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

9 straight down days

+1
0 Votes
-1
Vote history graph

9 straight down days since our stellar management team inspired the markets with their wonderful quarter. Would you believe that the first time Gardner and Shawn Hassel (remember him) held a call, they reported 2nd Q 2006 revenue of $60M. 4 years later, they report $37M. What a wonderful performance.

Posted by sharpinvestments - 15 years ago

Replies
11

+1
0 Votes
-1

It seems to me that the management at Vitesse are doing exactly what they did during the options backdating (scam). They went into hiding and i feel that is exactly what they are doing now. No contact with any investors unless you have alot of money to give them. Which means forget about the many who have invested bookoo dollars already. "we have nothing to say to you". This CEO has shown that his ability to run a company slacks experience considerably. Every CC that has been run also shows this. he speaks as though he is in charge of a group of engineers with a new this and a new that. When he is asked about something related with the running of the company he sounds "empty". I have said many times over and also in many letters to Gardner himself and BOD members that he would make a good "engineer supervisor", with someone else as CEO. He probably takes this as offensive but this is serious shit: he is not running a carnival. He has many peoples lifes savings on the line and needs to grow this company which in time will grow share price. He has shown for a long time that he can not do it and needs to go NOW!

Posted by christ3opher - 15 years ago

+1
0 Votes
-1

WE ALL FEEL YOUR PAIN CHRIS! gardner and yonker need to be shown the door PRONTO!!!

Posted by GARIF - 15 years ago

+1
0 Votes
-1

Make that 10 down days in a row. A total loss of 35% of the market cap of the company since releasing earning. Again that is over 1/3 of the value held by investors gone -- in 10 trading sessions.

Posted by dlog - 15 years ago

+1
0 Votes
-1

Just a reminder that in the voting for the Annual Meeting (the 'glory days' of a $7 share price!) the BOD only received 142 million yes votes (179 million broker abstained) out of 403 million (only 80% of shares voted) and I don't think any of those abstentions have moved into the yes column.

We also have RY's new 'equity owners' who bought a good chunk of preferred shares in the $7 range. This was ~57 million out of the 77 million. Don't think those folks are in the yes camp.....

Wonder if RY/CRG refer to those who have been buying from panicked/disgusted sellers the last 10 and counting days as New! Improved! equity owners......

Ya know, if you take away all of the happy talk and various predictions of CRG and RY and simply look at what has happened (including the latest accounting fiasco discussed at the end of the recent 10Q) over the last several years a person could make a pretty good case that management and the BOD are trying to kill Vitesse as an investment.

Hey Dlog, I bet a year or two ago when you might have thought Vitesse could reach $2 or $3 a share this wasn't what you had in mind!

Posted by altrfan - 15 years ago | Updated 15 years ago

+1
0 Votes
-1

You might be right Altrfan. I didn't vote either. And they may have had an interested party in buying the company at a lower price. If the stock gets cheap enough someone may take it private. CRG and RY might think that is a good thing and that would take the pressure off them. But contrary to that line of thinking, they would both be dismissed in my view by any new owner.

Posted by Grandpubha - 15 years ago

+1
0 Votes
-1

altrfan:

you are correct about this is not what I had imagined. this has been pretty much a train wreck ever since VTSS cancelled its earnings conference call what was it 4 years ago.

Over the weekend I took a look at what has happened to the market cap of this company since Gardner was made CEO. In the long run market cap pretty much tells it all. CEO's are there to increase stockholders wealth.

Garnder was made CEO 5/17/06. market cap of the company on that day was $330 million. (Remember is was down a bunch already, Lou having been discovered and exposed). One year later, 5/17/07 it was $263 million. the next year on 5/17/08 it was $145 million. (You should be seeing a trend here.)

It gets a little messy after that because VTSS "sold" new equity to the bond holders. But the number as of today at $3.15 per share is $21 million market cap for the original investors. In 4 years management has turned $330 million into $21 million.

at some point in time the numbers become overpowering. I think we are well past that time.

Posted by dlog - 15 years ago

+1
0 Votes
-1

Streak now extending to 11 straight down days, a loss of 37.7% of market value. $100 turned into $62.3 in just 11 trading sessions. (in total that is $43.7 million lost to the investors. In 11 days.) How are we all feeling?

Posted by dlog - 15 years ago

+1
0 Votes
-1

We are feeling like we have for over 4 years now, dlog . . . like we have been gang raped, over and over again; set on fire, over an over again; and every time we think we are close to death, we still manage to cling to life . . . the question is WHY? What is the reason for all of this bullshit anymore with these ass monkeys?

I REALLY do wish them all ill will; and I frankly don't care what form it is handed to them at some point in their lives. Because the CEO, CFO and C-BOD are a bunch of fucking morons who could never hold a job anywhere else, and have no clue what their responsibilities are in those functions they hold and they know it. So this will continue until it is over.

Posted by G - 15 years ago

+1
0 Votes
-1

G:
I don't want to say "sorry I asked" but I am sorry I hit a very tender nerve. And while I am as frustrated as you are out of deference to the all of the readers and posters on this site lets try to keep away from the more base language and expressions, ie lets keep the swearing off or at least down. Thanks.

I do think the price will recover when the institutions have cleared their positions. (I have nothing but hope to turn to at this point.)

Posted by dlog - 15 years ago

+1
0 Votes
-1

How am I feeling?.......Well, ummmm......

It did look like Vitesse bounced off the low of $3 today (the very definition of the dead cat?) fairly strong. If Vitesse isn't going to $0 for non BH'ers and the company does get re-listed then I agree with Dlog in that I may have hope......

I remember writing on the old forum last year around this time I thought Vitesse could fetch close to $3 in a sale. Maybe I was just off a year.

Dlog, hopefully this is being acted upon. Maybe last year when Vitesse was mullings offers (only 2 years after getting 3x sales for the Storage biz from Maxim) the BOD rejected offers this new BOD will accept after the next BOD guiy is named. As Grand mentioned for reasons including what you just pointed out CRG may well not be part of it.

Only now he has new stock and a sweet severance package. The last quarter sucked, but the business is still pretty good it seems and there is a slew of new products being released and what looks to be a beefed up matrketing operation.

Damn, who needs alcohol when I can high by deluding myself on Vitese!

Perhaps after Labor Day there will some good news.

Posted by altrfan - 15 years ago | Updated 15 years ago

+1
0 Votes
-1

So, the streak ends after 16 consecutive days of lower closes, nearly all also including lower lows. But is this just a dead cat bounce from $0.1425 to $0.15? That's not even a bounce, though, is it? More like what happens when a dead carcass bloats from the heat. As Wallace (of Wallace and Gromit fame) once said, "There's no more bounce in my bungee." We need something to stretch that bungee out again, LIKE RELISTING!!! HELLO? IS ANYBODY THERE IN CAMARILLO? HELLO???

Posted by LMS - 15 years ago

Leave your Reply

Login or Create an Account to post reply.