Forum Archive Index - October 2000

["Talacek, Philip " <pjt57@elec.canterbury.ac.nz>]

I'm not suggesting for a second that long term holders have no right to have
a grudge against the current and past boards on the basis that they have in
a clinical manner destroyed a massive amount of wealth.  This destruction of
wealth is nothing new, as far as I can tell they have making a point of
burning shareholders cash for the better part of the last decade.  On this
basis one is free to make the decision that they are not competent to manage
my investment and sell out.  Now if one is to take the view the board is
full of half wits (one which can be justified based on the last decade) you
may suspect the latest plans from the board are also doomed to fail.  Again
feel free to sell out.  
People are upset in that this current situation has brought sharply into
focus just how incompentent the board were over the last ten years.  My
point is the results of the last ten years were there for all to see (if you
chose to dig).  To those long term shareholders who would have liked some
one (a fool perhaps?) to provide a nice exit to a miserable decade , why
wait around for a more competent group to come along and hopefully provide
salvation.  Once you do this you are putting yourself in the same category
as those who bought in the last six months hoping for a quick killing, you
perceived the value in the fact someone else would see more value than you.

You're right in the fact it is easy for me to talk, I lost nothing.  But I
on occasions when I should have sold earlier, I inevitably come to the
conclusion it's my fault for not asking myself the right questions and
trusting idiots with my cash.  Now I think Dr. Dean and the board are doing
what they believe is best for the long term stake holders (as they should).
If you think there decision is likely to be wrong based on past performance
that is justified.  Maybe you should have asked yourself if you trusted them
long ago, the current situation is after all the culmination of a decades
work.

Philip Talacek 

PS I suppose until we know what was offered for FLB and FFS arguing over the
merits of the offers is some what pointless.  
> -----Original Message-----
> From: Ted [SMTP:media@umc.co.nz]
> Sent: Wednesday, 11 October 2000 10:01
> To:   sharechat@sharechat.co.nz
> Subject:      Re: RE: [sharechat] Fletchers
> 
> Interesting how these "get off Deanes back" views come from non FFS
> holders!
> As a long suffering holder of FFS, and FLB, an opportunity to finally exit
> at a fair price would have been appreciated. Find me a holder who is happy
> with the current outcome. I don't believe they are all short-term
> opportunists as you are accusing.

----------------------------------------------------------------------------
http://www.sharechat.co.nz/          New Zealand's home for market investors
http://www.netbroker.co.nz/        Trade on Credit, Low Brokerage. Join now.
----------------------------------------------------------------------------
To remove yourself from this list, please use the form at
http://www.sharechat.co.nz/forum.shtml.