The departure of Ed Cohen from day-to-day affairs is a blessing. Putting a seasoned guy like Schumacher in charge of day-to-day operations is important, and frankly, about 2 years too late! Losing Matt Jones is, well, addition by subtraction! He was nothing more than a sycophant collecting a paycheck and telling Cohen what he wanted hear.
Cohen is, put simply, a blind optimist. He also has the uncanny ability of disappearing as soon as he screws something up, which he is quite good at. Perhaps now that he has his new shiny play-toy
Is it marklibera that once said, Cohen has the ability to take something good and turn it into something not quite as good? I think it was. A golden quote.
Now, I will say that ARP has some attractive properties. The Barnett acreage is actually quite good. The CBM production, which they overpaid for, is essentially immune to NGL exposure (for obvious reasons) and provides a "ballast" of low-decline properties to help dampen their overly active drilling program.
If, and it is a big if, ARP can get back to a 10% yield, and if they can manage to make quality acquisitions (stick with natural gas while it is low and out of favor) they can survive and perhaps even grow again.
Hopefully they will learn to hedge rather than try to "time" the market, as Ed did with Rangely. He really needs to retire completely, but then I guess he wouldn't be able to find jobs for his progeny...