SYTE - Enterprise Diversified

[roark33]

Occam's razor--this company is just a sh$tshow.  No other mental gymnastics required for explanation. 

[InelegantInvestor]

They waited a week to let anyone know that the CEO and COO resigned.
How long before the fund business implodes?
So far it's the only thing management has done that hasn't been a disaster, except keeping the dialup isp.

I am so glad to not own any of this, but honestly, saddened that my initial concerns about this management were well-founded. I don't like to see people lose money or value destroyed, and both things have happened here, I'm afraid.

[fishwithwings]

Do you have a copy of the letter or link that you don't mind sharing?

In Kiel's fund letter dated April 23rd he stated:

"Now that I have been bumped up to chairman of Enterprise Diversified, our CEO Michael Bridge is the
person to direct any questions that you may have about the company. The annual meeting will be a
good opportunity to talk with him and the rest of senior management, and I encourage you to attend."

If he was on the way out (which, I mean the SEC filing says his resignation effective April 30th!), what is up with that statement? Did his resignation come out of nowhere?

"Effective April 30, 2019, G. Michael Bridge resigned from his positions as President and Chief Executive Officer of Enterprise Diversified, Inc. (the “Company”) and as a member of the Board of Directors (the “Board”) of the Company."

[InelegantInvestor]

Interesting what former CEO retweeted today...

https://twitter.com/MichaelBridge_1

[abitofvalue]

Why on Earth did they wait a week to announce CEO resigned? That is mighty odd imo...   Just take this thing Pvt..

[writser]

Interesting what former CEO retweeted today...

https://twitter.com/MichaelBridge_1

Could be coincidence. Still, intriguing find.

[Drokos]

Pretty remarkable to think that new management has made the old pre-Moore management team look good.

[oddballstocks]

Occam's razor--this company is just a sh$tshow.  No other mental gymnastics required for explanation.

But Buffett......

I like that Braziel is involved now.  A guy who specializes in liquidations, bankruptcies and winding down weird assets.  Sort of lays out the future fairly clearly...

[stahleyp]

For the letter, I just searched for it on Google.

Found this:

https://finance.yahoo.com/news/arquitos-capital-management-q1-2019-033311720.html

How this got posted on yahoo finance...I have no idea.

[roark33]

Willow Oak and the individual investment managers had a big meeting at Berkshire over the past weekend and I imagine the reason that they didn't publish the management change on the Friday before the meeting was to avoid this discussion.  Sort of a joke, but what isn't with this company now.