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Saturday, April 20, 2013

Anglers seek the big one on opening day

Matt Smith, 14, of Darien, displays a trout he caught while fishing with his brother, Ryan, 8, and his grandfather, Arthur Fronio of Greenwich, on the Minaus River in Greenwich, Saturday morning, April 20, 2013, during the first day of trout season.


Greenwich Hedge Fund And Investment Bankers Are Wondering If Now Is Now The Time To SELL!! SELL!!! SELL!!! USA Mobility (Nasdaq: USMO)

PHOTO: USA Mobility CEO Vincent Kelly

Investors should be aware of a decrease in support from the world's most elite money managers has turn sour on USA Mobility, due to its current condition and future prospects.

Renaissance Technologies, managed by Jim Simons has a $17.2 million position in the stock, comprising less than 0.1%% of its portfolio.

Sitting at the No. 2 spot is John Overdeck and David Siegel of Two Sigma Advisors, with a $1.7 million position; the fund has less than 0.1%% of its portfolio invested in the stock.

Other peers with similar optimism include Chuck Royce's Royce & Associates, Cliff Asness's AQR Capital Management and Ken Griffin's Citadel Investment Group.

Judging by the fact that USA Mobility has faced falling interest from the aggregate hedge fund industry, it's safe to say that there is a sect of funds that elected to cut their entire stakes last quarter.

At the top of the bearish on USA Mobility heapis Steven Cohen's SAC Capital Advisors who cut the biggest stake by the "upper crust" of funds , that cut 200,000 shares of the stock.

Hedge Funds are not happy that on April 5, 2013 USA Mobility announced that it had receivea a NASDAQ Listing Compliance Letter Due to Late Filing of Annual Report on Form 10-K. The NASDAQ had 60 days to regain compliance with the stock market’s filing requirments for continued listing.

The notification comes after USA Mobility did not file its 2012 Form 10-K with the Securities and Exchange Commission

Things have gotten so bad for USA Mobility that they have started informing many clients that their phone numbers will chabed, because the company is forced to return leased blocks of numbers in a cost cutting move that is designed to stay profitable.

In yet another privacy violation that could result in a class action lawsuit against USA Mobility. The company did an illegal wholesale change of the passcode of clients access code to "1234" without proper notification or authorization.

This "1234" pass code universally put on USA Mobility lines involved in number move left individuals, small business, healthcare, government agencies and first responders' communications devises vulnerable to malicious hackers and others.

Notifications from the supposedly leading communications company went to individuals, small business, healthcare, government agencies and first responders only came after the fact in March 28, 2013 letter deliver by snail mail.

Client phone line greetings messages and other data were also erased by USA Mobility who advised users to record a new greeting informing their callers and customers of the number change that will take place on June 4, 2013.

USA Mobility has refused to help business clients with number portability to other wireless companies, so that those businesses could keep bossiness numbers they had for decades.

Possible lawsuits from these security and privacy concerns, reminds many investors of The "City of Ontario v. Quon" case concerned the extent to which the right of privacy applies to electronic communications in a government workplace.

It involved USA Mobility when it was going under the name of Arch Wireless and SWAT team police officers of the Ontario Police Department. The case centered on the failure to protect personal data and the release of their very personal communications by what is now USA Mobility.

The outlook for USA Mobility is not very good they  is trending downward and the company is rightsizing to handle this trend, but as mentioned above the lack of competent employee base have lead to privacy violations, losses of client data, security breaches and maintenance / service disruptions.

One regional manager has reported that she was the 3rd Regional Manager in 3 years and that she saw little or no growth for career advancement at USA Mobility.

Vincent D. Kelly is President, Chief Executive Officer and Director of USA Mobility, Inc. Prior to to the Mr. Kelly was a director of the failed Metrocall from 1990 to 1996 and from May 2003 to November 2004. Mr. Kelly was an executive officer of Metrocall at the time of its filing of a petition under Chapter 11 of the Bankruptcy Code in 2002.

USA Mobility is by far the largest legacy wireless paging provider in the US, with over half the market from aggressive company acqustions, but the best years for USA Mobility are behind us. World wide, paging subscribers peaked in 2000 at almost 180 million and have declined since.

USA Mobility saw its subscribers dwindle from 6 million in 2004 to 1.9 million at the end of 2011 and industry insiders say the pace of bloodletting at the legacy technology company has only increased, because of poor management and a lack of vision.

USA Mobility has struggled to remain profitable as revenues decline year after year after year.. The company has been able to cut costs by reducing infrastructure as its customer base falls, but there are only so many paging broadcasting sites or employees to layoff before the day of reckoning comes to Vince Kelly USA Mobility

Mr. Kelly's biggest failure was that he did not have the vision get USA Mobilitiy to move from pagers and into smart phones and tablets to the company's formerly vast customer base.

Now Vince Kelly is struggling to keep his head above water after having USA Mobility borrow millions from Wells Fargo to buy a software company that might allow him to keep his pagers in hospitals and possibly be a reseller of mobility devises of the struggling third place sprint network which has a very bad customer service record.

