RE: NEWS - Sale of Chinese OpsOf course there are thoughts, here are some of them:
1. Yes it probably needed to go. But what they never address, is what got them in this business in the first place, what was there thinking, as THEY were the management who did this, not somebody else. When you make a managment decision to do something, you should be accountable to explain why. When you then sell, what you got into, and it seems good because it keeps you alive, even though I am sure it was a losing proposition overall it is truly twisted logic. You see folks, usually companies change managements, and new guys come in and clean house. In this case, it is the same guys appearing to attempt to clean up a mess they created. Do I have this right, or am I missing something.
2. What next? Who knows. It appears to take these guys a fair long while to sort out problems. At this rate, will they just spend whatever little they recoup as they are selling. In other words, once again, a glorified employment agency.
3. Who actually supports this crew? It puzzles me. Certainly they support themselves, that seems fairly clear.
Record markets, and over a few months, we have the sale of a few drilling rigs. This is just too funny. I hope something else is going on. But I do have my doubts, do any of you?