Can anyone point to examples over the last 3 years where anything that “Lou” has promised us has come true? Has he ever come through on a commitment to do something? Clearly, he is not the guy at MetroConnect who can get stuff done. Why aren’t we working with the C-level management team? We have no leverage. They look at us as sheep that can easily be lead down the trail to . . . . . . . When we do get an offer from Lou, what are we going to compare it to? What is the basis for evaluating whether it is market value or a lowball offer? We have to assume the hedge fund guys are sharks. Many of our fellow investors were pretty old when they got in this deal and are a lot older now. For understandable reasons, they are frustrated after 10 – 15 years of waiting and will be willing to take any offer they see. For the rest of us that have a little longer investment horizon, what is our plan? Maybe this has all been well thought out and there is a clearly defined strategic plan in place developed by the managing partners? If there is, great. But that plan has not been communicated to the rest of us. We have a large group of accredited investors who are “hoping” for the best. “Hope” is not a very good investment strategy, especially when our opponent is an expert at getting good deals for his firm. I understand the need for patience. But we should also be prepared so we can act decisively and cohesively. We have strength in numbers. If they use the divide and conquer approach we will get pennies on the dollar. If we all pull together, we stand a reasonable chance of getting a fair deal.
Hello. When I purchased my share of Seattle Metro Wireless I used funds that were in my IRA. I didn’t realize it at the time, but that meant the paper had to be held by someone called Quest IRA, Inc. I have to pay a fee every quarter for the privilege of their holding this piece of paper. Plus I have to get a signed statement each year stating the Fair Market Value of this holding. Mitchell Newman himself signed that FMV statement for me in 2018. In more recent years, Donald Doles, retired VP Procurement Danaher and one of the lead Managing Partners for Houston Wireless., has signed it. But every year at the end of the year I am in a scramble trying to find someone who will sign this form for me. Question: Can you and will sign this document for me when it is due at the end of this years? And if not you, can you point me please in the right direction? Thanks in advance for your help!
I am in the same situation with Quest IRA as you and I feel your pain. It is a real PIA to deal with paying the fee every quarter and also having to deal with the FMV fiasco. I would not have chosen the IRA option if I had to do it over!! But hindsight is 20/20. But sounds like this slow moving mass of mismanagement is making some progress!! Cheers!!
That sounds like they do not want to be heard from us, and that this is going to drag on for another few years. As investors, we need to know what is going on, and how we can get out, which was mentioned a few years ago, but still it’s always we’re getting close, or banks are investing, so come on, we deserve more info, and a realistic way out of this. I, for one, now need this $.
As I see it , from my point of view, after having tied our investment up for six years MC, 3 things need to happen soon.
1. Buy us out
2. Release us from our agreement
3. I need to sell my units to another partner
Hello!!?? NOW END OF OCTOBER!! WHERE IS THE UPDATE!! ANYTHING!!!???
Rob, we did have an October update.
I agree it’s now the end and you have not seen anything substantial.
We are expecting some good news, which should include some numbers in early November so please keep the spirits up!
Can anyone point to examples over the last 3 years where anything that “Lou” has promised us has come true? Has he ever come through on a commitment to do something? Clearly, he is not the guy at MetroConnect who can get stuff done. Why aren’t we working with the C-level management team? We have no leverage. They look at us as sheep that can easily be lead down the trail to . . . . . . . When we do get an offer from Lou, what are we going to compare it to? What is the basis for evaluating whether it is market value or a lowball offer? We have to assume the hedge fund guys are sharks. Many of our fellow investors were pretty old when they got in this deal and are a lot older now. For understandable reasons, they are frustrated after 10 – 15 years of waiting and will be willing to take any offer they see. For the rest of us that have a little longer investment horizon, what is our plan? Maybe this has all been well thought out and there is a clearly defined strategic plan in place developed by the managing partners? If there is, great. But that plan has not been communicated to the rest of us. We have a large group of accredited investors who are “hoping” for the best. “Hope” is not a very good investment strategy, especially when our opponent is an expert at getting good deals for his firm. I understand the need for patience. But we should also be prepared so we can act decisively and cohesively. We have strength in numbers. If they use the divide and conquer approach we will get pennies on the dollar. If we all pull together, we stand a reasonable chance of getting a fair deal.
Hello. When I purchased my share of Seattle Metro Wireless I used funds that were in my IRA. I didn’t realize it at the time, but that meant the paper had to be held by someone called Quest IRA, Inc. I have to pay a fee every quarter for the privilege of their holding this piece of paper. Plus I have to get a signed statement each year stating the Fair Market Value of this holding. Mitchell Newman himself signed that FMV statement for me in 2018. In more recent years, Donald Doles, retired VP Procurement Danaher and one of the lead Managing Partners for Houston Wireless., has signed it. But every year at the end of the year I am in a scramble trying to find someone who will sign this form for me. Question: Can you and will sign this document for me when it is due at the end of this years? And if not you, can you point me please in the right direction? Thanks in advance for your help!
I am in the same situation with Quest IRA as you and I feel your pain. It is a real PIA to deal with paying the fee every quarter and also having to deal with the FMV fiasco. I would not have chosen the IRA option if I had to do it over!! But hindsight is 20/20. But sounds like this slow moving mass of mismanagement is making some progress!! Cheers!!
That sounds like they do not want to be heard from us, and that this is going to drag on for another few years. As investors, we need to know what is going on, and how we can get out, which was mentioned a few years ago, but still it’s always we’re getting close, or banks are investing, so come on, we deserve more info, and a realistic way out of this. I, for one, now need this $.
As I see it , from my point of view, after having tied our investment up for six years MC, 3 things need to happen soon.
1. Buy us out
2. Release us from our agreement
3. I need to sell my units to another partner
Shirley, we all understand are in the same boat. I have been in since 2007.
I’m asking to be patient for a couple more weeks and we should find out where the timelines are.
When can we expect another update…now end of September……???