USA mobility recently borrowed $52.5 million through a credit facility from Wells Fargo Capital Finance to purchase Amcom Software, of Eden Prairie, Minn., which sells phone operator console products to hospitals in hositals. Amccom's PC-based software integrates with the hospitals older PBX and admission and discharge systems. It appears that USA Mobility CEO Vince Kelly hopes that USA mobility can sell hospital waiting room pagers as an add on to the Amcoom hospital phone system software.

It appears that Vince Kelly lack of vision has USA Mobility showing to the mobile devises party a bit too late, because

But this lack of vision did not prevent Mr. Kelly's pals and fellow directors at USA Mobility to give hime over two million bucks in compensation in 2011.

Compensation for 2011
Restricted stock awards
All other compensation
Non-equity incentive plan compensation
Total Compensation

The USA Mobility (formerly Arch Wireless) board of directors consist of the following USA Mobility and its subsidiary employees.

Shawn Endsley, USA Mobility CFO. Mr. Endsley earned an annual salary of $191,559 with other income of $135,681, for a total of $374,042.

Colin Balmforth, President Amcom Software, a subsidiary USA Mobility

James Boso, President USA Mobility. Mr.Boso is 63 and made a salary of $275,625 in 2010, with $260,080 in other income, for a total of $535,705 for the year.

Bonnie Culp-Fingerhut, Executive Vice President - Human Resources and Administration of USA Mobility. In 2010, she made a salary of $202,585, with other income of $187,683, for a total of $390,268.

Thomas G. Saine is Chief Information Officer of USA Mobility. He made a salary of $275,000, with other income of $253,019, for a total of $528,019 in the year 2010.

Katherine S. Bolseth CEO of Amcom Software, a subsidiary USA Mobility

Sean P. Collins, Executive Vice President - Selling and Marketing of Amcom Software, a subsidiary USA Mobility

Also, Christopher D. Heim is a Director of USA Mobility,. He resigned as President of Amcom Software, Inc., subsidiary of the company effective June 30, 2012. Prior to USA Mobility's multi-million dolar acquisition of Amcom Software. Mr. Heim has been the CEO of Amcom (“President of Amcom”), an indirect wholly-owned subsidiary of Company.

The supposedly independent USA Mobility (formerly Arch Wireless) directors all include persons invo;ved in the failed Metrocall and Arch Wireless merger of 2004. And thehey include:

Royce Yudkoff (Former Metrocall Director), Mr. Yudkoff is also a member of the Compensation Committee

Nicholas A. Gallopo (Former Metrocall Director). Mr. Gallopo is no longer a licensed CPA, but he is the is the Chair of the Audit Committee of USA Mobility.

Brian O'Reilly (Former Metrocall Director). Mr.O'Reilly is a member of the USA Mobility Nominating and Governance Committee and is the Chair of the Compensation Committee.

 Samme L. Thompson is a member of the Compensation Committee and the Audit Committee. Prior to the merger of Metrocall and Arch, Mr. Thompson had been a director of Arch since 2002. Arch wireless changed it's name to USA Mobility soon after the infamous Spream Court case, "City of Ontario v. Quon"

Matthew Oristano is a member of the Audit Committee and is Chair of the Nominating and Governance Committee. Prior to the merger of Metrocall and Arch Wireless, Mr. Oristano had been a director of Arch since 2002. Arch wireless changed it's name to USA Mobility soon after the infamous Spream Court case, "City of Ontario v. Quon".

The "City of Ontario v. Quon". case concerned the extent to which the right of privacy applies to electronic communications in a government workplace. It involved SWAT team police officers of the Ontario Police Department and the release of their very personal communications by Arch Wireless, who later changed their name to USA Mobility.

With a close knit board of directors like this, it is easy to see how USA Mobility's CEO Vince Kelly can rake in over two million dollars in compensation a year as the companies revenues fall year after year after year after year.

For over a week numerous attempt to reach USA Mobility's Corporate Communications and / or Investor relations department. Numerous requests were left with custmer service represenitives, thier supervisors and USA Mobility Operations Manager Latricia Randle.

For further information on what's left of USA Mobility please visit http://www.usamobility.com 

Initial public offerings scheduled to debut next week

The following is a list of initial public offerings planned for the coming week. Sources include Renaissance Capital, Greenwich, CT (www.renaissancecapital.com) and SEC filings.


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Private eye says Sherman was distracted

A Stamford private eye loaned his voice Friday to the public deconstruction of Mickey Sherman by his aggrieved former client Michael Skakel, testifying that his longtime lawyer friend was brimming with confidence that the Kennedy kin would beat the rap for the 1975 murder of Greenwich teenager Martha Moxley.


Property Image

Exquisite private estate in prestigious Khakum Wood Association in Greenwich, Connecticut.


USA Today Founder Dies

Al Neuharth, who founded USA Today more than 30 years ago and saw the newspaper become one of the largest in the United States, died on Friday at age 89, the newspaper reported.


Martha Moxley Murder Update: Ttold Michael Skakel's lawyer About Other Possible Suspects

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