Logan

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  • in reply to: General Discussion #27925
    Logan
    Registered Boarder

    Kallol lost all his credibility when he didn’t share the results in March. He fooled us then and he fooled us again (before suspension of trading) and he will continue to fool us if there is no supervision from SEBI.

    SKR’s arrogance is the root cause for our sufferings. No one should be this evil and prey on people’s lives. He single-handedly destroyed the dreams and hard earned money of lakhs of shareholders and now he’s not letting others do good also. Our curses and Karma should not leave him.

    in reply to: General Discussion #27919
    Logan
    Registered Boarder

    Board meeting on Friday to appoint executive and independent directors (one each). Going by the recent trends, maybe one or two directors will resign.

    Why aren’t they trying to appoint an interim CEO or CFO at least? It’s no secret that SKR and Raju are trying to come back but why not appoint someone on an interim basis at least? It’s close to 1 year since they both left and there’s zero progression.

    in reply to: General Discussion #27916
    Logan
    Registered Boarder

    @saach, stocks or warrants can be allotted on a preferential basis to raise funds instead of issuing those to all the shareholders which is time consuming and expensive.

    Please refer below link for details.

    What is Preferential Allotment

    In case of BCG, both shares and warrants were issued to people on a preferential basis in 2019-20 (shares), 2020-21 (warrants) and 2021-22 (and shares). Those shares or warrants weren’t preferred stocks or converted to preferred stocks but were issued on a preferential basis (they had a preferred buyer).

    in reply to: General Discussion #27913
    Logan
    Registered Boarder

    @saach, the scenario which you have mentioned doesn’t apply here. In case of liquidation, the first priority (seniority) will be given to debt holders, the second to preferred stock holders and the last to equity holders.

    BCG doesn’t have any investors who hold preferred stock. The stocks issued were on a preferential basis but those stocks weren’t preferred stocks. And BCG doesn’t have any debt so there will be no priority given to anyone and in case of liquidation (in theory) the assets will be distributed to equity holders.

    Hope this clarifies your doubt.

    in reply to: General Discussion #27895
    Logan
    Registered Boarder

    @radhutheoptimist, it’s good to know that Mr. Shankar Sharma is also a member of the association.

    If you don’t mind, can you please share some details about the association’s meet with the management? I know it’s sensitive but lakhs of shareholders are very curious to know the developments happening in the company. Our anxiety and stress levels have reached the maximum and your updates will help us cool a bit.

    Thanks in advance.

    in reply to: General Discussion #27890
    Logan
    Registered Boarder

    Thanks @saach and @spamfortress.

    I’m not an expert on body language etc but it’s clear that the recently shared letter was from SKR and not from Kallol. Not just this but seems like all the clarifications came from SKR. I’m tired of seeing only clarifications and words but no action from the company/board. Only comforting factor is that BCG owns OMS. I guess/think they decided to change the brand name to come out of the Brightcom name because of negative press.

    The main reason I supported SKR was because he kept the company from going out of business when many other companies failed. Adtech is a very tough industry to be in and also, it’s very hard to even guess short term future and will always be very unpredictable.

    Check Perion Network’s recent developments, last 3-4 years it was everyone’s favourite company but no one wants it now. They are facing significant revenue loss because of Microsoft Bing’s policy changes. People have filed class action suit against the company for misguiding investors and the stock has tanked more than 80% in the last year (more than 40% in a single day in April).

    Not just Perion but Direct Digital Holdings also. Last year it was below $3 (or below $2) and went above $35 and it fell to below $3 again this year (more than 90% down). It also tanked more than 40% in a single day (it was trading above $30 in March but fell below $3 in less than 2 months). One company said Direct Digital’s subsidiary, Colossus Media, misrepresented user IDs and showed wrong users or something (I’m not sure what that is as it’s very technical to understand for a layman). Many people have filed class action suit against Direct Digital too.

    Some people will say that BCG couldn’t have that much revenue etc but that can be said of many adtech companies too as they have high growth rates with fewer employees like BCG.

    Direct Digital revenue was less than $7M in 2019 but $160M in 2023 (increase of more than 20 times in just 4 years). I think it was started in 2018.

    Perion Network – $4M in 2002 to $35M in 2011 but suddenly to $326M in 2013. In 2019 it was $261M but in 2023 it was $743M.

    Magnite Inc – $37M in 2011 to $248M in 2015 and $156M in 2019 to $620M in 2023.

    TTD – $45M in 2014 to $661M in 2019 and almost $2B in 2023.

