EightBlack.

I don’t know why but I was reading B&T today at work. Must have been bored.

Actually, it’s a good read and a quick way to see what their editors and journo’s think is important for us mere mortals to read.

Anyway, there was a small article about the recent resignation of yet another BlueFreeway Director - Warwick Smith. Apparently you’re supposed to address Mr. Smith as “Honorary” when writing his name and also use the initials “AM” as a way of recognising the fact that he is a “Member of the Order Of Australia”.

Apparently Gough Whitlam and the Queen are to blame for such nonsense. Bob Hawke thought he was abolishing the whole damn system when he was in charge - but instead he only eliminated the “knighthood and dame” fiasco, partly because he knew that no future PM would ever anoint the King Of Cactus Island (ie him) as a “knight” unless there was a gun held to their head.

Anyway.

So back to Malcolm Smith.

According to the BlueFreeway press release issued to the ASX at the end of Feb, the statement reads as follows:

“Unfortunately, according to professional and personal commitments, including the Federal Governments upcoming 2020 Summit, I am unable to maintain my seat on the board.

I am proud of my time at BlueFreeway and am confident that I am leaving the company in a stable position”.

Seriously.

Malcolm quit because he needs 12 years to prepare for a federal conference? Are you kidding?

That’s like me saying to my wife, “sorry honey, we can’t stay married and I have to leave now because in 12 years time Jessica Alba might change her mind and show up at the doorstep with nothing on and holding a large jar of honey”.

Or something like that.

The smart ones are jumping off the SS BlueFreeway like rats off the proverbial ship. First there was David Smithers, then Richard Webb and Ken McDonald and now poor old Malcolm Smith.

The first and last guys possibly have smart lawyers and PR folks - and wanted to put distance between themselves and a stock price that cant seem to pick itself up from the floor (currently at 29 cents). The 2 guys in the middle, Webb and McDonald, - we’ll there are always 2 sides to the story but it is obvious that they were pushed or had to go given was one the co-founder and the other the CFO.

The other thing I am curious about is why none of these press releases are on the actual BlueFreeway website. When you look for announcements under the “investors” tab, the most recent entry is October 07. And if you try and quiz the website by hitting the “analyst coverage” tab - all you get is a “page under construction” image.

Strange don’t you think?

I still think there will be a very large, uphill battle for BlueFreeway. The mistakes of the past may prove just too hard and just too fatal to shake off.

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This entry was posted on Wednesday, March 26th, 2008 at 11:49 pm and is filed under News, Predictions.... You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.