RE:James PasiekaThis rumour was drummed up by the BNN reporters b/c they saw a link between the two companies. My guess is it's meaningless and likely has no legs.
You can't be lead director and Chairman of a company because if there is ever a conflict of interest with the Chairman, the lead director takes the governing role. In this case, Paul stepped aside as Chairman because he is President and CEO. Corporate governance practises these days frown upon that dual role (Chairman and CEO). In particular, proxy voting firms would give a negative score to a company with a Chairman who is also in the President's role. This could impact what institutions can invest in said company. James took over as Chairman, therefore he could no longer be lead director. Paul can't be lead director because it isn't good corporate governance practise. That's it. James being director of Legacy and Chairman of Surge could lead to a conflict in the future but the changes on Surges board likely have nothing to do with a deal.
It would have to be a merger of equals and that doesn't benefit either company. If LEG had a clean balance sheet it would benefit SGY. But both will have leverage problems under sustained low oil. My opinion would be not to give much weight to this deal. It was a corporate governance move.