Re: Welcome...thanks [Q re UPL] - Beast by: fastball_in_the_dirt (50/M/Washington) 02/07/05 10:17 pm Msg: 57799 of 57801
Thanks for your reply re UPL. The 2 sources I mentioned are definitely not short sellers. That's why their comments worry me. One is a very knowledgeable and connected Houston oil and gas investor. The other was a S.I. poster on Big Dog's board -- it may have been Kollmnh or Jim P, but I'm not sure. I don't know either of them, but they both seem to be pretty knowledgeable about the oil business and post generally reliable information. I'm surprised that you have NOT heard these allegations about UPL mgmt, as it seems to be a fairly common opinion among people in the oil business. I know nothing about UPL management except that they have made me a lot of money over the last year or two. Just a little nervous, that's all.
Posted as a reply to: Msg 57756 by riderlessbeast
I replied in no uncertain terms that the scurilous charge was BS. Anyone else have a response?
Jim P from the SI Big Dog's Boom Boom Room has had a burr under his saddle for a long time regarding Watford prior to Ultra. From other sources who worked with Watford previously, I would say that Jim P is full of BS.
Certainly Watford during his time at Ultra has proven to be an excellent manager, delivers what he promises, doesn't make exagerated claims or promises, keeps costs low, is respected by analysts and fund managers and enhances shareholder value.
Management prior to Watford was a bunch of losers. They about bankrupted a company with one of the best NG assets in the country. So I would have to say theses sources are correct. Watford took over the company when it was in a shambles and the stock has gone from $.70 to $50 in less than five years. Watford layed off 2/3 of their bloated staff and shut-down 2 unneeded offices. Unfortunately, the same poor management is now attempting to take credit for UPL's spectacular rise under Watford.
what are the charges? Seems funny that 5 years after turning the company around and growing the stock price from $0.60 to $50+, not to mention the nearly 10 fold increase in production and revenues, that rumors denegating UPL's managment would come out now. Even more surprising that some people would believe those types of rumors.
I don't get it either bill especially since fastball said he was long UPL. Strangely enough I gave him a chance (on another board) to back off of the allegation but then he came right back with the 'gee everyone distrusts UPL mgmt' nonsense. Most peculiar.
FWIW UPL is currently my largest single investment in the stock market.