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VTSS Investor Forum

Raging Billy Martin

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Billy was appointed to the Board of Directors on August 26, 2014.

It has now been 43 days and nothing.

I am counting EVERY DAY. We will see if he is a lapdog or if he is going to demand something be done.

Posted by dlog - 8 years ago

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Let's hope he is just formulating a plan that will excite the investment community. I can't believe he won't be proactive to protect his investment. The stock keeps sliding ($ 3.23) and now is down on support from the beginning of the year.

http://finviz.com/quote.ashx?t=vtss

Posted by Techinvestor - 8 years ago

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Just for the record. On August 26 VTSS closed at $3.05 per share.

As a painful reminder Mr. Gardner was appointed CEO on May 15, 2006. over 8 years ago. VTSS closed that day at $36.00 per share.

Posted by dlog - 8 years ago

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http://news.investors.com/100714-720581-rbc-raises-aruba-price-target-earnings-estimate.htm?ven=yahoocp&src=aurlled&ven=yahoo

Is it possible Martin(an ultimate insider now) is enamored with the companies list of projects/customers? we've often questioned the validity of "design wins" bandied about by Crg; I believe Martin's neutral reaction is confirmation that all is well in mud ville, that crg is truly delivering as promised, that Vitesse is a top plumber in the business.

Peace,
Useless

Posted by GARIF - 8 years ago

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- OR - Martin knows that to give the stock a boost all he has to do is fire CRG. He has this in his hip pocket.

Posted by Techinvestor - 8 years ago

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OMG- Stock is tanking on news of CRG new contract!

Posted by Techinvestor - 8 years ago

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44 days of Ragin Billy's reign. And . . . Strike one.

Posted by dlog - 8 years ago

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http://biz.yahoo.com/e/141010/vtss8-k.html

There seems to be a boost in pay, but a lot more granularity as to who gets what in the event of a parting of the ways.

Could this be interpreted... as "we like what you've done so far, but we want a little more control"?

The market reaction needs no interpretation.

The two beneficiaries (?) attempt to calm the market waters:

http://www.conferencecalltranscripts.org/summary/?id=1196887

http://www.conferencecalltranscripts.org/summary/?id=1196850

Posted by phobos - 8 years ago | Updated 8 years ago

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phobos- read the articles on Marty M. & Chris G. stock grants. Whatever happened to the concept of rewarding for performance.

Must be nice to get stock for zero cost. The way things are going we may all get that opportunity!

Posted by Techinvestor - 8 years ago

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You guys are reading it all wrong, IMHO. This is the set-up for the start of talks for the sale. CRG wants his parachute all tied up before they start to talk. If they sell and he gets to stay on then he gets lots including all the stock to sell to the acquiring company. If he doesn't get to stay then he gets 2 years pay and lots more. You guys have already pointed out how Raging Capital is a seller of companies that he get involved with - this is why he is now on the Board. Bye Bye VTSS..... see ya!

Posted by Satbob - 8 years ago

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Isn't the price supposed to go up with a sale?

The share price was dropping before the announcement... could it have to do with the debt?

OK, what are the possibilities?

1. Some large holder reallocating in the last quarter.
2. A referendum on Gardner's tenure.
3. Worries about the debt.
4. Sale.
5. Taken private.
6. Industry tanking - more "softness" in China?
7. Something I haven't thought of.

I think I'm going with the first point (and maybe point 6). Any thoughts?

Posted by phobos - 8 years ago | Updated 8 years ago

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The industry has been on shaky ground! Microchip warning was trouble but when a dear customer(juniper) sneezed, Vitesse started catching a cold.
Consolation!! Vitesse is retracting on soft volume. Lets see what Intel shares next week... I would love some vitesse at $2.50! this is a $7 plus stock before end of next year.

Useless,

Posted by GARIF - 8 years ago

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...from your keyboard to God's modem GARIF.

Posted by phobos - 8 years ago

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I just posted a few things from over on the "Topics on This Board" section (see below). I think I can identify the problem(s): items 1, 3, and 6 (possibly 7 always) from above. With softness in the overall telecom market, the first thing to suffer is capex. VTSS depends upon new design cycles and lots of capex (being at the bottom of the telecom food-chain). If the new product ramp shows signs of stalling, it is even conceivable that VTSS might act prudently and NOT pay off the debt in order to keep extra cash on hand just in case.

Item 2 is an issue as well, because as the forward momentum might be stalling, Gardner's pay raise gives the impression of Nero fiddling as Rome burns (not good). Gardner and McDermott were both awarded large amounts of stock in the fashion of Marie Antoinette ("Let them eat cake!") as the market tanks. The idiotic timing of these events heightened the panic-selling. I always think the strike price of the awarded shares as the true value of the company as perceived by managment at that time. The shares were awarded at $0.00. Gentlemen: it is no longer 1998 during the height of the telecom bubble, nor are you "Lou and crew" (maybe you are?). Let's get our heads out of a very dark place, and use a little discretion, if not integrity.

