at the analyst meeting that CRG was committed to Vitesse.

Where this train shall meet on the tracks is that no one ever accused Matt Millen of not trying, not working hard, and not giving his best.....only that he redefined a level of suckitude that had previously not been known to exist. Detroit sports reporters, a hard bitten and cynical lot, on a number of occasions asked Millen..."Ya know, look at your record, you really have sucked, why don't you quit?" (since the owner of the Lions, William Clay Ford is a nimrod who wouldn't fire Millen) and Millen, a stand up guy, always responded that quitting was not in his make up, so he wouldn't/couldn't quit and was committed to turing the Lions around.

I have obviously made my opinions on our CEO known. I will grant though I really have no idea what type of CEO/person CRG is, that perhaps he really is a stand up guy like I believe Colin mentioned in a long ago post about what he had heard fron Vitesse employees he knew about CRG.....and perhaps, as an example, Chris really and truly believed his unemployed and para legal girlfriend, who hadn't worked at Vitesse in over 2 years was really the best qualified person to be a consultant at a salary she couldn't make in the open market.....again, just an example.

Anyhoo, even if granting CRG is a stand up guy, has done his best and is committed to Vitesse, he is Matt Millen, in spades. Year after year of bad drafts for Detroit. Two years (at least) of bad R&D for Vitesse. The Lions lacked the adult leadership at the top to fire Millen. What about Vitesse? I already know about Ed Rogas.

Andy???

*per Wiley correction

Posted by altrfan - 13 years ago | Updated 13 years ago

Replies
21

+1
0 Votes
-1

altfan....Bravo!!! You have explained the VTSS situation perfectly.

Posted by OKSPSNOW - 13 years ago

+1
0 Votes
-1

Thanks OKSPSNOW, though I have to unfortunately include that where investing and Vitesse are concerned, Matt Millen has nothing on me. I was unable to face facts as presented by Vitesse and do what pgbpro and so many others did and sell my shares.

Posted by altrfan - 13 years ago

+1
0 Votes
-1

Altrfan, you correctly recall the comments I made about CRG. As you point out, these were based on conversations with several employees and a number of direct conversations with the man himself.
Unfortunately time and circumstances have forced me to revise those opinions. I do not doubt that he's a stand up guy with respect to his employees and it's clear in everything he says he stands by his people. Unfortunately this same loyalty is not extended to the shareholders, his employers.
Colin

Posted by Colin - 13 years ago

+1
0 Votes
-1

There are hundreds if not thousands of companies run for the sole purpose of sustaining the salaries of management and employees. here is one of Ichans latest. I am pretty familiar with this company Mentor Graphics (MENT).

http://www.cnbc.com/id/41475675?__source=yahoo%7Cheadline%7Cquote%7Ctext%7C&par=yahoo

Here are a couple of quotes from the aritcle.

"This company is substantially undervalued versus its peers."
"It's just a sleepy company run like a country club."

"Companie should realize, and managements and boards should realize, they don't own these companies. these companies are not their piggy banks. These companies are owned by shareholders."

MENT stock has traded at $15 per share +/- $5 for the past 20+ years while revenue is up 3-5 times. Revenue is now close to $1 billion. The technology is well thought of.

But the thing has been a complete joke of an investment. The shareholder is someone to be duped.

Well you don't dupe Carl Ichan. he is now bidding to buy the whole company. He will undoubtedly make some changes and bring the thing back public or resell it.

my guess is you don't dupe Mr. white box andy for long either.

Posted by dlog - 13 years ago | Updated 13 years ago

+1
0 Votes
-1

I have a feeling that this is Gardners last chance to" get it right".

Third quarter. if the numbers are not there I would expect to see some action regarding employment.

Posted by christ3opher - 13 years ago

+1
0 Votes
-1

In the words of Tommy Lasorda, " THIS JOB AIN'T F...ING EASY"

CRG Inherits a morally and basically financially bankrupt company as resources were channeled towards Lous madness.
R&D is shifted towards enhancing products to preserve existing customers; Possible new ones were not returning calls! no one in his right mind would trust his companies future to a tiny company on the brink of oblivion.

According to my calculations Vitesse was avoided for major projects until 2009(Huawei was an exception); since it takes from a year and one half to 2 years to see the fruit of big deployments, brother ALTrfan we are living the results of this in these quarters.

I don't believe CRG drafted yonker our well informed accountant, did he?? Speaking in football terms, CRG is the offensive coordinator while yonk was to be in charge of the defensive! some MATADOR defense hey friends??

True! he did draft the girl! we men been making fools of ourselves in regards to women for thousand of years.

My lone complaint is YYYYYYY the handsome compensations??
CRG take notes from the UBS CEO, Google my friend Lyman Bostock, show us bag holders, commoners, that you feel our pain by reducing your handsome rewards along with yonk.
Once profits start rolling in give yourselves a better share of the loot, ops i mean profits! and buy that larger yacht and sail the world BEWARE of north Afrikan waters.

