On the heels of my earlier post this morning, this caught my eye -

Vonage Says Market Overreacting to Court Ruling By  Reuters
March 26, 2007
NEW YORK (Reuters)—Vonage Holdings Corp. said on Monday the market had overreacted after a federal judge agreed to bar the Internet phone company from using technology patented by Verizon Communications Inc.

Vonage shares plunged nearly 26 percent on Friday after the injunction decision, although U.S. District Judge Claude Hilton said he would delay signing the order for two weeks.

The stock climbed 5 percent in early trading Monday.

"To paraphrase Mark Twain, the rumors of Vonage's death have been greatly exaggerated," Vonage Chief Executive Officer Mike Snyder said in a statement. "Friday's events represented one small step in what is sure to be a long legal battle."

Vonage said the litigation would likely take years, but it was confident it would continue to provide service to its more than 2.2 million subscribers.[Read full story]

I do see this announcement of continued service and years of litigation as the continuation of a failed strategy. What's Snyer really saying? I read "We plan on continue to pour money into the black hole our business has become because we can't see any other course of action."  That's what I read.

Lack of strategy is a failed strategy. Lack of leadership is failed leadership. Lack of management is failed management. Investor confidence is at a low. Customer confidence is at a low. And as I look around, both are spiraling downward. Vonage posted a net loss of $65 million in the last quarter.

'nuff said. This just reinforces my earlier views. Anyone taking bets on how soon a vote of no confidence will happen (even if nobody admits it's happening)?

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