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Posted On: 03/09/2022 6:15:50 PM
Post# of 148939
The rational explanation is probably cash. The company has been in a difficult position money-wise as evidenced by the Samsung payment being past due and the incentives needed for Welch to back the bond. And I'm pretty sure they have raised less than $10M so far this year, which is not much for a company burning around that much per month historically. Plus they are going to have to come up with a package to entice a new CEO.
I'm not criticizing current management about this, just saying that they have been put in a tough position being tasked to pay for ongoing trials, overdue bills and to just meet payroll with the cash situation being so depleted. So I think we need to be understanding in that these things have to be taken step by step, Rome wasn't built in a day and all that.
Hopefully we'll hear great news soon on the financial front and I have no doubt that brass is working as hard as they can on it but Nader, for all of his passion, greatly overextended us and put us in a financial hole.
I also have no doubt that Recknor is itching to get the longhaulers trial started whenever possible.
Edit: And I think that's likely why Migliarese was put in charge. Getting the financial house in order is the huge priority.
I'm not criticizing current management about this, just saying that they have been put in a tough position being tasked to pay for ongoing trials, overdue bills and to just meet payroll with the cash situation being so depleted. So I think we need to be understanding in that these things have to be taken step by step, Rome wasn't built in a day and all that.
Hopefully we'll hear great news soon on the financial front and I have no doubt that brass is working as hard as they can on it but Nader, for all of his passion, greatly overextended us and put us in a financial hole.
I also have no doubt that Recknor is itching to get the longhaulers trial started whenever possible.
Edit: And I think that's likely why Migliarese was put in charge. Getting the financial house in order is the huge priority.
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