RE:RE:GTE up 85% since the low of Jan 18th. while i'm happy to see north of $12 let's just remember that the disasterous 10:1 share consolidation took place barely a year ago. In the months leading up to this event i have trades booked around $2.30 meaning $22+ after consolidation. Just as things were going positive ie blockades lifted, out of money hedges ended (forced on them by bankers as a result of 5 years of churning by this terrible management team with little to show except a staggering $700 mill debt) . The shares crashed even with oil prices holding their own. If you go back even furthur , this stock was worth $7+...PRE CONSOLIDATION ..who remembers the SCHAK kept talking about GTE's fabulous assets as it crashed to 40 cents with THE SAME MANAGEMENT TEAM IN-PLACE TODAY???
So why do i own GTE.??.its nothing but a trade-back then, and even now as i got caught holding ..WHY?? worst management team ever-sale of PETROTAL at a terrible price, no dividend, still no detailed plan for return of capital to shareholders and more lately, yet another $100 million borrowed at 9.5% and what about commenting on an improved tax regime like PAREX did???
All boats are rising with the oil tide-maybe someone will make a run at GTE but otherwise history dictates that this company will continue to underperform with this management team...dwdc