valuecfa Posted June 19, 2013 Share Posted June 19, 2013 Yep. Note: CFO and former PE guy as CEO. If there were a guy within the company to shop it, James is the guy. Mr. Bennett has served as chief financial officer of the Company since January 2011 and was promoted to President in March 2013. Prior to joining SandRidge he was managing director for White Deer Energy, a private equity fund focused on the oil and gas industry. From 2006 to December 2009, Bennett was employed by GSO Capital Partners, where he served in various capacities in its energy group, including as a managing director. His prior experience also includes serving as chief financial officer of Aquilex Services Corp., a First Reserve portfolio company, and as an investment banker in the energy group of Donaldson, Lufkin & Jenrette (now Credit Suisse). He started his career at NationsBank. Link to comment Share on other sites More sharing options...
Parsad Posted June 19, 2013 Share Posted June 19, 2013 Step 1: Complete. Step 2: "Explore strategic opportunities" What do you want to bet that they already have something in mind before the AGM at the end of the month? Any wonder that those January options had traded in such large amounts a few days ago. I'm guessing we will see a tender, sale, offer of some sort in the next couple of months. Cheers! Link to comment Share on other sites More sharing options...
valuecfa Posted June 19, 2013 Share Posted June 19, 2013 Step 1: Complete. Step 2: "Explore strategic opportunities" What do you want to bet that they already have something in mind before the AGM at the end of the month? Any wonder that those January options had traded in such large amounts a few days ago. I'm guessing we will see a tender, sale, offer of some sort in the next couple of months. Cheers! I own the Aug and Sept options, so i certainly hope the theory plays out as expected. Link to comment Share on other sites More sharing options...
racemize Posted June 19, 2013 Share Posted June 19, 2013 I own the Aug and Sept options, so i certainly hope the theory plays out as expected. what strike, out of curiosity? Link to comment Share on other sites More sharing options...
valuecfa Posted June 19, 2013 Share Posted June 19, 2013 I own the Aug and Sept options, so i certainly hope the theory plays out as expected. what strike, out of curiosity? The 12s...just kidding . The 5s and 6s. A small percent of the portfolio, but that is the beauty of options if it plays out. Link to comment Share on other sites More sharing options...
CorpRaider Posted June 19, 2013 Share Posted June 19, 2013 LOL. That would be an impressive display of cojones though. Link to comment Share on other sites More sharing options...
racemize Posted June 20, 2013 Share Posted June 20, 2013 we just need Eric to step in and call this an "insider" situation and put 20% net worth... Link to comment Share on other sites More sharing options...
BargainValueHunter Posted June 20, 2013 Share Posted June 20, 2013 Again...why did Prem Watsa defend this guy? $90 million+? Damn. Link to comment Share on other sites More sharing options...
muscleman Posted June 20, 2013 Share Posted June 20, 2013 After reviewing the facts developed during the Audit Committee's investigation, the non-employee members of the Board unanimously determined that such did not merit a termination for cause. This is weird. So the investigation didn't turn into any law suits against TW, and didn't even result in termination for cause? :o Link to comment Share on other sites More sharing options...
Myth465 Posted June 20, 2013 Share Posted June 20, 2013 Alter watching House of Cards. Maybe Watsa arranged TPG to come in, behind the scenes. Who knows. I know 2 things, FFH is smart, and TW is undefendable so there is more to this story. Was hoping TW would facilitate a sale to save face, but at least thats done. Now time to sell DOR. I really enjoyed the Mike Price presentation on take overs. I think we are on step 3.... Link to comment Share on other sites More sharing options...
alertmeipp Posted June 20, 2013 Share Posted June 20, 2013 Again...why did Prem Watsa defend this guy? $90 million+? Damn. why would they gave 90m away if a sale is getting close? what would TW gets if this company is sold like next month. Link to comment Share on other sites More sharing options...
Myth465 Posted June 20, 2013 Share Posted June 20, 2013 I think a sale couldnt be reached, but may be reachable at year end. They are cutting capex, drilling the best acreage, not drilling any infrastructure, and all of this should fall to the bottom line. You can see the initial production rates are going up, because they are drilling explored acreage. All of this may take time. I was hoping they would keep Ward till June, and process a sale to avoid paying him. It hasnt happened, and they can fire him now for cause and have him telling every major all the bad things about the Miss, or can pay him to leave while they shine up the car (discussed above plus selling DOR, and perhaps infrastructure), for the show room. He also has Miss land, and can focus on it now. I think TPG likes Bennett, wanted control, and had to get the Share Price up which requires Ward to be fired. Link to comment Share on other sites More sharing options...
alertmeipp Posted June 20, 2013 Share Posted June 20, 2013 I don't think he is fired for cause. If he is, he won't get that 90m. Link to comment Share on other sites More sharing options...