    I’m not cherry picking data and I’ve selected 2019 because it was the year before COVID. Everything is there in public domain and anyone can check anytime. I’m showing sudden growth or very high growth levels in many companies.

    I didn’t suspect SKR’s intentions because adtech companies will always be looking for acquisitions. Perion has acquired Undertone, Vidazoo and recently acquired Hivestack which is a Digital Out of Home company, similar to Consumables Inc which BCG wanted to acquire. Hivestack has grown it’s revenue 20 times from 2019. Check the expectations Perion has set for Hivestack. Currently Hivestack’s revenue maybe is $45M but Perion wants it to do $300M+ in 2024-26. More than 6 times in 2 years which is crazy.

    And, adtech companies need cash always. Affle has raised money many times (once in it’s IPO, then a QIP and maybe in 2022 or 2023).

    BCG/Ybrant is older than many of the companies mentioned above. OMS was very big (maybe among the top 10) when it was acquired by BCG (in 2007-08). So, it’s not easy to say whether the numbers are real or fake because other companies have grown similarly or have done better. I don’t know whether SKR used MediaMint and Consumable Inc news to hype the stock or it was really genuine. One thing is that with other companies, they will also hype their target companies but unlike BCG they will share the name of the target companies sooner and won’t be like SKR saying the names of the companies after 1 year.

    I wanted to share these earlier but due to health issues I was unable to. It takes a lot of time and effort to collect data and make opinions on that.

    Some people will say everything is fake and don’t trust anything and others will say everything is real but please don’t listen to anyone as people are always biased and they’ll misguide us. Their only agenda will be to make you follow them. If they have sold their shares, their agenda will be to make you sell and if they’ve bought shares then their agenda will be to make you buy the shares. Always do your own research or approach sebi if you have confusions. Personally, I have remained invested because of OMS. That is the only hope for me but I’ll never force anyone to follow me. Let’s hope for the best.

    in reply to: General Discussion #27883
    Logan
    Registered Boarder

    Hi @adup, I fear we are falling into Stockholm syndrome as we have become hostages to SKR through Kallol. Everyone knew that it would take a long time to resolve the issues which BCG has but we’re not seeing any actions from the board. All the board members resigned and no other development has happened. They had so much time to publish the results but failed giving silly reasons.

    With BCG/SKR, there was always drama and uncertainty but the survival of the company was never in question but now all our money will go to vain if no actions are taken. When Lycos case with Daum happened, I supported SKR’s decision because Lycos was not worth anything and the company didn’t depend on it but now there’s so much at stake. There’s no urgency or seriousness from the board to resolve the issues and they are depending on SKR to take actions which is making him more powerful. What if tomorrow all the 3 board members resign? Who will take care of the company? They are playing with us. SKR will be okay to wait for years to get back into the company but what about more than 6 lakh shareholders and their hard earned money? He has made thousands of crores cheating us whereas our life savings is at stake.

    They really don’t have any humanity and are playing with our lives.

    in reply to: General Discussion #27872
    Logan
    Registered Boarder

    SKR and KS are the same. The Worst Of Times Can Bring Out The Best In People but seems this doesn’t apply to people like Kallol as he has made matters even worse.

    They have no humanity and no sympathy. SKR and his friends made thousands of crores but we are losing all our life savings.

    in reply to: General Discussion #27862
    Logan
    Registered Boarder

    This is hopeless from the company.

    They are saying that the auditor resigned when they were supposed to share the quarterly results. It’s either the auditor found something wrong or the company must not have provided the details which the auditor asked for and hence they’re resigning.

    I think the auditors were appointed in November which is more than 6 months back and the company is saying that the review is still not complete. They think of us as fools. And now they’ve appointed a new auditor and don’t know how many months they will need to do their review.

    People like SKR and Kallol are bringing bad names to prestigious institutions like IIT and IIM.

    in reply to: General Discussion #27854
    Logan
    Registered Boarder

    @radhutheoptimist, if you remember, it was me who suggested that shareholders/investors should form a legal association (not sure on other platforms but at least in this forum). I was also the one who suggested/requested people living in Hyderabad to visit the company to get more clarity. But unfortunately I won’t be able to join any association or group because of my health issues. I have informed about this when I suggested to form the association also. It’s not like I want others to do the work and I can relax but it’s very difficult to do anything when you’re having severe health issues.

    Also, many things have changed a lot lately. When I suggested this, the SCN2 had not come and things were very different. Back then I had more hope and believed the numbers but since SCN2, I’m not trusting the numbers 100%. My only hope is OMS, Israel and if SKR has played with that too then there’s no hope left for me.

