Rick Webb Breaks Silence.
Posted on June 19th, 2008 by Simon Chen
Well, sort of.
I was in Sydney yesterday and caught up with Rick Webb, one of the original founders of BlueFreeway. He’s clearly a very intelligent guy and we had a decent chat - all of which was off the record.
Which is a pity.
The BlueFreeway story needs to be told from both sides.
My feeling is that we haven’t heard the last of Rick.
Nor is the saga at the digital camp by any means over.
The good news is that the stock price recovered somewhat yesterday (if you could call it that) and is now trading just above the 7 cent mark. Macquarie bailed on all its holdings last Friday - hence the 6 million or so shares that hit the trading floor.
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June 19th, 2008 at 4:19 pm
It’s about time for Mr. Webb to come out and tell his story! We need more detail Simon. When do you think we can hear about that?
June 19th, 2008 at 5:38 pm
Gee, let me guess… he probably took the line that the board was well aware of the investments he was making and they did not allow the ‘model’ he had imposed to take shape and deliver returns. This guy burnt millions of dollars in poorly researched companies and evaporated over 100m in market value… clearly a ‘smart’ guy eh’
He is charming, but ‘smart’ is very debatable
June 20th, 2008 at 9:03 am
Oh Please!! If you believe his story you have only fallen into the trap everyone else does. He is the classic charlatan. Full of charm and full of shit! Rick Webb was out to build an empire for himself on the back of other peoples money. Pissed millions up against the wall, ruined businesses supported by his followers who are too scared to act against him and too useless to work for anyone else.
I am surprised they’re not burning in some farmhouse in Waco by now.
If he was left at the helm, BlueFreeway would be in an even worse position than it is today - and believe me that is possible. He should be in jail and hopefully one day he will be. He doesn’t deserve any chance to give his side of the story because it will just be full of lies justifying his own sociopathic behaviour.
June 20th, 2008 at 11:00 am
Charlatan, I didn’t say I believed his side of the story. I do however feel that people should be given the right to tell it though. I have nothing against Rick and have only met him once. And I will respect his request to not publish the comments he made to me - which I wouldnt anyway without verifying the factual accuracy. There is a lot of emotion in the BF saga…and your post reflects that. If you want to share what you know I would be more than happy to chat anytime 0418.349.349
June 20th, 2008 at 1:10 pm
I agree with Simon. Let Rick tell his side of the story, since BF is already full of shit. It will be his word against BF management team. Let the truth be known!
June 20th, 2008 at 2:20 pm
Oh Please!! If you believe his story you have only fallen into the trap everyone else does. He is the classic charlatan. Full of charm and full of shit! Rick Webb was out to build an empire for himself on the back of other peoples money. Pissed millions up against the wall, ruined businesses supported by his followers who are too scared to act against him and too useless to work for anyone else.
I am surprised they’re not burning in some farmhouse in Waco by now.
If he was left at the helm, BlueFreeway would be in an even worse position than it is today - and believe me that is possible. He should be in jail and hopefully one day he will be. He doesn’t deserve any chance to give his side of the story because it will just be full of lies justifying his own sociopathic behaviour.
June 20th, 2008 at 2:26 pm
Chartalan Chartalan Chartalan,
Perhaps if you’d taken the time to do some research you’d find out that there are a lot of people who were Citect shareholders who are patting him on the back…..
Oh and about those people who were to scared to act against him well you see they did and that is the reason why there is the mess that is left today…………..
June 20th, 2008 at 2:37 pm
Lets forget about the charm and focus on real stuff like uh oh Business really!
June 20th, 2008 at 2:39 pm
I’d love to hear what Mr Webb has to say for himself. Like a lot of the other commentators I’ll bet it involves the BS excuse of ‘the board not understanding my vision, we had a world-class patented platform etc etc’.
All he was after was building up a vision of success that would have been taken back private and then re-listed on the NASDAQ, or sold out and on to the next thing - which is what he’s done many times: good for him, bad for whatever remains. You have to credit his force of personality, but long-term business builder he ain’t.
Anyone heard from Mr McDonnell either, or is he still ’spending time with his family overseas’?
[dislosure - am a BF shareholder. Thankfully not in the hole for too much]
June 20th, 2008 at 3:03 pm
Charlatan,
For someone to be so passionate and knowledgable on the BF saga, and Rick Webb himself, my guess is, that you - to use your kind words - are infact one of those “followers too scared to act against him and too useless to work for anyone else”.
Or, are you a disgruntled portfolio company owner??
I am sure someone will go to jail over this, but it will not be Rich Webb. How is the CFO going??
June 20th, 2008 at 3:26 pm
Oh and another thing When will the current management explain the difference between the guidance they gave in March and the $6.5 million short fall in the revised guidance delivered on the 13th of June?
June 23rd, 2008 at 9:54 am
[...] week Simon Chen caught up with Rick Webb, one of the founders of Bluefreeway. The chat was completely off the [...]
July 28th, 2008 at 1:30 pm
Apparently BlueFreeway have bought up the remaining 49% of MassMedia Studios. Why is there no press release on either the BlueFreeway or MassMedia websites or an annoucement on the ASX?
Once again, something doesn’t seem right……..