Full page letter to Sandridge Employees from TPG in The Oklahoman 3-5-13. To long to print. It almost sound like they have the votes. They call out the top 3 in the company and blame them for there spending. Nice letter.
Sentiment: Strong Buy
There may be understandable concern that SandRidge will 'abandon' efforts to 'Support
the Oklahoma City community. Nothing could be further from the truth. We expect
SandRidge will remain headquartered in Oklahoma City, and continue to support the
community as any good company should. To be clear, much of the overhead expense we
object to has nothing to do with community support, but rather an enormous expenses
directed toward the vanity, privilege and compensation of a few. Over 1/3 of all overhead
spending is accounted for by compensation to just a few people (the board of Directors
and three top executives)! Extraordinary levels of compensation for Board members
and the CEO are not supporting the community -they are enriching those individuals.
Millions spent on TV advertising, often with a biographical focus on the CEO, are net
benefitting the community. Millions spent on new private planes, and payments for
private jet travel for the CEO to his vacation homes are not benefitting the community.
The reality of SandRidge, for shareholders and employees, has been unfortunate - the
value created by the hard work of many committed employees should have accrued to
the company, its employees and its shareholders, and helped create a more sustainable
and stable future. Instead, much of that value has been drained - to creditors,
compensation, and perks - and the end result has been loss of value and instability. The
actions taken by management over the past six years have left SandRidge in a precarious
and unsustainable position - change is necessary. While some of that change may result
in short-term disruption, the end result ought to be a prosperous - and sustainable-
company for years to come.
Let's work together to build a better SandRidge - for shareholders, employees, and
Here is a scanned caopy of the Letter Ad in the Oklahoman:
Part One Too long to post in a single post
Tuesday, March 5, 2013
AS you know, an effort is underway to replace the Board of Directors of SandRidge, and
begin a process of restoring proper corporate governance and reversing six years of
value destruction. That process will culminate in the next few weeks and, if successful,
SandRidge will have new leadership -leadership focused on building value for everyone
not just a few.
We know that the consent solicitation process has created anxiety and uncertainty
among SandRidge employees and the Oklahoma City community. Unfortunately, this is
somewhat unavoidable, but it is also regrettable, and we wish to assure everyone of our
intentions and expected actions.
Most importantly, the primary problem at SandRidge is with it leaders - the members
of the Board of Directors and the CEO. We recognize that the vast majority of the 2,500
employees at SandRidge have worked hard to create value for the company. Your efforts
ought to be applauded and supported. From Day 1, a primary focus will be on ensuring
that the many employees working in the operations of the company are assured of their
importance, and secure that they have a stable and promising future with the company.
Operating employees of the company should know that their efforts are highly valued,
and that they will ultimately benefit from reducing the instability and waste created by
Candidly, we will be focusing carefully on overhead operations, and it is unavoidable
that there will need to be change in this regard. Unlike the operations of the company,
we do feel that overhead must be reduced substantially, but we can pledge to do so in a
thoughtful, deliberate and sensible manner.