http://finance.yahoo.com/news/vitesse-adds-william-c-martin-200000240.html
Posted by phobos - 12 years ago | Updated 12 years ago
I have never read a story that speaks more about increasing shareholder value than this one.
" We have set Vitesse on a path to generate significant shareholder value."
" I am excited to join the Vitesse board and look forward to working closely with the team to execute on strategic plans and to capitalize on opportunities to maximize shareholder value."
" I believe Vitesse has reached an important inflection point that presents compelling opportunities to create significant shareholder value."
" Mr. Martins extensive experience will enable him to provide Vitesse's board and management with valuable perspectives on executing strategies to maximize shareholder value."
Looks like Vitesse asked Martin to be on Board and Martin will be working on the BOD free of charge
It's about F***ing Time.
Posted by christ3opher - 12 years ago | Updated 12 years ago
Maybe things will start to suck less from here on out.
...and obviously, that should say "VTSS".
Posted by phobos - 12 years ago
phobos,
are you able to go back and edit the heading?
Posted by christ3opher - 12 years ago
Not to forget to mention that he has had a successful career on the Board of company's that have been acquired.
At last...someone who puts his money where his mouth is ..... and actually has "skin in the game".....Hold on to your horses long term investors... I believe we're in for the ride we've been waiting for.
Posted by Pac5705 - 12 years ago
Maybe he read my post that "This has gone on long enough". It was directed at him and Kopp. Maybe Kopp needs to have a board seat also. Of course, there is the usual Vtss spin on the press release about him having "accepted our invitation". My guess is was the other way around.....vtss agreed to his demand.
Posted by sharpinvestments - 12 years ago
@christ3opher: yes - of course, what was I thinking?
@Pac5705: Martin is certainly not afraid to hold something long-term. This is someone who can not only supply capital, but know-how and direction. This is good news.
@sharp: I think you expressed what many of us were feeling about this company languishing after scandal and loss for almost a decade, and you had the courage to say it. It's time.
Posted by phobos - 12 years ago | Updated 12 years ago
Looks like Martins typical exit strategy is acquisition. Does anyone have an average cost for his shares?
Posted by dlog - 12 years ago
Interesting article on the Bankrate, Inc. buyout in 2009. This is the company the Martin press release cites as Martin having been a director of. It doesn't paint a pretty picture for the shareholders other than Raging Billy and other insiders.
http://dealbook.nytimes.com/2011/04/19/bankrates-journey-from-buyout-to-i-p-o/?_php=true&_type=blogs&_r=0
Posted by dlog - 12 years ago
Have to think that taking VTSS private will at least be considered. They will buy everyone out except Martin will maintain his shares. After 3 years private and showing an actual net profit bring it back public at 2-4 times the buyout price.
Really no reason to do that. If VTSS would start to show an actual net profit the stock would be up 2-4 times by itself. Just concentrate on growing sales and making some money. The rest will take care of itself.
Posted by dlog - 12 years ago
Stock up 9 cents on so-so volume. I agree with dlog- don't need to go private. Also buyouts sometimes take care of insiders but not other shareholders- I'm sure it's happened to all of us.
CRG will have to do some serious sucking up to Martin to retain his job. He's good at that.
Posted by Techinvestor - 12 years ago
this company has just begun, reason why we continue to see the many demonstration expos, and as phobos stated " everyone wants to be where Vitesse already is".
I can't see our largest shareholder cashing out at the beginning creation of an entire new form of communications. There's a lot of potential growth to be considered here. In time, I do see an acquisition but not until the company is at maximum potential.
dlog, Anything can happen, so I am also including your findings in my thoughts. ( just look at the past ) but the way things are looking now, there really is a smidge of a bright light beginning to shine. everyone, but myself and a few others NEED to have that ultimate form of communication. service, autos, video, safety, storage, cable, convenience, all worldwide and Vitesse looks to presently have the right product for all of this to happen and besides delays, nothing looks to be stopping it.
Posted by christ3opher - 12 years ago | Updated 12 years ago
tech,
I believe more of a Gardner asking Martin to help grow the company. Gardner wants this company to succeed and it takes many players in today's world to get it done.
and if I may add, Martin has already begun (few different ways) to lay the foundation in building this company.
Posted by christ3opher - 12 years ago | Updated 12 years ago
Lets truly hope Martin and friends do throw the little guys a bone in his re-touching of Vitesse. Agree fully Tech, buyouts often favor the big boys and not the scrubs(us, little guys).
Posted by GARIF - 12 years ago
The stock is up today 5-10% on the announcement of the addition of a board member who will advocate for the shareholders. Just think where this stock would go with the announcement that Gardner was gone.
Posted by dlog - 12 years ago
Don't be too hard on CRG dlog. He was thrown into all this under difficult circumstances, and he did see the virtues of Ethernet and how to position vtss in the market by leveraging what vtss does best: switching. Besides, he actually gave us a heads-up about the looming one-time gap in revenue. My God, he's communicating! I fear he's becoming very life-like. Let's not get rid of him now that he finally may be "getting it".
I am ecstatic about Martin's addition to the board.
Posted by phobos - 12 years ago | Updated 12 years ago
I am guessing with Martin now on the board transactions in VTSS will become a little more difficult for his fund.
I am also thinking our first look at if he is having an impact may be on the items to be voted on by the shareholders at the next annual meeting. That would include management compensation.
Posted by dlog - 12 years ago
If he can get those debentures to convert dlog, BM might get one last windfall before he's got his maximum number of shares. ...I think I would even be OK with the resulting dilution if that happened.
The only part of compensation that really irks me is the golden parachute. It costs so much to get rid of these guys (not that I particularly want to at this moment), that for most executives it becomes extortion for a company to get rid of incompetent leadership. I still remember VTSS' years in the wilderness without shareholders' meetings with quite a bit of bad feeling, as insult was added to injury.
If management can do what they say they can do, then I don't have a problem with near-ridiculous compensation. The jury is still out.
Posted by phobos - 12 years ago
"If management can do what they say they can do, then I don't have a problem with near-ridiculous compensation. The jury is still out."
The jury has been out about management self serving ways through out business history, but perhaps, just perhaps this one is about to become less self serving then most.
Perhaps they will finally benefit all holders and not just the Big holders.
Our long awaited wish has finally happened gang, one of the Big Boys has taken action! immediately the price ascended... Exciting times indeed.
Posted by GARIF - 12 years ago
Anyone know when the next board meeting is?
Posted by dlog - 12 years ago
dlog, " Anyone know when the next board meeting is?"
that's a good question.
All I could dig up was a sentence from a paragraph in the 2013 Meeting of Stockholders annual report.
" The Board held a total of 13 meetings during the fiscal year 2013."
I will assume that the Board must meet on a monthly basis and also attend the yearly shareholders meeting.
Posted by christ3opher - 12 years ago
Posted by 