RE:RE:dec 20th...annom seller holding ESN backI worked on a sell-side trading desk for a number of years, sad to say but a majority of financial advisors are little more than used car salemen. ESN has in 3 years gone from 65M debt to net debt free, upward sloping oil price...you dont have to be a Rhodes scholar to flip the switch and become a buyer at .70x book value. This guy probably loaded up over 2 and just wants the pain to end, tired of the angry client calls.
Webster likely was not in favor of the divestiture and became a casualty. Only 2 biz lines, maybe they feel no need to replace.
As we said at under .60, this annom sell is an amatuer, lazy advisor who if he had his clients best interest in mind would pick up the phone to his trading desk and trade a block...it's that simple.