Market Had Lost Confidence in Saxberg and BoardThe primary reason as to why the multiples on this company has gotten worse as oil price rebounded is loss of confidence in management and board that ran up debt (over $4 billion), crashed the share price due to ill-timed dilutive issuances, and paid themselves almost $100 million in the past five years. Consider this: if oil price declines even moderately (which is very likely) and there is no change to the CPG management and board, what do we think would happen to the share price? It would likely resume its long-term trend of lower lows.