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Re: BOS and Mr William MunnyMr Munny Let's start from the beginning. As a fiduciary, how would you begin to explain/rationalize/justify an investment into VHC to your investors/superiors/Board of Directors of your investment firm that not only are you invested in Virnetx, but you are as bullish as ever AFTER living through the following THREE examples of public obfuscation and dissembling that have occurred in just 2017. 1. The Mar/April press release highlighting the teaming ventures with ISAO/NCUA with over 6600 member organizations that have not produced one FOLLOW UP update or even one paid license. After all, members of the NGOs are dedicated to implementing best practices in the realm of secure communications. 2. The UNBELIEVABLE failed $20MM PITA financing just weeks after the announcement. As you and I both know, "somebody" hinted that it was merely a procedural delay, and not something substantive. Moreover, a guideline was laid out that the revenue sharing agreement would, theoretically, generate enough revenue for VHC to enable it to repay the mandatory payback over 12-18 months. We are currently entering the sixth month of that framework and not a penny has been earned by VHC. So, we are to believe that $20MM is still on track to arrive within 13 months into VHC coffers from this original timetable. 3. Third Qtr Missing Revenue which strains all credulity that it was an "honest mistake" when the 8K was filed 16 days after the quarter had closed and there were NO other revenues generated other than the standard $375K that was seen in previous quarters for deferred revenues. Yet, after the mere scribblings in the 10Q and the words, this time, of management that BOS is the REAL DEAL, you are prepared to model out millions in revenues, when we have not even heard the press release. Wouldn't you simply want to wait to hear what BOS officials actually have to say before committing to such revenue models? I cannot emphasize my viewpoint enough to you and to others. The statements and/or hints that VHC management makes have almost never been subsequently substantiated. It is as simple as that. Please note that I have carefully and studiously avoided every using the word "lie" or "lying". I have, however, used the words dissembling and obfuscating, which clearly describe the "goings on" of just the three events listed above. Remember, too, that VHC asked to redact the terms of the PITA financing from public view for several years. How large of a commission do you think Eriya was going to receive had the financing occurred? So, my point is I don't care what JSB's charts show/indicate. We have a joint venture with PITA, and that organization appears to be the Japanese equivalent of Helen Keller, with nary a word or press release or English translation of anything of substance in its illustrious 5 month existence. So, now I am supposed to accept that BOS revenues will flow like honey because of some organizational chart provided by a chat room poster, and NOT by Virnetx or BOS, itself? So, pardon me if I absolutely refuse to believe that I should modeling future/immediate revenues from BOS, when the press release isn't even crafted, and when Greg Wood makes reassuring statements to you and others BUT refuses, as ever, to make PUBLIC PRONOUNCEMENTS of what is to come. If he is unable to make public announcements because the press release hasn't occurred, then he shouldn't be saying ANYTHING at this time. How can you tell me you were anything but flummoxed on July 14th when KL announced there was no $20MM? How can you tell me you were anything but flummoxed when the Q3 revenue gaffe was revealed just three weeks later? I simply cannot accept such nakedly horrible results and then believe that sure, this time, with just a two-ish sentence mention buried deep in the 10Q, that BOS is the start of the MASSIVE PITA opportunity. So, yes, I fully don't need to examine/review/tinker with your revenue models based on some organization chart that may or may not represent the entity that will be dealing with Virnetx. I would want to see, for perhaps the VERY FIRST TIME, Virnetx display publicly all the key details that you and JSB proclaim to be true, or likely true. And before you harangue me with the old, "There you go again, Sumark", please please explain to me how something can be so self-evident as you and JSB suggest and yet the stock gone splat. Surely, the shorts know all these "facts" you have laid out. Yet, they have a larger short position than before. And there have to be hundreds of Japanese who now know about VHC and PITA....And, still, the stock is trading pennies above its $3.90 price the night before the FJ fireworks. So, NO AMOUNT of financial modeling/guesswork by anybody other than the company will convince me that such revenues are apt to begin, no matter how many times Ming says it will happen by year end. At the ASM, Gare reported that DoD pilots had begun or were soon to begin. Hasn't materialized. And, as I pointed out in the three items above, those other VHC pronouncements fell flat, despite the howling cries of bullishness by most everybody on this board. So, there you have it, Mr Munny. If Virnetx cannot muster the courage to go "on the record" with key details rather than their customary anodyne statements that say "this" but don't answer "that", I refuse to believe the revenue estimates of anybody on this board. Might those streams be realized? Sure, perhaps they could....But that assumes there is a "there there". Virnetx management has not earned that benefit of the doubt. Even one as smart as IPHawk has continued to say, basically, "I am waiting for confirmation from the company". Please do let me know how many fiduciaries would feel comfortable making reassuring comments to their investors about the investment rationale behind VHC in light of the ACTUAL missteps in the past 8 months, two of which involved a FAILED financing within 6 weeks of its announcement, and the utterly egregious "vanishing" revenue estimate just 3 weeks after it was first erroneously reported, which was reported AFTER the quarter had ended. |
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Msg # | Subject | Author | Recs | Date Posted |
140248 | Re: BOS and Mr William Munny | r.s.analytics | 8 | 11/19/2017 6:16:58 PM |
140254 | Re: BOS and Mr William Munny | Chazchem | 0 | 11/20/2017 12:06:32 AM |
140255 | Re: BOS and Mr William Munny | mr_william_munny | 38 | 11/20/2017 1:01:21 AM |
140256 | Re: BOS and Mr William Munny//sumark | LDM | 4 | 11/20/2017 1:18:09 AM |
140263 | Re: BOS and Mr William Munny | snowblindcrazy | 0 | 11/20/2017 9:18:25 AM |