Lewis sold most of his holdings ahead of the news Orange Capital will be closing.
“My fund is almost completely in cash,” said Lewis in an e-mail, “that’s the responsible thing to do before this leaked.”
Hopefully this means he's already liquidated his holdings in BXE and would explain the large drop in price between the 22nd-25th, despite the lack of a corresponding SEDI filing, but still reported holding 19,997,380 shares as of 1/15, so who knows if he's entirely out yet. We will know more once he files.
I haven't seen anything about Klarman selling yet. He holds a lot of cash to prevent having to liquidate holdings (at huge losses) due to redemption requests. It looks like a portion of Orange's initial selling came from "segregated" accounts which he manages for one or more individuals, so it's looks like it may be redemption requests. I'm not sure about yesterday's selling. We will have to wait to see if there is a filing.
This looks like more selling from Orange. They sold large blocks end of day in the last 10 days (see SEDI filings) that appeared to be redemption requests, though who knows. Each time, they sold large blocks in the last ten minutes of trading. We will know for certain in a couple of days.
Well it's not really an oil stock, so there is that. The market is already valuing the Cardium wells at $0 with oil at $38-40 so the price falling further doesn't really change that .
What do you think the size of the investment made was? And at what valuation? Revenues are estimated between $80-100mm. Consulting tends to be a pretty high margin business. Seems like it's a pretty high growth company so I wonder the P/E ratio they paid and how much of the business they acquired.
Offshore accounts for around 15% of total output. That accounts for 14.4mm BOE/day that the 97mm that the IEA says is currently being produced (2016 demand sits at 96mm boe/d). So the "glut" is roughly 1mm boe/day. How much would the price go up if you took 14.4mm barrels/d production out of the world market? $500 per barrel? Me thinks you do not know what you're talking about.