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With the proxy fight for control of SandRidge Energy's (SD) Board gaining momentum, many investors may be asking: will this development help unlock, one way or another, the "hidden" value in the stock and lead to a significant price appreciation within a relatively short period of time? This certainly seems to be the bet made by the activist shareholder, TPG-Axon Capital, who has built a sizeable (6.7%) position in the stock and launched a proxy solicitation to change the company's by-laws and replace the Board.

A positive answer to this question, however, would hinge on the premise that the "hidden" value actually exists. TPG-Axon is very affirmative on the issue, stating in the first (November 8) of...

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