Author Topic: SYTE - Enterprise Diversified  (Read 239947 times)

andgroup

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Re: SYTE - Sitestar
« Reply #320 on: February 28, 2017, 06:57:50 AM »
rkbabang,

You and I agree totally. I'm all for critical thinking.

I also agree that CEOs are human, so you'll forgive me when I see an investor who has been extremely successful, who is putting skin in the game, laying out a lot of his own reputational and financial capital to help clean up a mess.

Not being crazy about the idea of leaving the largest decisions in the company up to a 2% owner, who wants it liquidated.

Steven Kiel should not be expected to instantly know who his friends are in the hostile kind of environment that preceded his arrival. Nor does it mean he is crooked because he wanted as few variables and potential surprises as possible.

That is why I have zero problems with the first capital raise. His commitment to do the right things for all of us investors could not be more heavily demonstrated in actions not words, by the fact that he has more to lose than anyone if it goes bad. That should speak volumes.
« Last Edit: February 28, 2017, 07:06:32 AM by andgroup »


InelegantInvestor

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Re: SYTE - Sitestar
« Reply #321 on: February 28, 2017, 07:14:34 AM »
rkbabang,


Not being crazy about the idea of leaving the largest decisions in the company up to a 2% owner.


Just to be clear, I never made the claim that the largest decisions in the company should be made by a 2% owner. I merely said that the fundamental direction of the company and the makeup of its Board should be subject to a vote of shareholders. It never was, until Mr. Kiel had sold himself a majority stake. If you're going to attack my claim, please attack the one that I actually made.


andgroup

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Re: SYTE - Sitestar
« Reply #322 on: February 28, 2017, 07:50:21 AM »
Inelegant,

You wrote an entire article which was very derogatory towards Steven Kiel and the board, essentially acting as if their ownership was meaningless in terms of determining the future direction of the company, when they had more invested than anyone.

You pointed out that Mr Erhartic's shares "did not vote", which one can easily assume that he would have if he would have had a realistic chance to remove the people who just removed him from more than a decade long massacre of the company and stock.

Then you went on about the remaining 9 million "independent" shares (out of 95 million) and how a significant (not a majority) percentage of that minority withheld.

The old regime who had been extremely destructive of shareholder values would not have their grip on power broken so easily.

I'm glad it was.

And while you are now saying the 2% shouldn't be making all the decisions, at the very least your articles strongly imply that less than half of the "independent" shares should have been allowed to select the board members and that would have charted the companies future.

If that ain't the tail wagging the dog then I don't know what is. I'm glad we didn't go your route.
« Last Edit: February 28, 2017, 07:53:03 AM by andgroup »

Ballinvarosig Investors

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Re: SYTE - Sitestar
« Reply #323 on: February 28, 2017, 07:58:13 AM »
Step back and take a look. You have witnessed more value being created inside this stock in 1 year than in the previous 16 years.
...
So from what I'm looking at I think the people who are disparaging this man are total fools. But to each his own.
Now I am out, I swore I wouldn't reply anymore in this thread, but you really should take a look at yourself. Calling someone a fool for disagreeing with your opinion isn't going to get you very far in life.

Secondly, from a book value per share metric, I would argue that we haven't seen very much value creation at all.

InelegantInvestor

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Re: SYTE - Sitestar
« Reply #324 on: February 28, 2017, 08:00:35 AM »
Inelegant,

You wrote an entire article which was very derogatory towards Steven Kiel and the board, essentially acting as if their ownership was meaningless in terms of determining the future direction of the company, when they had more invested than anyone.

You pointed out that Mr Erhartic's shares "did not vote", which one can easily assume that he would have if he would have had a realistic chance to remove the people who just removed him from more than a decade long massacre of the company and stock.

Then you went on about the remaining 9 million "independent" shares (out of 95 million) and how a significant (not a majority) percentage of that minority withheld.

The old regime who had been extremely destructive of shareholder values would not have their grip on power broken so easily.

I'm glad it was.

And while you are now saying the 2% shouldn't be making all the decisions, at the very least your articles strongly imply that less than half of the "independent" shares should have been allowed to select the board members and that would have charted the companies future.

If that ain't the tail wagging the dog then I don't know what is. I'm glad we didn't go your route.

The shares that should have not counted that I referred to were the ones that Kiel sold himself and other Board members prior to the vote that guaranteed him a majority.

It seems that you agree with me that a minority of shareholders should not decide the direction of the company. Prior to the offering, the Board controlled less than a quarter of the company. Kiel himself controlled far less. How can you argue that they are the only minority holders who should have had a say?

You can read what I'm actually saying, or you can keep reading into it what you wish to. I would really prefer that you choose the former.


andgroup

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Re: SYTE - Sitestar
« Reply #325 on: February 28, 2017, 08:19:12 AM »
Inelegant,

Not exactly. I do not think a minority or a corrupt majority who is raping the company and its shareholders should be allowed to determine the future of the company. Would be a better way to put it.

So this is where you and I just have to agree to disagree. You think the ends do not justify the means.

However, given the track record of value destruction and abuses of Mr Erhartic over the previous decade I simply disagree with you.

I think the actions taken by the board to break his strangle hold on the company were justified.

I don't think the issue was the minority shareholders. The issue was with the ousted, corrupted majority shareholder.

There is no doubt it was a hostile situation but I'm glad it turned out the way it did.
« Last Edit: February 28, 2017, 08:37:40 AM by andgroup »

andgroup

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Re: SYTE - Sitestar
« Reply #326 on: February 28, 2017, 08:31:59 AM »
Now I am out, I swore I wouldn't reply anymore in this thread, but you really should take a look at yourself. Calling someone a fool for disagreeing with your opinion isn't going to get you very far in life.

That is my opinion and I'm entitled to it.

Quote
Secondly, from a book value per share metric, I would argue that we haven't seen very much value creation at all.

Rome wasn't built in a day. It's coming.

InelegantInvestor

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Re: SYTE - Sitestar
« Reply #327 on: March 24, 2017, 02:37:52 PM »
Posting, without comment, Mr. Kiel's letter to shareholders:

https://www.sec.gov/Archives/edgar/data/1096934/000072174817000184/site8k032317ex99_1.htm


ScottHall

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Re: SYTE - Sitestar
« Reply #328 on: March 24, 2017, 03:47:19 PM »
Posting, without comment, Mr. Kiel's letter to shareholders:

https://www.sec.gov/Archives/edgar/data/1096934/000072174817000184/site8k032317ex99_1.htm

Alex Pape and Sean Sun are great guys; if they're involved I suspect this real estate investment will work out well. Very clear thinkers.

Spekulatius

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Re: SYTE - Sitestar
« Reply #329 on: March 25, 2017, 08:07:08 AM »
Posting, without comment, Mr. Kiel's letter to shareholders:

https://www.sec.gov/Archives/edgar/data/1096934/000072174817000184/site8k032317ex99_1.htm

800k in annual corporate expenses is about 8% of the asset base right now. That's a very high burden.
Life is too short for cheap beer and wine.