    Personally, I don’t think I can contribute more than giving basic suggestions and for that joining the association won’t be required. If the company/board get their basics right then things will start to improve. The first basic thing for the board to do is to take actions quickly and be more transparent and good things will follow automatically.

    If you remember, from day one I wanted the company to improve corporate governance and appoint a reputed auditor and I was okay with the company not paying dividends and use the same money to appoint a reputed auditor. This is an example of being more transparent which would’ve changed things a lot.

    Everyone can contribute in different ways and it’s not that someone can contribute only if they join the association. They can write here or in various other platforms and share their suggestions with you and you can use those suggestions and present them to the board/management. I really appreciate your and all the shareholders efforts in creating the association but because of my health and other issues, I won’t be able to join.

    in reply to: General Discussion #27814
    Logan
    Registered Boarder

    @radhutheoptimist, great initiative, thank you for doing it.

    in reply to: General Discussion #27770
    Logan
    Registered Boarder

    BCG management/board aka SKR proxies have no shame. We all thought they’d improve after the SCN2 came but they’ve gotten even worse. They are least bothered about shareholders’ pain and concerns.

    Mr Sen must be readying script for his next movie and taking stories from SKR. The title should be How to Fool and Backstab Shareholders. There’ll be sequels and SKR will be the villain in the first part and Mr Sen in the second part.

    in reply to: General Discussion #27755
    Logan
    Registered Boarder

    What the hell is going on at the company? All 3 independent board members have resigned and 2 new members have been appointed.

    Were the independent directors reluctant to sign the financials or is the company trying to get rid of the people who were there when the PW fraud happened? Why Dr Radhakishore resigned? He joined after the SCN2 came so was not associated when PW fraud happened.

    All the 3 resignation letters are generic without proper reasons and have mentioned (copy pasted) the same.

    They are creating more confusion instead of providing clarity. Seriously don’t know when this drama/nightmare will end.

    in reply to: General Discussion #27744
    Logan
    Registered Boarder

    They should’ve put those people behind bars, else these type of people will never learn anything. Others will also be scared to do something similar.

    Auditors should be very strict and never compromise but here they not only compromised but were also stupid to take shares in the company. Subscribing to warrants, how stupid were they? And how stupid was SKR to give them shares and think he could get away with it? Unethical people should always be punished.

    in reply to: General Discussion #27738
    Logan
    Registered Boarder

    We wanted Mr Kallol Sen to become Vibhishana but he has become Kumbhakarna. We have seen more updates on resignations than the updates which the company must and should have shared (results, AGM etc). They’re least bothered about shareholders’ pain.

    I don’t think Mr Sen or the board has any answers and maybe still hoping that SKR would get a favorable verdict. SKR doesn’t understand that SAT or SEBI will be more harsh on him if he makes the company delay doing important things. Lakhs are suffering because of one person’s selfishness and stupidity.

    in reply to: General Discussion #27731
    Logan
    Registered Boarder

    @sobha, sorry for the late reply.

    Regarding control, I guess it’s not only about the results but the total control of the operations etc. I don’t think SKR had planned to delay publishing results so late, I think it’s happening because the SAT judge retired. I guess he wants to know the extent of his punishment before (making) the company take decisions. The order from SAT should’ve come few months/weeks back but didn’t because there was no judge. SKR in his own delusional world must’ve thought that the judge would give him a somewhat favourable order and he could come back at least temporarily. He wants to show to the judge that the company will collapse if he’s not back as the CEO. If the results are good and if he publishes it then his case will become weak so he’s trying to drag till there’s an outcome at the SAT (maybe at least till May 9th). He resigned immediately after the SCN2 came so he’ll show that he’ll follow orders without objecting (to look good).

    On the PW shares/money, it’s not fully conclusive because SEBI hasn’t shared the complete details yet. I’m curious to see what SKR’s argument is. I want to see the 187 page reply he/company sent to SAT against SEBI’s order. He must be having some evil agenda.

    For me, I want stability in both – the company’s operations and its stock price. Check PERION Network and how bad it is doing in both the cases. In 2020, it was 2-3 dollars and went above 30-35-40 and fell more than 50-60% in 2022 and last year it did very well and went above 40-45 and everyone was bullish on it and its management was giving higher guidance for both revenues and profits but few weeks back they shared that they’ll not be able to meet their own guidance and expectations and the stock tanked 40-50% in a single day. Now the stock price is 10 dollars.