Peace

Posted by GARIF - 13 years ago

+1
0 Votes
-1

<<If I recall correctly (also dubious) DaWiley commented that Ed Rogas mentioned to him at the analyst meeting that CRG was committed to Vitesse.>>

altrfan, i never have spoken with Rogas. i did say that at the SHM a question about crg's compensation came up and was fielded by rogas. he said the usual metrics were factored in when they meet to calculate compensation. Hell, Charlie Sheen is/was over-compensated at $2MM per episode.

Nearly everyone on this board is feeling under-compensated by the metrics used to evaluate senior managers at nearly every public corporation. and i bet there are several posters here that could have done a better job than crg. nonetheless, crg is the man of the hour, day, week, year and years. he just may earn that title for the job he has done!!! we'll tally up at the end of his tenure.

as to treating shareholders right - maybe my mom was right all along, "life is not fair". but i can assure you that if you are like carl ichan and can buy the whole lot of shares, or even like Mr. Redleaf (altrfan - you called him fat this time - not me!! ) you might just have a say in who runs your corporation.

so if you want to complain, send the letters to Mr. Redleaf and his associates in the 9.9% club. I am happy to just be a cuttlefish and swim with the big fish. and don't tell andy i said he was fat!! just lookin out for his health. as a good partner ought to.

Posted by daWiley1 - 13 years ago

+1
0 Votes
-1

Altrfan, those lines were uttered to me, in response to my questions about the duality of our leaders.

Your Mom is on the money Wiley, "LIFE IS NOT FAIR" i have preached this for decades, not to evoke negative energy but to use this information to prepare ones self, to learn trades etc; In my community that line is worn like a trophy! every time i hear it, i point them in the direction of Trade Tech, south west college, or helping a plumber on an apprenticeship basis.
I point to the man and the lady in the white house as a classic example of my point. Preparedness goes a long way towards making life fairer.
Sorry I drifted with your mothers quote Wiley, just that the subject is very dear to me.

Posted by GARIF - 13 years ago

+1
0 Votes
-1

Hey Garif,

I had just logged on and saw Wiley's comment....I 'knew' I had observed those comments here... I was 'sure' Wiley had made them (even though a quick check gave no evidence of that, but why should trivial details matter?) and in the true spirit of a long term Vitesse investor (hello Kopp and Andy!!!) I didn't let reality intrude on my post!

Posted by altrfan - 13 years ago

+1
0 Votes
-1

What the fuck guys? Most of you thought relisting by itself would drive the price to something we haven't see in a long time - like $10/ share. I disagreed then. The relsiting is a measurment step to market validation... not value. The financial metrics do not support a higher price. Thus, the annual revenue needs to increase to $180 milion or costs need to be cut. It's that simple. I do not see a sharp revenue increase on the horizon. Good leadership would lead us in the direction of expense reduction.

Posted by matt38 - 13 years ago

+1
0 Votes
-1

Well said Matt!

"Good leadership would lead us in the direction of expense reduction"

How about it CRG? i been making the same request of you in my crude way, now you hear it with eloquence from Matt.
I know you read this board, DO SOMETHING!!!! the street is watching.

Peace

Posted by GARIF - 13 years ago

+1
0 Votes
-1

Hey Matt,

The financial metrics do not support the current price of MSPD, whose stock has risen despite a weakening revenue picture, as Satbob pointed out on another thread. Vitesse has 60% gross margins and a P/S ratio of under 1. Some folks, like me, might have been looking at last years price run up for Vitesse when we incorrectly thought Vitesse would get re-listed in May on whatever pipe dreams we have for the share price.

Vitesse is valued like a DRAM company, with the lowest of the low in terms of technology. I have no qualms with the current cost structure, there is only so much that can be cut. CRG has already eliminated all the 'non-core competency' positions (God, I always hated that term since I was one of those people) over the last couple years and finished it when Final Test was outsourced.

Other than Vitesse isn't, there is no real reason, when compared to any of the other firms in the space (MSPD, AMCC, PMCS blah blah blah) that the share price isn't at least in the $10 range right now.....there could be dings against that by pointing out (as I have) there were a couple lousy R&D years....yet the performance of other firms haven't exactly set the world on fire either.

My belief would be more along the line that before the market looks at the future for Vitesse, the past still looms large and the people who made the poor decisions in the past are the ones currently making the decisions for the future. When 'THAT' gets fixed, so will the share price......in the short term getting rid of CRG would do it.....an actual 'New Beginning' (investors could then look at 60% margins and have 'hope' (or hype)....otherwise it will have to be those rising revenues, which as you point out don't appear to be anywhere on the horizon.

Anyone who spends time looking at Vitesse press releases can see that CRG has been pointing out the 'new beginning' stuff since the fall of 2007 when the company sold the storage biz to Maxim for 3x sales and paid off the Tannenbaum loan.....now there is another one, maybe the 4th or 5th in the series.

