With the latest lawsuit involving a supposed severance package to Adkerson for $46 million, you have to wonder what kind of severance packages have they granted themselves if they're removed from the board and management at the next shareholders meeting. You'd be better off throwing your money away in Vegas than investing in this group, at least there are rules and you have some chance of making some bucks.
Shareholder suing because Adkerson picked up 35 million dollars in stock on the mmr plains deal by agreeing not to pursue a $46 million severance payout. Can you guess which shell the bean is under this time? All these lawsuits only hurt FCX shareholders further. How about some personal accountability. Why isn't there recourse against those that personally caused this and personally profited? The MMR bailout unjustly enriched mmr shareholders, and all paid for by FCX shareholders. Now with this latest lawsuit that again involves board and management actions against shareholders, who can you trust in this organization? If they're not all voted out at the next shareholder's meeting, it'll be more shocking than the acts that have been forced on the shareholders in the first place. Perhaps if a new team were injected, they could begin the process of pursuing assets from anyone that was involved in any wrongful activities.
Thank you Jim Bob and your band of related parties, the financial damage to FCX shareholders is almost impossible to calculate, but it's surely in the billions and growing. Your use of shareholders funds to play your fun and games on your related party transaction that you crammed down everyone's throat as if it was your personal money was unbelievable. Your timing couldn't have been worse. The $100 million insurance settlement offer shouldn't be accepted, it's only a fraction of the damages that shareholders incurred because of what JB Moffett orchestrated. It's all on Moffett and his buds, and why shareholders have not banded together to pursue all legal right and remedies afforded under applicable laws against this board personally is beyond me.
I think your right, at this point, whatever the liquidation value is, is what it's worth, less the cost of liquidating. Who would have thought the shareholder unapproved purchase/bailout of MMR would ultimately bring this company to its knees. I would think there has to be some personal liability here, $100 million from the insurance company is a joke. I want to see some personal recourse.
This is a disgrace and a terrible outcome for fcx shareholders. Moffet and crew actually think $100 million will cover the damage done to fcx shareholders, that's laughable. They should be held personally responsible and their personal financial holdings should be on the table here, and $100 million is only a fraction of the losses sustained due to their actions.
It's what I said weeks ago, investors don't like the shenanigans the board pulled with MMR, along with the crushing debt they've taken on, not to mention oil going to $40, and a track record of being the number one ultra deep dry hole drilling company. When a company has this many failures, and trust in management is all but gone now for their past behaviors, the company is only worth the book value. Put it for sale, probably won't bring $20/share.
The downward march continues, fcx headed for $24 and beyond. JB's plan, if he ever had one, is failing miserably. Maybe it's time for some big bonuses for all the management non performers. Is it time to remove the board yet so a new team can replace all these related parties that put shareholders into this trap?
Going to be a nasty year for flu since the vaccine makers didn't get the type right, more virulent and deadly unfortunately. Maybe time for one more fast track, just fast track everything and get on with it.
Management credibility crashing
They are getting what they deserved for the mmr bailout. KARMA is a bich. I would consider investing if management and the board is relieved of duty.
When there's a new captain at the helm, period. You've disgraced the name of Davey Jones and Blackbeard, and you took us into uncharted waters, throw him in the brig, AYE, it's time for a new captain.
The bailout cost shareholders $10 per share, that's the amount is dropped a nano second after the announcement. And who pays, the money should come from those that wrongly profited, or management that thought they could get away with this.
The money should be coming from the management team that put this flaming pile of dung together with MMR and avoided shareholder approval.
Idiotic post, moffet and crew are 100% responsible. MMR shareholders received a windfall for no reason other than the self serving motives of management. Why else would they be paying out anything?
Not near enough, this is only a fraction of the losses sustained by FCX shareholders for the MMR bailout. The number should be in the billions, and if all the facts were known, I wouldn't be surprised if someone wasn't facing criminal charges. So now management is acknowledging they hosed the FCX shareholders, these guys are the worst in my opinion. What other shenanigans exist out there that are unknown? They've ruined this company pure and simple.
plenty of dark days ahead, the oil war will continue for at least another 6 months or more. Read the headlines, "billions wiped off energy shares as investors rush for exit." That's not the worst of it for fcx, billions in debt and dry holes, gold getting crushed, this thing is years from having any hope if ever.