RE:RE:Director election votesMichael Salamon is a Birch Hill partner, but Neil McCarron looks like an infant-bro with a Western University degree.
I kind of get the nepotism and vested interests critique: TWM has the feel of a Russian nesting doll where inside of each transaction is an arm's length deal or a privately held asset of a TWM employee. Just look at the mind boggling black magic going on with HOCL, staffed by a lot of former TWM employees (began life as Predator Blockchain), which has now sold off all of its producing assets but is still trading, holding on to an intra-basin crude oil pipeline? Surreal, bizzarre stuff, and I'm trying not to read too much into TWM from that insanity.
...I was excited about TWM at $1.30 buying the old Blaze Brazeau River facility and optimizing and integrating it. Building a field frac, connecting it to a power plant, relocating a turbo expander: this was the kind of stuff I dreamed of doing as an outsider and they were doing it.
But the company now, in 2019 and 2020, buying a remote refinery, losing their shirt on crude hedges, no closer to being integrated than they were two years ago and being eaten alive by expensive debt, it's hard to get excited about. When Pioneer closes they'll still be over leveraged in context of asset and counter party quality and I'm sure itching to spend more money on the next transaction.