NLRB / SIGA / BOREF July 11, 2013 In listing the various Republican wars-on yesterday I forgot the war on labor. The National Labor Relations Board has been effectively shut down for eighteen months. Oh — and the war on consumers. The Republicans refuse to confirm anyone to head the Consumer Financial Protection Bureau. SIGA If you own SIGA, this may be of interest: a fanciful letter to Vice Chancellor Parsons — fanciful in the sense that he probably will never see it — that helps lay out the issues in the case. Our hope is that the stock is undervalued even if the new award is no less onerous than the first one Delaware’s Supreme Court rejected. But, oh, how nice it would be if the writer, our own Glenn Hudson, has it right. BOREF I ended my last post: As always: naysayer comments welcome. If I’m missing something here, I’d be eager to know what it is. One of the smartest investors I know responded: “There is almost zero chance this management can/will do what they’ve said they can do. Why have folks put $8 million into private placements of WheelTug stock at a $600 million valuation? Whoever did that believed in the technology, obviously. But companies with no future raise that kind of money every day of the year. . . . Meanwhile, If I came to you and promised to revolutionize one industry, you would evaluate my project on the merits and would consider investing in it. If I came to you and promised to revolutionize four industries, but had been in business a couple of decades and had only $36 million in cumulative losses to show for it, you would quickly conclude that I had a long track record of over-promising and under-delivering.” They are the world leaders in grandiose projections. No question. Yet against tremendous skepticism they did actually “deliver” a nose wheel motor that ran a commercial jet around the Prague airport — even in slippery conditions when it started to snow — as if it were a golf cart. No one else in the world has been able to do that. And they have forged partnerships with serious, established companies, both on the airline side and on the “production” side. My scary smart friend may prove right; but he has thus far not persuaded me there isn’t a tremendous opportunity for some company here. Or that — astonishingly — Borealis won’t prove to be that company.