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Edward Schwartz
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Retired business and sales executive with a strong interest in investing. B.A. University of Pennsylvania 1968 Social Security Recipient who can work his way around a computer.
  • On Track Innovations: David Stone, I'm Calling Your Bluff 3 comments
    Aug 16, 2012 2:11 PM | about stocks: OTIV

    On Track Innovations (NASDAQ:OTIV) shareholders have been quite upset with the downward spiral of the company's stock from it's 2006 high of $17.26 to it's current level of $1.40. Adding to investor distress is the company's lack of meaningful revenue producing orders in fiscal year 2012.

    Up until a month ago, the only OTIV board member who would respond to shareholders was David Stone, a retired securities lawyer. When Jay Meier, OTIV's Sr. Vice President for Investor Relations and Business Development was terminated in early July, 2012, David Stone was bombarded with emails from shareholders expressing their disapproval of this action. Stone introduced Meier to OTIV in late 2011 in an effort to improve OTIV's investor relations with shareholders who predominantly reside in the United States.

    David Stone responded to these emails with a private communication to shareholders. In his email, David Stone wrote about Jay Meier:

    " With respect to Jay Meier, some of you will recall that I was instrumental in causing the company to hire him. I was also both a fan and a supporter of
    his while he was in his position. However, the board of directors--of which I
    am but one director and have but one vote--determined to terminate him following
    a lengthy discussion."

    Stone concluded his email with the following remark:

    "please respond to this e-mail by

    advising me (1) if you want me to stay on the board and continue my efforts.... If you want me
    to go, I will be pleased to do so"

    A month has passed since David Stone wrote this email, and I believe that many shareholders, including myself, have written to Mr. Stone and OTIV's board of directors asking that Mr. Stone resign. As a man of integrity and honor, I believe that David Stone should acquiesce to shareholders and resign from OTIV's board of directors.

    Disclosure: I am long OTIV.

    Stocks: OTIV
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Comments (3)
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  • vangorilla
    , contributor
    Comments (22) | Send Message
     
    Count me in as someone that would like to see someone (any one that isn't a crony of the Bashans) else in his Board Seat.

     

    The entire inept, management team needs to go as well. Shareholders have suffered long enough.

     

    Perhaps posting David Stone's email address, so other shareholders can ask him to resign too?

     

    It might be a good idea to contact OTIV's customers and let them know about David Stone's offer to resign AND how unhappy shareholders are as well.
    16 Aug 2012, 02:26 PM Reply Like
  • Davecharles
    , contributor
    Comments (2) | Send Message
     
    What?....Are you kidding? Sure.... call OTIV's customers and tell them what a screwed up management they have- that'll go a long way towards increasing their business potential!

     

    I agree that management has to go, but keep it in the family and contact the Board...

     

    I am long on OTIV
    16 Aug 2012, 06:32 PM Reply Like
  • vangorilla
    , contributor
    Comments (22) | Send Message
     
    Have you been watching the failings of OTIV projects? Have you read the financial results of this company for the past 10 years?

     

    There is NO MONEY in the hardware side...just ask the leader VivoTech.

     

    The quicker management sells the hardware business (preserves the $27m), the better off we are. The ONLY potential this company has is their patent portfolio, which is being handled by individuals much more competent than the Bashans.

     

    The Bashans just keep collecting paychecks for ineptitude. the Board wont make any changes because they are too close with the Bashans.

     

    So yes, I say call all of OTIV's customers and convey what a poor job they have done, and are doing, managing this company.

     

    All this company needs is an experienced patent firm, which they already have.

     

    p.s. several people have taken David Stone up on his offer to resign from the Board. Shareholders are desperate for a change, David Stone resigning would have been a great start but apparently his resignation offer wasnt credible.
    17 Aug 2012, 01:56 PM Reply Like
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