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SandRidge Energy (SD) is striking back against TPG-Axon’s push to replace the...

  • Friday, December 28, 2012, 5:21 PM ET
    SandRidge Energy (SD) is striking back against TPG-Axon’s push to replace the company’s board and amend its bylaws, urging shareholders to reject the proposal and describing the hedge fund as an “opportunistic investor with short-term interests” whose slate of nominees is not familiar with SD’s operations or the oil and gas sector. TPG says it's just looking out for the shareholders.
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This news story has 28 comments:

  •  
    Yeah Tom Ward. You and your son is ripping us off. Your track record says it all. You ran a hedge fund being CEO. Your son starts a business and sell it to SD and profit from it. ALl illegally. Good luck. My 70K votes to TPG.
    28 Dec 2012, 05:26 PM Reply Like
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    If it were illegal he'd being in jail, no? Low information Obama supporters sell before it is too late.
    28 Dec 2012, 06:29 PM Reply Like
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    Look at YHOO. How much it is improved now after the Dan Leob from another hedge fund ousted CEO and changed few board members.
    28 Dec 2012, 05:27 PM Reply Like
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    Where's the rebuttal to TPG's charges? Not a word! Time to boot the BOD and Tom Ward.
    28 Dec 2012, 05:31 PM Reply Like
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    All you need to know about Tom Ward is WCT. That stands for Ward Children's Trust....find out how Tom's kids are making millions off of Sandridge Shareholders. I think the man is a complete scam artist, my vote is going to TPG.
    28 Dec 2012, 05:43 PM Reply Like
  •  
    Show your proof!
    28 Dec 2012, 06:30 PM Reply Like
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    Pack your bags Tom - Also, prepare to give back some of your gross compensation.
    28 Dec 2012, 05:51 PM Reply Like
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    Gotta love the SD response; translation from Tom Ward "I need to bleed a few more 100 million out of the company while SD underperforms ALL related energy companies".

    Sorry Tom, my 50,000 shares are voting with TPG and hope the entire board is eventually replaced.
    28 Dec 2012, 07:13 PM Reply Like
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    Whether or not it is illegal is for someone else to decide. But certainly the actions taken by the company that personally have benefitted the CEO and his family are simply out of line for a public company.

    You can do those things if you own the firm. Once you ask investors for money to grow the business, then you have to live by a seperate set of rules.

    In addition, the last acquisition is highly questionable and there is very little reason to have the board back the CEO - aside from the fact they are his hand-picked buddies.
    28 Dec 2012, 07:24 PM Reply Like
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    I may not have 50K or 70K shares, but what I do have will be voting with TPG.
    28 Dec 2012, 07:30 PM Reply Like
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    I have my doubts as to the accusations against Tom Ward by a few green-eyed posters. I suspect TPG benefits most from this kind of chatter.

    I do not recall any complaints against Mr. Ward or the board until quite recently. I suppose I am more suspicious of you and your motives than Mr. Ward.
    28 Dec 2012, 07:39 PM Reply Like
  •  
    Marine,
    I'm not green anything. I own other resource companies - ARP, APL, ATLS, XTEX, etc.

    But it take only a short time doing research to realize that this company is being used as his personal business - nothing wrong if its his own 100% owned private company - but its not his company any more. No public company should be signing leases with a trust set up to benefit the CEO's kid. Period - and given that these leases appear to be signed just weeks or months after the trust acquires the acreage one has to ask why the company itself isn't just acquiring the leases on its own.

    Not too mention that the stock is down about 80% since the IPO?

    Enjoy your weekend.
    28 Dec 2012, 07:49 PM Reply Like
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    Not sure it would be a step in the right direction to accept the recommendations of a former Goldman Sachs Partner (TPG-Axon CEO) given Goldman's sterling record of looking out for their clients during the past decade or two. Guess the plan is to come in and cook SD's books like Goldman did for Greece and palm the Company off to some trusting buyer like the EU.
    28 Dec 2012, 09:27 PM Reply Like
  •  
    SD has too much debt and has not made the right moves in the last few years. The purchase of off shore assets which they are not familiar with and then the Permian asset sales makes no sense. Ward and McClendon appear to have the same mindset in what's good for their companies is what's good for them, rather than what is good for shareholders.
    29 Dec 2012, 10:27 AM Reply Like
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    Forgive me, but when the basis of your position is " trust the hedge fund guys, they are looking out for the small, independant investor", I respectfully disagree. Considering acquisition and development costs removed from profits gained in the MLP spinoffs and cash collected in actual sales of the assets, the company made money, a lot of money in these transactions. correct? Off shore drilling is starting up again, and the off shore assets were purchased " on the cheap", much like the recently sold tracts of land were years ago. The balance sheet is stronger, oil is at $90 and Nat gas prices are rising. Perfect, no. Trending in a good direction, yes.. I'm in the black at $5/ share, so color me happy with urgent management. Hedge funds sniff around when things are cheap. I find their interest in SD a good thing. A $15/share price would be a better thing. I have time, and patience.
    29 Dec 2012, 06:50 AM Reply Like
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    commMarine...you my friend have done zero research on SD and TPG-Axon. I will not spend too much time educating you. Just to inform you to check the facts. Call SD investor relations and see how far you get. They have set up a wall against shareholders since TPG has exposed the scam. Google WCT Ward Family Trust. Google Trent Ward (Tom's Son). Do some digging. We are not here to spoon feed you. You say..."show your proof!" I am not the prosecutor in OK City.
    29 Dec 2012, 08:07 AM Reply Like
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    I am neither a prosecutor nor a crime victim.

