Rooster Energy PRBEQ

Departure of the CEO and the CFO

[Olive777oil]

The departure of those two most important leaders of this company is reassuring at all.

[Olive777oil]

* is not reassuring

[Burnerman]

I personally don't think this is a negative thing. I read the report and I agree with Mr Morrison that it was time for change. Those two for the last 18 months have had a chance to turn the company around and basically just about buried the company. They were not responsive to shareholders requests and not forthcoming with keeping the shareholders abreast of what is going on in the company

[Olive777oil]

The results are out now. And after having read them I really understand why the CEO and the CFO are running away at the same time.

[Burnerman]

You are right. Certainly not the best results. That being said they did manage to pick up 21.5 million EBITDA for fiscal year 2016. I guess we wait  until the end of august for 2nd quarter results. Hopefully sooner with financing arrangements.   

[Olive777oil]

In despite of their huge salaries and bonus, they are both leaving the company as soon as possible. As being said now I am having all the parts of the puzzle.

[BrokeNewbie]

So the majority of the 22m decom comtract will be seen on the 2017 q1 result?

[Burnerman]

It's highly possible that the board has acknowledged the fact that Nushler and Murphy have done nothing for the company but collect a pay check.  It's time for new blood to try to turn this company around. Mr Morrison seems to think so. Time will tell. Us shareholders will have to be a little more patient.  

[snootchybootchy]

Well, I don't see how the new management can do any worse.  This may be a "kitchen sink" type financial report so that future reports will show big improvements and make the new management look like heroes in comparison.  I hope this is the case.

[Burnerman]

It also might be that a financing deal is close and one of the stipulations that the bondholders are requesting is that the board chooses new upper management. With no documentation to back that up it's just a theory. Let's hope new management can make this a successs story.        GLTA

[Olive777oil]

Have you noticed that this time in "the going concern" they added few scary words: they are talking about a possible filing a VOLUNTARY PETITON for relief under Chapter 11 of the U.S. ... Many months ago, they hired a consulting firm to help them out but without success. I don't think that the CEO and the CFO were kicked out by the other members of the BOD. In the press release it is

[Burnerman]

They have used threatening tones in past releases. Do they legally have to say that or is it there for them to cover their butt in case of a lawsuit?  I haven't quite figured out why they have had to say it on nearly every release in the last year. I think Mr Morrison's statement has more merit. In one of the recent releases he states " I can assure all of our stakeholders, our