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IMC Global Inc. (IGL) Message Board

  • salmonbrotherss salmonbrotherss Jul 16, 2003 7:09 AM Flag

    Proxy indicates that Mr Pertz's

    employment contract ends in September. While it is true that Harris Chemical was not his decision, it has been his responsibility to try to rid IGL of that disaster. I think this management team is of the little brain category. Always relying on experts and consultants for Company making decisions like natural gas hedging, etc.

    Why did IGL not use a concurrent offerring for the preferred and senior note sale ? The overallocation of preferred may have/should have reduced the cost of the senior notes. Also, the demand for the senior notes may have impacted (favorably) the pricing of the preferred. Oh, I'm going to be real interested in buying a preferred issue knowing that you are about to go begging for senior debt. IGL Management grade : D

    India. Now India is buying DAP in the US but not from IGL - mostly Cargill. Cargill is the only major North American producer not a member of PhosChem. Perhaps Cargill likes to get the spot price for DAP and not allow customers to 'play' with the end pricing. China can buy from PhosChem today (it takes about 3 weeks to load a vessel) and get the DAP price based on load completion date. Meanwhile, a competitor (Cargill) could sell 5,000 tons (low volume transaction) $ 5 / ton down and destroy what little margin IGL generates. Gosh, I sure cannot understand why Cargill doesn't want to be a part of PhosChem!!.

    Unfortunately, the conclusion is that common sense indicates that IGL has been offerred for sale and NO ONE wanted it. Evidence : Employment contract expiration , a novice financier offerring of the preferred/senior notes. IGL's business model is flawed and the first place to look is PhosChem.

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    • gee-I guess the market sees it differently to a DUMPER such as you-my advice is to cover your losing short positions and move on

    • First, I'd like to apologize to multibagger, in case he (or anyone else) thinks I was attacking him. I may be very negative about IGL, but I don't want it to seem like I am getting personal with a fellow poster here. He has been around this board for a long time and I respect his comments, as well as all other comments here.

      Any company can be turned around, just like any delinquent child can be made good, if someone is willing to take the time. In the case of IGL, I don't think anyone cares enough to take the time & put forth the effort. So, no, I don't think IGL will be turned around, at least not in its present form (sale, bankruptcy, merger etc, maybe). The creditors certainly don't want them, and I don't know of anyone who can afford to buy them, or would want to. But this is just my opinion.

      As some have stated here, the present mgmt didn't cause IGLs problems. But as others have stated too, they were aware of them and took on the responsibility. They are getting paid to do a job, but they haven't done it. And IMO, no one is even trying. Oh, they come to work, kick up some dust, but really aren't doing much. No goals, no forward motion.

      To use the Titanic as an example :-)

      Most people I see & deal with act like the first class passengers, up there in their staterooms or in the dining hall enjoying themselves. Instead of like the damage control crew below decks, who are working hard to plug the holes and close off the flooding compartments so the ship doesn't sink.

      Anyone could run the co. with DAP prices at $210 and they are selling all they can produce. Even me! What's there to run? It takes good mgmt to run a co. when things are like they are now. China isn't IGLs problem, nor is India, or the cost of ammonia or the current price of DAP. The problem with IGL lies within IGL. It's an internal, not external, problem. These other things are just obstacles, that all fertilizer co's have to deal with.

      The solution? Well I'm no expert, and won't go into details as to what "I" would do.

      But simply put, IGL needs a big change, & leaders who are dedicated to turning it around. That's plural, not one, but many. It's too big to think one person can turn it around. And that means getting rid of many of the mgmt people it has now, and that won't happen.

      Regarding change, it's human nature that no one likes to be corrected, to be told they are doing something wrong. In the case of IGL, the mgmt are sticking to their guns in the way things are being done, to defend their jobs & the status quo, at all cost. But that cost is very high for IGL, and I think is what will bring it down.

    • What do you feel is needed in order to turn
      IGL around? Do you think the company can be
      turned around?

    • All you people with all the answers should apply for these vacancies and IMC should well
      be on the way to recovery !!!

      • 1 Reply to yinvest
      • yinvest-Very good post. Things are tough, but in general, IMC's people are excellent from top to bottom. Pertz and the rest were handed a bad deck several years ago by Bob Fowler and the Harris deal. The good people of IMC have been keeping the company moving in spite of some terrible moves. Add to it the tough market conditions, raw materials cost increases, and tougher regulations, and you begin to see how amazingly well management has done cutting costs and debt to just stay healthy and ride any market improvement that may come. Indeed, all the people on the outside with the answers should apply for the vacancies!

 

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