[Lycos_Investor]

Ideal way to inform share holders would be “Board has given the authority and approval to SKR to appoint ‘E&Y’, KPMG, Delloite….. as the auditor to complete the restructure.

This is really frustrating

[Lycos_Investor]

I dont see nothing new in the news flash. Thought board meeting outcome will give additional details. Hope there will be one more notification with further details

[Lycos_Investor]

@Lm.. i sincerely doubt about the investor sitting on the sidelines. The way it touched lower circuit before the board meeting, i assume we are in for some more drama, before the investors waiting on the sidelines decide the market value. Hope its sooner.
Hope SKR buys from Open market to boost confidence, once the book is opened.

[Lycos_Investor]

I am not looking for a stock price in 1000’s as projected by many, even without any announcement the stock price should be in the 20’s. The announcements should have taken the stock into the 40’s and delivering the promises should have taken it near to the 100’s.

But struggling to break the 5.5 mark is highly doubtful unless it is suppressed voluntarily.

[Lycos_Investor]

Not sure why the CEO didn’t tell his business strategy of consolidating to the investors in the last Con call.

[Lycos_Investor]

I fear the chronology of events in BCG and how the narratives keep on changing.

Earlier the narrative was let the the company announce PO, then it was changed to let the company issue the PO notice and reveal the name of big investor. Later the narrative was changed to let the PO voting close. Later it was changed to Daum closure, Now it has been pushed to completion of Audit.
I am sure narrative is going to change to Let BCG list in Nasdaq, NYSE.

Simply cant believe a company with 400 crore net profit and CEO announcing they will be doing the same amount of profit this FY as well and the stock price lingering in single digits.
This quarter con call is going to be very hot for sure.

[Lycos_Investor]

My only worry now is whether we need to wait for years for things to take shape. Consolidation of subsidiaries and global auditing i dont think will complete by May. I assume earlier too they had done some consolidation into some cayman islands not sure how it was done.

[Lycos_Investor]

The only question hindering on my mind is where SKR is in the entire heirarchy, did he give any personal guarantee during Daum agreement due to which his name is hidden everywhere.

[Lycos_Investor]

Coming to Onomagic and the asset they own

ThePerspective was the brainchild of Daniel Ravner, while the startup was growing ‘Perspective’ had a colloboration with brightcom to provide technology assistance, i assume Daniel has moved on and ‘ThePerspective’ was taken over by brightcom and later it was converted to onomoagic as a separate subsidary under We-Endeavor

[Lycos_Investor]

Friends i just analysed the company pattern based on the posting of Jacob.

We-Endeavour is the holding company which has many subsidaries
BoldWin
Brightcom
Mindadmedia
Onomagic(not mentioned in the we-endeavor website)

Jacob nizri is mentioned as chairman of the board in most of the subsidary websites.
Confused how SKR and brightcom group comes into the picture now. It would be nice if annybody can clarify further.

Ingress ventures is not a holding company but a venture capitalist firm owned by Brad Cohen.

[Lycos_Investor]

Friends lets come to a conclusion, everyone wants BCG share value to increase to its true value. No one wants to sympathize or put pressure on the management, we just want better corporate governance.
Lets all write to investor relations to have a conf call of 2 hours duration
Regardless of whether we get proper answer or not in the conf call, lets go and meet SKR personally in his office. When we go as a group of investors he cant be brushing us aside with his excuses.
Media will never be interested in BCG, they will be interested only when tata’s/mahindra’s/infosys do some mistakes which will get better viewership.
I have always questioned the ED story, if the ED investigation is true, well and good for all of us. With ED already loaded with lot of investigation cases not sure how much they are looking into this.

[Lycos_Investor]

Friends basically SKR didnt follow corporate standards and we have to make sure he has to follow it. We cant wait for another quarter. What i realize from the electronic forums is that there are influencers who wanted us to sell and influencers who wanted us to wait for things to happen. Both are in a way to help someone whom we dont know(may be promoters, operators). Instead of getting influenced, we need to collectively think and decide our course of action. Meeting SKR in person would be the sensible way forward and professional way of dealing with this, while BG is following up with ED.

We as a shareholder are obligated to be informed of each and every information, we never heard anything in detail about the DAUM negotiation, what amount is being negotiated, what are the complications, why DAUM is not accepting. Same is the case with pledged shares, LOC, major investor. Investors jump in and invest only when the management is transparent, he has to notify positive as well as negative events to shareholders which will hep us making investment decisions.

This lack of information and transparency from management is helping influencers to influence the retail investors as we tend to believe the information provided by them.

[Lycos_Investor]

I understand we need to have patience, but since SKR is always saying i am untying the knot for the past two years, but no one knew when he is going to untie the knot finally.
Patience is running out for many investors. I would say investors need to take decision based on Q3 conf call. If the clarifications are not detailed, my assumption is story might continue in the coming quarters.

[Lycos_Investor]

I don’t think OAK will exit at 5 or 10, my assumption they will not exit anything below 20. Funding received from OAK and ICICI is around 48 million dollars. To have a good reputation in the industry SKR will find a buyer at higher rate, remember he might require funding in the future too for his various other initiatives. If a investor loses half of his invested money in a company due to poor management and not do to failure of the invested business, dont think any other investor would be willing to invest again.

[Lycos_Investor]

19: Future growth strategies?
20. Can we include the president Pisipati SS prasad in the conf call to explain the intiative he is working on.(Remember SRK telling in the conf call that SS parsad is helping him in some initiative)

Also can we request the conf call to be of one hour duration.Usually SKR gives generic statements for 15-20 min and we get time for only 4 questions.

[Lycos_Investor]

Yes I understand the court case. Based on my limited understanding of financial statement. Daum has provisioned 13 million as doubtful accounts and only entered 21 million in their books as long term non trade receivables. So DAUM should have come to this conclusion that they might receive only 21 million out of the 34 million claim based on some agreement.

Anyways we can brainstorm all possible scenarios for the stock value depreciation, hope management gives a detailed statement to clarify all doubts and reward the shareholders for the long years of hardship

[Lycos_Investor]

But Lycos wanted to reduce it further or were not able to Pay 21 million and the case was dragged further?

[Lycos_Investor]

Just went through 2013 financial statement of Daum. Please find below mention about lycos.
Litigation
As of September 30, 2013, the Group is involved in eight legal cases, wherein it is either the defendant or the co-defendant. The aggregate amount of claims for cases in which the Group is the defendant amounted to approximately ₩ 1,175 million. The Group believes that, although the outcome of these cases is uncertain, they would not result in a material loss for the Group.
During the prior period, the Group had filed arbitration against Ybrant Media Acquisition, Inc., for thecollection of the proceeds from the disposal of Lycos, Inc. amounting to USD 34,177,365. The Group has recognized provisions for doubtful accounts of ₩13,411 million related to the non-trade receivables of ₩ 34,950 million (Note 8)

So can we consider Daum had initially agreed for 21 Million instead of 34 Million .

[Lycos_Investor]

Yes Acerforce i was of the same view. Investors were expecting atleast one of the promises to be delivered instead of a very high level update from management which everyone knew was happening in the background. They just gave in writing.

i was expecting atleast the pledged shares would have been released before the Q3 results which would have made some difference. Rest of the promises required two parties(Kakao, EY Auditor, Recievables financier) to deliver the promises which BCG had no control on.

Release of pledged shares was completely in the hands of BCG,it is really hard to understand why it was not done.

[Lycos_Investor]

Board meeting on 14th Feb for Q3 results. Hoping to see one more positive shareholder update before the board meeting.

[Author]

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