    Interestingly, few people are trying to sue PERION and they are approaching PERION’s shareholders to join them. They’re saying that the company misguided investors by giving false guidance on its search advertising business (with Microsoft Bing) and they’re calling it a fraud. I wish someone do the same against BCG and particularly against SKR. He lied and back stabbed us and he and his friends made thousands of crores of money not paying a single rupee at the expense of small retail investors and he’s continuing to torture us by not letting go of the company.

    Coming to Mr Kallol Sen, I’m guessing SKR selected him because others won’t be a rubber stamp especially in this situation. Notably he wasn’t selected as a CEO or as a Chairman but only as an executive director. There’s no role like COO or CTO etc also but only as an executive director. This is an indication that SKR is planning to comeback. We badly needed a person with integrity to come on board and take us to clear waters but Mr Sen doesn’t seem to have that. The market is changing a lot and we need leadership stability, else BCG will also become like other companies that went bust. The main reason I supported SKR in the past was because he guided BCG when there were very tough situations. Many ad tech companies went bust in the last decade and seems the companies will face similar situation in the coming few years. Only hope for me is OMS.

    Some people think of ad tech companies like typical IT companies and compare dividends etc but it’s completely opposite. IT companies have stability and can use cash flows for dividend/buyback but ad tech companies have to invest most for future. The main reason I didn’t suspect the PW shares was because ad tech companies are in constant need to cash. AFFLE had raised good amount of money in its IPO but again raised hundreds/thousands of crores in 2022 and I think last year also it raised money (I’m not following it regularly). It looks like all the growth came mostly from raising money and not organically. I’m not saying AFFLE is a good or bad company but only sharing my observations.

    Technology and privacy related changes will sometimes be brutal for ad tech companies and all have to tread carefully. So, repeating again – leadership stability is very important. SKR must leave the company alone and let good people take over. If he really cares about his company then he can become a consultant. He has caused enough pain to shareholders and must stop immediately. The dummy board and Mr Sen should wake up at least now and genuinely care for shareholders instead of using unnecessary fancy words. Action, not fancy words is the need of the hour.

    in reply to: General Discussion #27711
    Logan
    Registered Boarder

    The company will never come out of SKR’s influence and we have to live with that and there’s no other option. For 2 decades everyone relied on him for everything and it’s no use expecting them to change now. If the board really wanted to change then they wouldn’t have brought in Mr.Kallol Sen who is nothing but SKR’s proxy, though he might not get involved in illegal things as he’ll be fearful, he still will follow SKR’s advice because SKR has brought the perception that the company can’t move ahead without him.

    Looking at things, I don’t think we will see major shift in the company’s behaviour till he comes back. Don’t know for how long SEBI will ban him but he’ll drag things till he comes back and the stock will continue to underperform. Arrogant, narcissist, selfish people are like that, they’ll not care about others and they’ll do whatever they want till they get what they want.

    One year back SKR said we all will thank him for giving the second bonus but look at the state we are in now. When he resigned he made the statement that everyone will come out of the difficult situation keeping the company’s long term vision and the INTEREST OF SHAREHOLDERS in mind.

    Company people just patting themselves on the back just because they shared an update saying things like transparency, meticulousness, integrity, commitment etc. In few weeks time they will be required to share Q4 results but they haven’t even shared the Q2 results. Is this the long term vision of the company?

    in reply to: General Discussion #27655
    Logan
    Registered Boarder

    I want to know what SKR/BCG angle is regarding OMS, Israel. As per March 5th update from company, revenues and profits include OMS’s financials but they’ve removed any reference to BCG from the website. So, SKR is not planning to remove OMS from BCG entirely but maybe he’s trying to keep it under the radar so that BCG or SKR will not lose it or because he doesn’t want OMS to be involved in legal troubles which may hurt its business.

    In the conference calls he used to say that he had ring fenced all the major subsidiaries of BCG when Daum case happened. I saw in one of the transcripts of the court that Daum wanted a piece of the subsidiaries and BCG refused to accept that and that’s the reason Lycos was purchased using a different US based subsidiary (Ybrant media acquisition) so that Lycos won’t be associated with any of the other subsidiaries of BCG (Ybrant).

    Like mentioned before, for me OMS is the main factor to stay invested in BCG.

