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SandRidge Energy, Inc. Message Board

  • phigamfsu phigamfsu Jun 19, 2013 10:41 PM Flag

    Ward Leaving - Worst Case Scenario

    For months we have all known a change was coming by 6/30, the options were:
    1) Ward stays and manages the company, under the watchful eye of a board not controlled by him
    2) Ward is fired for just cause, no compensation package
    3) Ward is fire without just cause, with severance package

    Of the three options on the table this was clearly the worst for shareholders. How no cause was found is beyond me, but that is another topic.

    For the next three years we are paying Ward his salary plus the warrants, vacation, ect. On top of that we are now paying for Bennett CEO compensation and will have to hire a new CFO.

    I wouldn't be surprised to see this not run up tomorrow.

    Sentiment: Hold

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    • There is one other scenario: Ward leaves, old board members are voted out. The departure of Ward prevents the automatic naming of a 5th director by TPG but nothing was mentioned about having to retain the Ward-legacy directors currently up for re-election. The election results might juice things further or possibly drag things down a little.

      In keeping with what Rainbow mentioned earlier, may not have to hire a new CFO; maybe they just bump up a place holder since the company probably is in play.

      I wonder if the investigative report will be made available in full to the shareholders. Still awaiting some sort of lawsuit action to begin against Ward and/or his board nominees. Any one know if Ward was indemnified against any further civil action by Sandridge?

      Sentiment: Hold

    • I understand your frustration at all the costs associated with today's developments, but your other two scenarios would present obstacles to a sale of the company. A motivated CEO is needed to head up the effort, not a disgruntled #$%$. And firing with cause would surely give rise to nasty litigation with claims and counterclaims etc. casting a pall over the company for years. Much better to make a clean break and get on with the sale process - despite the cost.

    • What did think would happen. It played out just like it was supposed to.

    • It is hard to disagree with this assessment.

    • Not a good time to be short, you know (now)

6.84-0.13(-1.87%)Jul 10 4:01 PMEDT

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