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Indirectly, it is.The Citgo buy is a major loser (and yes, he is part of the reason why it is a loser).They pay 450M for the deal, and then within weeks post a 60M loss coming out of the gate.They diluted the company's stock to buy this waste, and then to make things worse by absorbing a major loss. Can anybody explain to me why they are better off now than before the deal?Good luck.
the shares have been heading south ever since the deal was announced.Doing this deal was outside their main business line.Doing this deal with a Chavez company was not a good idea either.The sixty-one million dollar hedge loss is a very expensive lesson in how to hedge asphalt product.The credibility of management is being tested.
Ever since the deal was announced OIL has skyrocketed. Might have something to do with that Einstein.