strelioff wrote: So Belcher is or was a VP of Finance at Poseidon? Yes
or has he just recently exited the company "Dave Belcher has left the building"? If he recently left, are you happy about his departure? I would be happier if I knew he is not on contract via the incestuous special committee
What does this signal to you? His departure can be construed as
1. Holy S*&* I better jump ship before the ships sinks
2. I was fired
3. I resigned because First Reserve and Schlumberger no longer sit on the board.
4. I make way more consulting for them
Does this give you a clue as to whether you think there is a corporate raider involved at PSN? Here is my clue as to why I think there is a corporate Raider
The hour Mr. Mckee who works for First Reserve & Schlumberger via Saxon was hired to the board of directors …… everyone knew who was kicking their tires.
The hour he resigned I wondered who was bigger than Saxon's owners. No one says their own website……
Schlumberger Ltd, the world's largest oilfield services provider, First Reserve Corporation, the largest oilfield private equity organizations
https://www.saxonservices.com/Who-We-Are.html
Does Belcher's departure cause you to increase or decrease your probability of 25% bankruptcy chance for PSN? It should but I already included it in my model.
Any ideas as to who will be named to the Board of Directors at this point?
If they are filled by nobody…. expect First Reserve wants to buy this out of bankruptcy.
If they are filled with unknowns with pro corporate governance…..I would be pleased but insiders would not be.
If they are filled by regulars….. expect same old same old incest buyout.
If they are filled with patent trolls ……expect royalty stream
Expect mean as only the nasty of nasty could get Nabors Industries, Schlumberger, and First Reserve Corporation out the door in less than 30 days while Sprott thinks the only place left to hide is to formulate a stupid special committee which is never shareholder friendly but a great safe place for insider protection…..when you need it.
Think there are some pretty stat smart people here who could run the numbers on the Probability of Colluding on price amongst competitors or RICO laws which carry treble damages..... and comprehend why I think corporate raider and 25% wallpaper.
Thank you again to Retguy for making us laugh out loud.