This is a vote for entrenchment of Maccormack Make no mistake. Pinsent and the new Board appointees are all on the Enterprise Board. Enterprise has been on a buying spree as of late and I shorted the stock at 65 cents and covered at 55 cents.
Enterprise did the right thing and raised money at 52 week highs, thats what savvy management does. The heavy selling the last two months were Rutherford and Wirsta exiting teir positions. RR played a key role in generating new contracts via his deep connections but he was useless in running the Drill Division. The key person is Marcel Claveau. Maccormack was a fool to ship him out to Russia for a 6 month 500 K consulting contract.Even if they made 400 K on that, without him at the helm they lsot money on the last two drill rigs. Thisi s fdurther proof that Maccormack has to be ousted.
He has focused the Company on manufacturing and not used the cash for buy backs ( as promised ), not increased IR ( another broken promise) or not used cash for accretive acquisitions or gotten into any of the higher margin oilfield service segments. In essence he has been a total failure and has had along enough tenure at the top job to have gotten results.
THe share price now is one half of the 83 cent bid Do All proposed last year. This is shameful. He urged shareholders to reject that bid, promised us the moon and delivered us space dust. He should be run out of Dodge because hes an arrogant delusional megalomaniac and a bone faced liar. This vote is for ENTRENCHMENT. He knows that RR and GW shares were let go at distressed prices and maybe the next take over is at 60 cents!!!!!!!
In my opinion the ousting of Maccormack alone would cause me to add shares up t o 65 cents IF AND ONLY IF the only credible person becomes CEO, the only one who demonstrably performed well , and that is MARCEL CLAVEAU.
I urge all shareholders to REJECT the entire SLATE of Board candidates as an expression of mutiny for this a## whole of a CEO and the newer slate of organ grinder's monkeys he is offerring up.