P.S.

Perhaps the heading of this thread should be changed to "Ho-hum Billy Martin"?

From the other post:

Now Capex Crunch Hits Juniper (remember when the second half of 2014 was supposed to be "the ramp"?)

"...Lower Revenue in Europe Alters Adtran's Q3.)"

"And the news is having a knock-on effect: Alcatel-Lucent (NYSE: ALU)'s share price is down 14% in pre-market trading Friday morning to $2.44, while Cisco Systems Inc. (Nasdaq: CSCO)'s share price is down 1.3% in per-market trading to $23.88..."

http://www.lightreading.com/ethernet-ip/routers/now-capex-crunch-hits-juniper/d/d-id/711393

Juniper Cuts Headcount by 6%, Axes ADC (from earlier in the year)

http://www.lightreading.com/mobile/mobile-security/juniper-cuts-headcount-by-6--axes-adc-/d/d-id/708509

Capex Crunch Hits EZchip

http://www.lightreading.com/components/comms-chips/capex-crunch-hits-ezchip/d/d-id/711289

Posted by phobos - 8 years ago | Updated 8 years ago

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When is the due date for the debt, Oct 31? We should get an announcement Nov 3 ( Monday) that the debt has been paid off. As pedestrian of an event as this will be and as expected as it is I would not be surprised to see a bump in the stock if and when the announcement comes out. Although I am increasingly wondering if management won't keep some of the cash and pay off only part of the debt and renegotiate the rest . I can't imagine Raging Billy would let this happen but we will see.

All of this is secretarial. You pay CEOs to increase revenue and that has just flat not happened.

Posted by dlog - 8 years ago

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I agree dlog.

Not paying the debt, or even only paying a portion, would send a clear signal that VTSS might need that money to weather macroeconomic issues on the horizon. Paying the debt would send a clear signal of confidence that growth in market share is well ahead of any macroeconomic vicissitudes. Paying the debt on schedule would send a clear positive signal, orders of magnitude greater than 'we are extending our sales presence', which is something long overdue anyway.

Posted by phobos - 8 years ago | Updated 8 years ago

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I think CRG has survived for so long on borrowed money that he likes the flexibility it gives him ( even at exorbitant interest rates) and damn the perception of the company not being well run and fiscally responsible.

Posted by Techinvestor - 8 years ago

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As someone pointed out long ago, I can't find the entry, the smartest thing to do is align your personal cost of stock with that of Billy's. That may be the only protection we have. I can't remember what that number is. I am sure someone made that calculation once. Anyone have a number for the cost of Mr. Martin's stock? I want to say it was in the $3.50 - $4.00 range but have no confidence in that.

Thanks in advance.

Posted by dlog - 8 years ago

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dlog- Here's a post from Satbob that addressed that:
====================================

For those of you that worry about BM - don't. I pulled all of his filings. The bulk of his holdings - 10m shares - were purchased prior to this year with an average price of JUST $2.11. Right now he is up about $6m - when we were up in the $4.69 level he was up about $8m but has given some back since all of his purchases this year are in the red. So, bottomline, don't worry about him - with all of his purchases factored in his BE is just $2.46. He's just fine. I wish my BE was $2.46.....

Posted by Satbob - 2 months ago

Posted by Techinvestor - 8 years ago

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INTC sees boost in mature business.

http://fortune.com/2014/10/14/intel-sees-stock-boost-after-q3-profits-grow-by-12/?xid=yahoo_fortune

VTSS sees... ?

Posted by phobos - 8 years ago

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Raging Billy is on his 64th day.

We should see a press release about the debt any day now. Monday would be the logical day. By Monday we will get a much better feel of how management perceives the future. Pay off all the debt they are feeling good. Pay off part of the debt, not so much.

But of interest as well. VTSS ended its fiscal year September 30. The "annual meeting" with its required filing of the proxy statement will be coming. The proxy statement provides the opportunity for the vote of the shareholders on any meaningful issue submitted by a shareholder. Billy, owning 20%+, has the chance to put a motion on the proxy and then essentially make sure it passes. This can be anything from proposing his own slate of directors to proposing VTSS refrains from serving genetically engineered food in its cafeteria. If he submits nothing he will in my opinion have "gone passive."

Posted by dlog - 8 years ago

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" If he submits nothing he will in my opinion have "gone passive."

Could it also mean he's enamored with the companies latest direction(last 2 years)?

I am of the belief insiders are very happy with the companies efforts of the last 2 years otherwise the last 2 offerings would have been duds; buyers did their due diligence and are sitting tight waiting for this tree to start bearing the promised fruits.

It's smooth sailing Dlog and friends! no more are we riding on the Titanic...

Useless,

Posted by GARIF - 8 years ago

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