Fact : Every financial panic since 1877 has been preceded by 8 years of Republican control of Congress and the White House. Don't know where the Republicans got the idea that they do a good job managing the economy, because facts tell a different story. The question to ask is whether the economy and the country is better off now vs when Obama took office. And the answer is the country is much better off now than when Obama took office. The last Republican President and Congress left the country in a total mess that Obama has spent the last 7 years cleaning up.
To be kind, I will say that I believe you are mistaken. RDS oil fields were under Japanese control during WW2 and didn't return to production until late 1948. RDS did not pay any dividends between 1942 and 1948. That's the historical record.
Obama haters just love to drag him into everything. Obama has nothing to do with the gross incompetence and mismanagement of Linn Energy. Can't wait for Hillary to get elected, what a field day the Hillary haters will have with that.
Linn's grab for the cash ($900 million on credit facility) almost certainly guarantees a BK when credit redetermination season comes around in the spring. That's why they grabbed the cash now, to cover expenses associated with BK and pay out bonuses to Executives on their way out the door. Linn's assets are worth a lot less than their value on the books making Linn worth less than its outstanding debt. Equity holders will get nothing, Debt holders will get a percentage of what they hold. Maybe $0.30 on the dollar.
I knew some idiot would come out and blame Obama for this. Don't you think Mark Ellis might have some responsibility ?
A man jumps off a building. As he passes the 5th floor on his way down he could be heard commenting, "So far, so good".
Problem is that nobody would want Linn's assets, or not for anywhere near true value. Remember when housing collapsed in 2009, banks foreclosed on houses but didn't sell them. They waited years before unloading these houses. Without debt payments, Linn is profitable to run. When oil prices recover, so will the value of what Linn owns. Debt holders are better off waiting it out.
Linn will file Chapter 11, which will allow it to continue operating while negotiating with their creditors. Bond holders will probably get something like $0.30 on the dollar, equity holders will get $0.00. The bondholders will then be running the company. Sometime in the future the bondholders will go public with this company, issue new stock and try to recoup their loss. Similar to what happened with General Motors in 2009.
He doesn't have to show his face. Who do you think live behind those gates in "Gated Communities" ?
What makes you think RDS management will have a choice ? Those decisions are made by their creditors/bond holders. They are worst than the #$%$'s.
For anyone still owning LINE or LNCO shares, there is a posture you need to adopt. From a standing position, bend over and grab your ankles, LINE management is about ready to "service" you. The $900 million they just grabbed off their credit line should just about cover the bonus' for executives at Linn Energy as they exit the premises.
COP reaffirmed its dividend 2 weeks before they cut it. RDS is no different. They will continually reaffirm their dividend, right up to when they cut it. No company can lose money and pay $18 billion a year in dividends for very long..
Who cares. Iowa is not an indicator of how the nation will vote. Its a state of conservative, evangelical, ethanol sucking farmers. Less than 4% of Iowa voters attend caucus. The whole thing is a joke.