wilbur gets 25% of newco just in case this "deal" doesn't work out. he's already sunk 500mn in behind the revolver and senior notes and was probably feeling a bit lonely. Now he's jumped ahead. Couple with ares and CC comment, pretty clear the board was divided about this deal. a regular peyton place ... i might buy a share just so i can go to investor meeting come October!
"Investment accounts managed by Invesco Advisers, Inc. are lenders under the Amended and Restated EXCO Resources Credit Agreement. Invesco Advisers, Inc. is an indirect owner of WL Ross & Co. LLC. Wilbur L. Ross, Jr., the Chairman and Chief Executive Officer at WL Ross & Co. LLC, serves on EXCO’s board of directors. Investment entities managed by WL Ross & Co. LLC beneficially own approximately 14.5% of EXCO’s outstanding shares of common stock."
Wouldn't this make you think he wants to start making some big time moves?
If he's essentially the lender and the borrower, the game is about to be on for XCO.