New board members?....... So what?........ We need a better market... not just other leeches around the board table.
You dont know what you are talking about. They just wrote off $1 billion.
Whoever is in charge of the finance function needs to be the first to go. I think Harvey hasn't been there long but whoever has been there for more than a year needs a swift kick out the door.
Not to mention they wrote off the $1 billion less than a year after it mysteriously appeared on their balance sheet which was an entire YEAR after they purchased Western.
Possible Fraud? I don't know how you can't question that they sandbagged the $1 billion for a year. How do you OVERPAY $1 billion on a $3 billion deal and not know it until a YEAR later?
1) big guys got unhappy with the board (will the expected results suck that much??)
2) other big guys dumped their % fearing the earning call aftermath
What will you do?
Audley has not made it a secret that their ultimate goal is to shareholder value, including selling the company. Stacking the board with like minded thinkers adds shareholder value, and makes a sale down the road even more inevitable.
The news release tells me that earnings are gonna suck this quarter. This quarter will be no different than the last 3.
The 91 cent loss is an easy beat. The funds are getting ready to push it up on the beat. They have been loading up for weeks. Great short after the pump though.