SEC no longer in the picture and now BRY acquisition moving forward (albeit at a higher price). Given BRY's better than projected performance during the interim period and the fact the its reserves are larger than originally estimated, the higher price may be warranted. Final piece will be the announcement by LINE management of a dividend increase, which they projected (with the BRY merger) would happen soon after. When all 3 of these events occur, LNCO should return to the mid $40s IMHO.
Gettysburg address was 150 years ago on November 19th, Clyde. Probably one of the most important speeches and doctines ever presented by a President. Obama can't come because the organizers of the event wanted to re-enact the same theme and Obama could not use a teleprompter.
Yet they INCREASED management fees 20% during this last quarter (YOY). Clearly management's priorities are NOT creating wealth for stockholders, but simply increasing their own fees.
The only FSC group that will be in a "good place" is management. They sold additional 15M shares in the middle of Sep at now inflated price, knowing full well the condition of their portfolio and interest rate trend. This resulted in higher mgmt fees, but diluted equity holder distributions. When mgmt actions cut shareholder value while increasing their fees, it is time to cut your losses and move elsewhere.
Did anyone else notice how FSC President could not justify their high mgmt fees when asked directly by KBW analyst Greg Mason during conference call? Mgmt talked about lower income because of low interest environment and securing safer investments, but they still reaped the same high fees (2 and 20), especially after the dilutive stock offering in late Sept. FSC board MUST reallign its excessively high fees at January meeting to reflect lower yields and share in the same pain that has been inflicted on shareholders.
Problem for FSC mgmt is that secondary occurred at END of Qtr, literally 2 weeks before quarter end. For them to claim they did not realize that the qtr results were going to be weak shows either incompetence or malfeasance. But they sure did reap the benefit of higher mgmt fees associated with the deal.
Mgmt can realign their own personal interests and compensation with that of the shareholders. When a strategic decision is made to float additional shares and it rewards management and penalizes shareholders, this alignment is WRONG! Management should be compensated for PERFORMANCE, not for making bad decisions. Its like having a broker who manages your portfolio and is only interested in maximizing his commission, not in maximizing your return. When I see this in a company, I bail out and find a better run company to invest in. Eventually this type of one-sided management approach will alienate enough shareholders and cause a mass exodus - no one in the future will trust them to manage their money again.
To convey my complete dissatisfaction with this management team. What's your problem with that?
Peanuts compared with the over $4M mgmt fee INCREASE he gave himself and others on the team last quarter alone!
Don't worry, if you give this another few days of falling prices, your stock will be yielding 15%. Then just think how lucky we are. NOT!
Racism is alive and thriving in the Democratic scheme of things. People like Sharpton and Jackson (plus Obama, for that matter) are HUGE beneficiaries of the Race Industry, playing on people's fears and capitalizing on every situation they can to promote their racist and race-baiting agenda.