Latest Letter. Outerbridge released another open letter to Comtech's Board. As with its previous letters, Outerbridge highlights what it feels is the long-term underperformance of the Company, what it believes is a history of a failed M&A strategy, and restates it remains open to a constructive resolution.Lost Confidence? Outerbridge believes investors are disappointed in the naming of current President and COO Michael Porcelain as the new CEO, pointing out the drop in the stock price following the announcement, although the announcement was wrapped up in admittedly disappointing FY22 guidance.NG911 Value. Outerbridge believes the NG911 business is a "crown jewel," going so far as stating "the intrinsic value of this segment alone likely exceeds Comtech's enterprise value..." It is our understanding Mr. Porcelain has been a driving force behind the buildout of Comtech's NG911 business. If Outerbridge's assumptions are correct, investors are getting the entire Government Solutions business and the exciting potential of the satellite ground station business for free.Comtech Response. Comtech responded to the recent Outerbridge letter in the same vein as previously, highlighting the recent and upcoming changes to Board composition, the just announced CEO succession plan, and the proposed declassification of the Board. The Company's Nominating and Governance Committee is reviewing Outerbridge's proposed Board candidates.Maintaining market Perform. Given expectations for difficult comparisons during the first half of fiscal 2022, we are maintaining our Market Perform rating. While we continue to believe in the long-term prospects of the Company, we think the shares will remain in a narrow range until positive operating momentum materializes. Read More >>