Posted by altrfan - 13 years ago | Updated 13 years ago

+1
0 Votes
-1

Hi Alt,

With all due respect, as you know we pretty much think alike when it comes to good old VTSS, but there appears to be at least one - maybe a few more - "non-core competency" positions still floating around at HG's . . . so I will, as promised, keep my tongue in check and not mention HER by name or what FUNCTION she serves . . . but a certain, now "classic" 70's porn movie (and star) comes to mind.

Posted by G - 13 years ago

+1
0 Votes
-1

Hi Alt,

As you know I generally agree with you and I don't post as often as I used to because you say what I want to say. However, even a million dollars of compensation restructuring is significant at this time. I strongly believe that some of the none core-competency positions should be slashed because they are, well, incompetent. Could they save 1-2 million per year? I believe so.

The ROI metric, when you view it from the R&D perspective, is very low from an industry comparison. And, I suspect that most tech financials will be breaking down the R&D cost, attribute the cost to a specific product and display the revenue which has been garnered from each product. That may be a new and clearer metric for this industry and I suspect we will look bad if this happens.

Posted by matt38 - 13 years ago

+1
0 Votes
-1

ALTR, friends!
Those LOUSY years you speak about must be 2007 and 2008 where the company couldn't sell water to dehydrated saharan's!
Notice how those very products started selling in 2009!!! so was it the lousiness of R&D or the CREDIBILITY of the company??

Never would i have been hired by the Vitesse's of the world ALTR, tip my hat to you!! Farmers and the nutritionally challenched now these folks i could use my services.

In farming we plant and at later months harvest, if all goes well!! Vitesse due to self inflictions was unable to plant(sell), the harvest months have arrived; Mspd,Brcm,Amcc are enjoying what could have been our harvest.
The way i see it, we are on track to enjoy juicy harvest towards years end(2011) and beyond!! until those moments arrive CRG needs to do what MATT38 has been saying, SHAVE SOME MONEY OFF THE TOP!!! If only until profits start rolling in.

Peace

Posted by GARIF - 13 years ago

+1
0 Votes
-1

Garif,

until that "juicy harvest" arrives, you will not see many takers here. For much too long now, the shareholder has been totally ignored by Gardner and crew. The only connection that he has ever made with the shareholder is: "thank you for your continued support" that is it! nothing else!

This is after putting a .22 per share value on our shares for the debt restructure and then slamming us with a 1 for 20 split. "thank you for your support".

what a ****ing ***hole!!

I also agree and have been saying through many of my posts that Gardner and crew needs to "shave some money off the top". Seems though, all that he is doing is: taking more and more as time goes on. "thank you for your support".
I seriously doubt that we will be seeing a reduction in pay any time soon.

It would be great to see a pr stating:
"For a gesture of thankfulness to the supporting shareholder. The entire management team (BOD?) will be taking a serious reduction in pay until the shareprice reaches a much more desireable level"

fill in the much more desireable level with a number.

All I know is the third quarter better not be showing any lower guidance! Last chance Mr. Gardner

Posted by christ3opher - 13 years ago | Updated 13 years ago

+1
0 Votes
-1

Masterfully said Chris!
I expect some product announcement next week, an addendum regarding your suggestion about pay reduction would be heavenly received.
I hope you give it serious consideration CRG!!!!

Peace

Posted by GARIF - 13 years ago

+1
0 Votes
-1

Hey Matt,

You commented on Millen's perceived 'malicious destruction' on another thread. If only that were true.....that is why he was so bad. He was really trying!. I would have a lot more respect for CRG if it turns out he has been in the pay of BRCM or some other company the last several years. At least his destruction of shareholder value would make some sense.

More new products released! I am sure design win city is happening. Also note CRG/RY/Marty Nuss sold some shares...to sastify 'tax with holding' ..... must be nice to get free shares for sucking at your job so it doesn't cost anything for not performing.

Interesting points on Mentor Graphics Dlog.

Posted by altrfan - 13 years ago

+1
0 Votes
-1

Alt,

The reason I call Millen's efforts "malicious destruction" is beause he was so incompetent. I understand he did not intend to be incompetent and that he was trying, but at some point, the realists in this world look at themselves and say "man, I suck". If he did not have the ability to recognize his own incompetence then he was being stubborn and arrogant... Thus, lending to his malicious destruction. I see people like this everyday. They have no ability to realize their true value, or lack thereof. Look at some of the pretentious CEO's who make millions and add nothing to the direction of a coporation... absurd. They're intelligent, articulate and all that good stuff. But, they do very little to add value.

Millen now is an analyst and when I here him puffing about his football "know how" I want to throw up. He shouldn't have a microphone in front of him because nobody should care about what he has to say... So, what does that say about us?

Posted by matt38 - 13 years ago

+1
0 Votes
-1

Matt, I believe this is called DENIAL! This is why we lead the world in consumption of legal and illegal substances. We fear looking deeply into mirrors, much to the delight of Peddlers of all kind.
We are a sad bunch, of course few of you would include yourselves in this bunch!!!!!! the beat goes on and...

Peace

Posted by GARIF - 13 years ago

Leave your Reply

Login or Create an Account to post reply.