Heck, Kozlowski and Swartz were the damn company at Tyco, the board, and the question of "authorization", shouldn't have meant a thing, they would have signed off on anything those two wanted. But, it was a public company, and the extravagance offended the poor schlubs on the jury.
By the way, the only thing I could find on Gaggle for that name was . . . a funeral notice in 2007, Nashville. Nah . . .
Shoot, you're right, I forgot they were on an offset year. So, yeah, the disclosure criticism is weak, and I redact my incompetence accusation . . . for this one. Still reeks to high heaven.
It seems to me there are three options:
1. Say nothing, flat out ignore it.
2. Dismiss it briefly with dignified scorn.
3. Rebut the letter point by point.
I'm thinking a mix between 2 and 3. I'm also betting they mess it up somehow.
Wow. Well, two things. First, the late reporting is just another example of the incompetence of management., obviously it should have been in the September filing. And, the dissidents should have mentioned it was eventually disclosed, just a quarter late. Bad on both of them.
And needless to say, the transaction . . . reeks.
I spent a winter in Midland some decades back, and this big winter blast moved in, dropped a good foot of snow. I was used to northern Idaho winters, which were pretty fierce before global warming, so I had to laugh at all the cars stuck in the median on the freeway to Odessa. Two days later it was 80 degrees, and aside from the streets and golf courses flooding (no drains in the desert) it was just, poof, gone.
I don't see what effect a vote would have, the shares that were shorted are still owned by someone else, sitting in a brokerage account somewhere. Why would anything change?
"Okay so come out with the hitjob on $LINE already. Same pattern. Guys getting short. They know there's a negative call coming. So unfair"
Negative call? What's that mean? Not an earnings call, that's two months away. Does he mean someone like Kaiser's butt buddies at Oppenheimer are going to say something bad, again? That kind of naysaying seems to have run its course, in terms of impact.
The price took quite a tumble, over a buck, but for the last couple hours it's steadied up and held. That couldn't be what these supposed big boys had in mind if they were attacking the company like Crammer said. It's going to be difficult to maintain when the units are paying almost $3.00 and there are no material issues going forward.
Yeah, well, that much is true. Given how much stock is in the hands of insiders, this will no doubt be a bruiser, assuming it gets any traction at all. There's not much room for compromise when the dissidents come right out of the gate calling management incompetent crooks! They're not going to be bought off with a couple board positions.
Greed and arrogance are tempered by an independent board. I for one would love to see a "normal" oil and gas management team in place, rather than the glitter twins. Since when is a CFO paid like that? That alone is absurd.
I've only been in this a short while, a function of it being so cheap. I read the negative articles and such and shrugged them off, because I didn't really care, I'm only here for a trade, not an investment. But just in this short time I must say I've seldom seen such a mess at the top, particularly the famously naive and foolish DV speak. If even a fraction of the accusations of nepotism and personal expenditures are correct, they deserve more than being fired, they deserve jail time.
Naturally the SEC is off issuing parking tickets someplace, but if there's some heat in the press, you might see them sniffing around. Unfortunately that's not going to help the stock price in the near term, or the prospects of getting financing.
It's not a lawsuit and it's not a joke, the people involved are serious. Of course, it would help if you could actually access the link they provided to the proxy site.
Well, yes and no. If it was to succeed, and relatively quickly, it could dramatically alter the landscape. With professional managers who possess credibility in the energy industry, financing would be a cakewalk, and activity could accelerate. If it ends up being a long and pointless #$%$ match, then no, obviously that would do nothing but damage the company at a time when it's trying to negotiate with lenders. The timing of this attack could not be worse in that respect.
I was surprised to see they plan on closing this today, because if the additional LINE units are issued in 2013, that means under the regime (apparently) imposed by the SEC, LINE will have to disclose coverage accounting for the BRY dilution without accounting in any way for the accompanying income. There is a better way of course, use weighted average units outstanding, but I'm not aware of any MLP that accounts for offering/acquisition cycles in that fashion in their press releases (they only place this matters).