I have been steaming for the past couple of days after seeing that nonsense. You are absolutely correct. There seems to have been no consequences for bad management moves at all, either for the disastrous purchase of Magnus Pacific or for the inappropriate/fraudulent announcements of future revenues and profits. Where are the major shareholders?
Orion Marine beat earnings estimates and that news must be helping GLDD. There is a larger than normal short position in the stock that might be coming down with the ORN news, putting additional upward pressure on the price.
Good luck, all.
No officers, directors or anyone else for that matter seems interested in picking up shares at these low prices. That does not give me confidence in the stock price recovering any time soon. At least they are not selling. I hope some of the reason for the nonstop downward movement of the stock price can be attributed to tax loss selling and that there might be some relief in the next week or two.
I wonder what the review by the bankers will churn up. Goos luck, all.
Sorry, ceedan, I meant to give you a thumbs up, but fat fingers and tiny type on my IPad resulted in a thumbs down. Yes, this guy couldn't just do the job he was hired to do and manage a dredging company. Wasn't sexy enough I guess.
From a 10-31-15 13G filing, Boston Partners increased their holdings to over 10%. Their last filing, dated 12-31-14, showed them owning 6.83%. That is an increase of ~48%. The analyst from the firm, Richard Shuster, really held management's feet to the fire on the conference call before this most recent one. I wonder if he was not invited to this most recent event because they did not want to deal with him. Most of the analysts on these calls are too easy on the managers, but you should listen to this guy, and I mean listen to the call to appreciate the tone of the questions and answers. He was great. At least this is some type of positive news. I just wish they would reclassify their holdings from a 13G to a 13D.
Good luck, all.
Sorry, ceedan, I meant to hit a thumbs up and hit a thumbs down instead. It is cumbersome with the tiny print on my IPad.
Tanking on heavy volume, what did these guys do? Is it the lawsuit today for fraud? The thing that ticks me off is that someone knows something and they are trading on the information, but we are left in the dark because our inept management will only elaborate until earnings are released. Maybe they don't even know.
Good luck, everybody.
It is strange that the CEO announced his retirement in 2017. I wonder if he is hanging on to reap the rewards of some benefit package. Why wasn't he fired or forced into an early retirement. No one is fired or shamed in any way to take responsibility for these disastrous business decisions, but if the business makes money, everyone seems to get bonuses, raises, increases in stock options, etc.
I can't help but wonder where the price will settle after the next couple of days. It would be interesting to hear what some of the analysts have to say, although they are probably as much in the dark as we are. What a kick in the head.
Crain's Chicago Business wrote an article entitled, "How Great Lakes Dredge mucked it all up" dated April 13, 2013. They should dust it off, change a few words and reprint the story, except add "again" at the end of the title.
I wrote this months ago, when you are dealing with something called environmental and remediation you are talking about toxic waste and lawsuits. More people on the board of directors should resign, not only for allowing the company to recklessly stray from their main business, again (they should have learned from their disastrous foray into demolition), but for not jumping on Berger for stating that there would be over $100 million in EBITDA in the last two quarters; what nincompoops.
Just saw the first, of what will be many, law firm announce an investigation into the company. I don't get how a company is punished and not the officer(s) for screw-ups.
Don't hire another accountant or money man to run the company, get a person that has been in the dredging business and wants to run a dredging company. I should have bailed when Berger bought Magnus.
The Chairman of the Board of Directors, Leight, resigned and the CEO, Berger, announced his retirement in early 2016 or earlier if the Board wishes. The both of them should have been fired.
I don't think they are putting the company up for sale. It has to be the environmental business. The moron running the company did not learn a thing from the disastrous experience with the demolition business. The dredging business must not have been prestigious or sexy enough for him. Geez, the business has entered its sweet spot and these guys have squandered time, money and resources chasing a completely unrelated line of work. Of course, the people responsible for the falling stock price and mismanagement of the company these past few years will leave with generous stock option and bonus pay packages.
When the company announced that they were exiting the demolition business the stock price rose. Maybe the same will happen on Monday when analysts know that we are exiting a problem business and will redirect attention and possible money from the sale of the E&R business into the dredging business.
I saw that it disappeared. They have done that to me in the past.
Yes, the gulf spill money should start flowing now that everything has been signed.
It has finally pushed below $5. There has been pressure to go down for the past several days, let's see where it ends the day. Below $5, the stock cannot be used as collateral for margin and some mutual funds cannot buy it. On top of that, some people might be eyeing it to harvest tax losses.
I still like it. They have been winning bids like crazy in there traditional business. I have no idea what is going on with the environmental and remediation part. The E&R subsidiary is supposed to be profitable this quarter. I wish they would exit that business. As another poster stated, the volume has been lousy lately and the market is not helping.
Good luck, all.