    I have done much research on SD and do not subscribe to the belief that Tom Ward has done anything wrong. I may be right or I may be proven wrong, but as of now, I shall watch, wait and see without accusation.

    Now take back this spoon. And have a blessed day!
    30 Dec 2012, 11:33 AM Reply Like
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    Do you believe the shareholders or Tom Ward benefited when the BOD paid Tom Ward $6.7 million to end his well participation in natural gas wells at the very time when SD was short on cash and shifting from natural gas to oil because the company couldn't survive as a natural gas company? $150 million in compensation while leading a company whose share price fell from $66 to $5.
    31 Dec 2012, 12:00 PM Reply Like
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    Look at the compensation for management and the BOD plus the special deals the BOD presumably approved---it's an unbelievable rip-off of the stock and unit holders. Tom Ward has used the entities as his personal "piggybank".

    BOD members paid nearly $400K per year for how much of their time and wisdom? They spend more time approving outrageous Tom Ward deals than anything. And, I'll bet voting against is not a good thing for BOD tenure
    29 Dec 2012, 11:19 AM Reply Like
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    Paying BOD 400,000 a year is a conflict of interest in an board members fiduciary repsonsibility.
    31 Dec 2012, 09:24 AM Reply Like
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    the request from from management for stockholders to vote to keep them is simply hilarious. let's look at the stock price and see just what a great job ward and his cronies have done for the shareholders. compare this with other energy companies. tom ward is a genius?

    yes, there are all sorts of side deals that benefit those who should be focused on shareholder because that's what they're taking shareholder money to do.

    mr. ward is on a collision course with karma. he may fool the feeble minded, but they are few. people are simply sick of shady management.
    29 Dec 2012, 02:50 PM Reply Like
  •  
    As a shareholder with 30K shares of SD, I find the Board's actions troubling, while the CEO's actions border on the outrageous. Good for TPG - I'm casting my vote with them. But big deal, cuz here's the bottom line: 75% of SD shares are owned by institutions. In fact, the top 25 investors own 319M of the 490M outstanding shares. Two institutions own over 100M between them. That could be bad news for the incumbent board, as it would mean that the majority of the shares are in the hands of a relatively concentrated group. On the other hand, maybe most of the institutions in this group love Tom Ward. This is where the battle will be fought. Would love to know what these 25 investors are thinking and who's been whispering/shouting in their ears.
    30 Dec 2012, 05:24 AM Reply Like
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    Of course he's a scam artist, the best from what I see. He and his entire family are pocketing the money that should be going to the shareholders, and to the company. When he rips off the last possible nickel then he and his buddies on the BOD will retire in comfort and luxury while the shareholders who invested in SD are left holding the empty bag and begging to pay the mortgage. I certainly would not take any advice from Tom Ward, He has enough of my money, does he care, of course not, he's laughing all the way to the back.
    30 Dec 2012, 05:24 AM Reply Like
  •  
    "Money to the shareholders?" SD does not pay a dividend. You are just chock full of emotions.

    Coach Bill Parcells had this quote I find reflective of SD: " You are what your record says you are." SD is a six dollar stock, nothing more nothing less.
    30 Dec 2012, 11:43 AM Reply Like
  •  
    money to shareholders doesn't necessarily mean dividends. it also means enhanced share value - which doesn't take place if management is siphoning deals off the top. i'll take increased real book value any day (over nothing), because the market will ultimately recognize this at some point. ... which is harder to arrive at if the ceo is running deals to increase family fortunes through the company.

    one only needs to look at the share value of SD over time to realize this ceo isn't the slightest bit concerned for the shareholders. i've only got a couple of thousand shares, but you bet you bottom cent i'm voting to get rid of current bod/management. and i think SD used to be more than a 6 dollar stock. how do you think it came to be a 6 dollar stock?
    30 Dec 2012, 05:46 PM Reply Like
  •  
    Tell me anything Tom retard has done to enhance shareholder value. He has highest salary among all oil companies. Anything else do you want to hear. His kids who are not affiliated to the company uses company jets for personal use. Anything else Mr. CommMarine.
    31 Dec 2012, 12:06 AM Reply Like
  •  
    My several thousand shares will be voting with TPG . The airplanes were the "straws' that broke the camels back . A FIDUCIARY relationship , Tom , is a very important thing . Perhaps you should have learned it from observing Aubrey's actions over at CHK !!!
    30 Dec 2012, 05:26 AM Reply Like
  •  
    the shares wouldnt be 6.20 if TOM, was looking out for share holders, they are up there making themselves loans ripping of investors, they should be put in jail, new mamagent needed, ASAP
    30 Dec 2012, 05:26 AM Reply Like
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