These latest "deals" are so bad that BG doesn't even want to participate. This CEO shoots from the hip, makes horrible decision, offers to purchase the company and has no cash to do it, sells his positions "14's" in the company using the "margin call" strategy by leveraging his shares which is the first way an executive can get around insider trading laws, has totally destroyed share holder value, totes how great EBITA is but fails to point out the interest debt afterward, allows the company to make an obligation to purchase assets from KKR without knowing the actual purchase price. Totally stupid and self destructive and BG knows this. As for Ross, he makes more money from turning around trouble companies in bankruptcy etc. which is why he is involved in this company. He'll make more money on the debt vs his equity position in bankruptcy and pay himself 10 times over on the exit back out and the executives keep their jobs are paid again to make up for the zero purchase stock they will lose in the restructuring. This is one corrupt company.
Sure was a lot of anger in your post. I get your frustration, I'm with you. I do have one problem with your tirade on Miller though ... With the level of insider participation here and considering what Ross ET AL have paid for their shares, do you really believe they (Ross & Co.) are letting Miller run wild without their oversight? Also, why pay so much for their shares only to drive the PPS down to zero? Makes no sense to me. I would like to believe there is a method to their madness that does not require destroying their ( and by extension, our) equity only to have visions on the company anyway. Couldn't tell you what that method is at present but perhaps that's why I'm not a billionaire.
Wilbur now has a senior position with their term loan. I suspect others on the board are in on the credit line hence some divestiture of the common. They are in a position to make $s whole if Doug's bet goes awry. I thought gamblers tirade was pretty spot on with what's killing this thing....who can get a grip on what the value is: Marcellus losing nHBP and needs blocking soon (JV); Haynesville going to need financing (another JV)...and trying to convert PV-10 in EF to decent ROE. retail is confused on running....heh, i even sold some of my bonds as I am no longer in the front of the line and who knows what assets would remain......
The natural gas industry is full of con artists just look at what that ex-CEO scumbag pulled off at CHK. Ross will make money off the backs of people like us for sure. XCO could very well be trading much lower in the very near future. And why was it at $9? And I question some of the posts here. Could they actually be XCO higher ups feeding us pure BS? I've seen it over on the CAT board.