Myth465 Posted June 20, 2013 Share Posted June 20, 2013 I don't think he is fired for cause. If he is, he won't get that 90m. The announcement clearly states he was fired without cause. Link to comment Share on other sites More sharing options...
alertmeipp Posted June 20, 2013 Share Posted June 20, 2013 I don't think he is fired for cause. If he is, he won't get that 90m. The announcement clearly states he was fired without cause. you said with cause above, buddy, no big deal. Link to comment Share on other sites More sharing options...
Guest valueInv Posted June 20, 2013 Share Posted June 20, 2013 Again...why did Prem Watsa defend this guy? Defend? I remember reading praise. Link to comment Share on other sites More sharing options...
Myth465 Posted June 20, 2013 Share Posted June 20, 2013 I was hoping they would keep Ward till June, and process a sale to avoid paying him. It hasnt happened, and they can fire him now for cause and have him telling every major all the bad things about the Miss, or can pay him to leave while they shine up the car (discussed above plus selling DOR, and perhaps infrastructure), for the show room. It says above they could have done this, or could have done that. They did that. They paid him to leave.... Basically I am saying they probably choose the lessor of 2 evils, when they decided to fire him with cause. Link to comment Share on other sites More sharing options...
Cardboard Posted June 20, 2013 Share Posted June 20, 2013 I don't get it. You get fired without cause but, essentially you are incompetent or inapt and get close to $100 million. You die on the job or get disabled while being the best manager on Earth and you get a fifth??? Makes sense? Cardboard Link to comment Share on other sites More sharing options...
valuecfa Posted June 20, 2013 Share Posted June 20, 2013 I was hoping they would keep Ward till June, and process a sale to avoid paying him. It hasnt happened, and they can fire him now for cause and have him telling every major all the bad things about the Miss, or can pay him to leave while they shine up the car (discussed above plus selling DOR, and perhaps infrastructure), for the show room. Basically I am saying they probably choose the lessor of 2 evils, when they decided to fire him with cause. You mean "without cause" :D Link to comment Share on other sites More sharing options...
Myth465 Posted June 20, 2013 Share Posted June 20, 2013 LOL now this is getting out of hand. I am sure you enjoyed that CFA. Cardboard - It makes sense if you write the contract, which Ward probably did :). I predict a minor to no rally based on my history with SD. Perhaps less than 5% but we will see. Given my accuracy so far with SD, I am sure it will go up drastically. Link to comment Share on other sites More sharing options...
kmukul Posted June 20, 2013 Share Posted June 20, 2013 I know this has been talked about this on this forum a few times.. but do we know prems view on tom? Link to comment Share on other sites More sharing options...
zippy1 Posted June 20, 2013 Share Posted June 20, 2013 LOL now this is getting out of hand. I am sure you enjoyed that CFA. Cardboard - It makes sense if you write the contract, which Ward probably did :). I predict a minor to no rally based on my history with SD. Perhaps less than 5% but we will see. Given my accuracy so far with SD, I am sure it will go up drastically. The pop is definitely less than 5%! ;) Link to comment Share on other sites More sharing options...
value-is-what-you-get Posted June 20, 2013 Share Posted June 20, 2013 LOL now this is getting out of hand. I am sure you enjoyed that CFA. Cardboard - It makes sense if you write the contract, which Ward probably did :). I predict a minor to no rally based on my history with SD. Perhaps less than 5% but we will see. Given my accuracy so far with SD, I am sure it will go up drastically. The pop is definitely less than 5%! ;) Textbook Mr. Market!! Cooperman mentions Sandridge on CNBC, stock goes up 5%. Controversial founder who built the company exits with wild termination package due to pressure from activist shareholder who may be looking to sell the company - crickets! Link to comment Share on other sites More sharing options...
CorpRaider Posted June 20, 2013 Share Posted June 20, 2013 Yeah it is all taper and china slowdown and oh my! Link to comment Share on other sites More sharing options...
wachtwoord Posted June 20, 2013 Share Posted June 20, 2013 The sky is falling! Link to comment Share on other sites More sharing options...
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