    These are just my guesses/opinions and should not be considered as facts and for buy/sell decisions.

    in reply to: General Discussion #27654
    Logan
    Registered Boarder

    The company currently is headless and we need strong character people with integrity to run the company. In companies, when founders leave (mostly forced) there’ll be less growth in the business but the governance will improve but here it’s even worse. They keep using fancy words to describe themselves but nowhere we have seen that translate into actions.

    I don’t know how many of you watch European football leagues. Unlike IPL and other leagues, in football they have relegation and promotion. The 3 teams to finish bottom of the table will be relegated to the second division and the top 3 teams in the second division will be promoted to the first division and same for second, third, fourth and other divisions. A team relegated this year has to play a year in the second division and if they are in the top 3 then they will come back to the first division. Few teams do this but few teams become even worse and get relegated to the third division and later cease to exist.

    Top teams (who are very rich) will always be in the top 6, at least in the top 10, and there are mid table teams who for years will be in the mid of the table, they neither go up nor down. Then there are teams which always fight relegation but survive on the last day. There are other teams who play first division this year and the second division the next year and again first division and on and on.

    Why I’m bringing this up right now is because many companies go through relegation and promotion phase unofficially, that is, because of different circumstances. Some will be self inflicted (like BCG), some will be because of the market conditions (commodity companies or few companies during recession etc).

    There’s a club called Everton which was playing well this year but the EPL (English Premier League) officials found the club had breached financial fair play and they deducted 10 points because of which Everton now is battling relegation and it might get relegated also. Nottingham forest was deducted 4 points. But the champions Manchester City who have breached more than 100 rules have got no point deduction and they are winning many trophies. Many years back, Italian giants, Juventus, were relegated because they had done match fixing but they bounced back the next year and won their league 10 years in a row few years after that incident.

    Football clubs while facing relegation will immediately sack the manager/coach and appoint a new person as a manager. Staying in the top league will mean more revenues and more commercial opportunities. Most of the players will leave clubs which get relegated.

    Now we have to understand where BCG is, it surely got relegated stock price wise but is it the same with the business? BCG got relegated when it came to the market but bounced back and later got relegated again when Daum case happened and stayed in the lower divisions for many years. Then in 2021 it bounced back and was ready to stay in the top for years but SKR dragged the company down with him so it got relegated again. We have to analyze whether it will get relegated even more or cease to exist or will bounce back.

    All these happened because the leadership/manager (SKR) of the club was not an able and a stable person. He was good at business but utterly bad at other things. We can see many companies in adtech or commodity industries like this but most will be because of the market conditions and very few because of the leadership. Magnite will always play in top division this year and lower divisions in the next few years and again back to top division and on and on. Criteio though is not as bad as Magnite, will still get relegated when things are bad and rise during good times.

    Real business is like having good players, you change the underperforming manager and bring in a manager who can bring stability and make sure you survive this year and fight for better places in the next year. But if the business is not real then it’s imminent that the club will cease to exist in the coming years (unless a rich guy buys that club and injects money).

    Personally, for me, it’s the Israeli company OMS which I believe is like having good players in the team. I will stay till OMS is part of BCG. Now the problem is with the manager/leadership (SKR & co). If they bring in a strong leader/manager with integrity would mean BCG may get promoted again and many years of stable leadership will mean it get promoted to the top division. But for that to happen, SKR shouldn’t play games and he should stay away from the company. I thought Mr.Sen even though is under SKR influence might bring in positive changes because of the situation the company is in. So far it’s just words and not real action.

    I always believed SKR was a good manager and the situation was bad for adtech companies before COVID but never imagined he’d backstab us.

    Let’s pray for the best and prepare for the worst.

    in reply to: General Discussion #27645
    Logan
    Registered Boarder

    We are past the stage where we (or the market) take comments from the company seriously.

    I don’t know whether to laugh or get sad/angry when they say things like transparency, meticulousness, integrity, commitment etc, especially after suffering from the wounds caused by them. No one is interested in words and all we care about are the actions and I don’t know who they are trying to fool with words like that.

    There’s no use in pleading or requesting with them as they are least bothered about shareholders’ pain and concerns. I don’t think they have any humanity left, they’d have changed things quickly if there was even a slight of humanity left.

    I don’t know when the “Bethal” which has been on all our backs will go away permanently and give us peace. Except for the last few months of 2021, I haven’t seen good days in BCG from the day I started investing in its stock.

    Sebi should’ve appointed an independent director when it ordered the CEO and CFO to resign. Without supervision BCG board will do nothing and drag things for years and they’ll keep using fancy words while sharing useless updates.

Viewing 20 posts - 1 through 20 (of 475 total)