SandRidge Energy (SD) reaches an agreement with TPG-Axon: Four of the hedge fund's nominees...

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Chris DeMuth Jr. Comments (1798)
 
Excellent. Congratulations, Dinakar Singh and your team at TPG-Axon. Well deserved. What a relief to have your people on our board. While I would have preferred a victory in the proxy vote, this will have the same result in the end.
13 Mar, 04:28 PM Reply Like

TFCAB Comments (1187)
 
I agree; a thorough review by a 3rd party should make things abundantly clear about the shoddy governance, excessive compensation, and inside dealing. Disappointed that we'll have to wait but it will be worth it in the end.
13 Mar, 04:31 PM Reply Like

Chris DeMuth Jr. Comments (1798)
 
Here is who will control SD's fate: http://bloom.bg/Z0n3GB

This is about as far from Tom Ward as one could get. Not a time to gloat; a time to fix it.
13 Mar, 04:31 PM Reply Like

TFCAB Comments (1187)
 
WOW;.......thanks for the link. I never knew this.
13 Mar, 04:52 PM Reply Like

Wilson Wang Comments (185)
 
Good job TPG. Well deserved victory. This is excellent news for shareholders.
13 Mar, 04:32 PM Reply Like

WPSPIKER Comments (402)
 
Looks like I'll make out GOOD on this one, bought in the 5 range in aftermarket hours a couple weeks back... WHEEEEE lol

Mark
13 Mar, 05:08 PM Reply Like

Bob Curtin Comments (50)
 
Thanks TPG, now the company can focus on building value for the shareholders.
13 Mar, 05:12 PM Reply Like

wiley 66 Comments (22)
 
I'm glad smarter people than me decided on SD's fate. I've read both sides, couldn't make up my mind but was leaning in TPG's direction. Hoping for the best outcome.
13 Mar, 05:15 PM Reply Like

dboy53 Comments (4)
 
My two cents of prognostication: there will be a concerted effort to sell SD by June 30. Ward and TPG-Axon will cooperate on that endeavor. It's in both their interests. Ward was probably given an incentive to cooperate. That's what this settlement was all about. Both sides agreed on a game plan for a structured sale....and...they will be successful in completing that sale.
13 Mar, 05:16 PM Reply Like

Chris DeMuth Jr. Comments (1798)
 
That sounds correct to me.
13 Mar, 05:35 PM Reply Like

cborkar Comment (1)
 
I hold quite a few shares of SD more than I should. I bought SD
a few years ago at around $1.5 and saw it go to $13 in 2011. Now
they have been around $6. I hope whoever controls the company
do not use their position for personal gain alone but use it for the benefit of ALL the shareholders.
13 Mar, 05:16 PM Reply Like

TheWayItWorks Comments (22)
 
Dear Mr. Ward, The party is over. The planes go up for sale. You'll have plenty of time for Vegas after June 30th.

To Mr. Singh and the new Directors: Let's get to work and get this right. Congratulations on the PARTIAL win. The complete win comes when you turn this company into a high financial performing E&P. P.S. The shareholders that voted for you expect significant transparency and immediate improvement in reduced G&A expenses to show up in the next 3 quarter's performance.
13 Mar, 05:18 PM Reply Like

WPSPIKER Comments (402)
 
I'm glad this is going thru in a good non-hostile style which means all things should be much better for the shareholder base going forward. I bought in after hours a while back in the 5 range so I'm happy now and will be much happier in next few weeks as it goes up more ;)'

M
13 Mar, 05:21 PM Reply Like

Bob de'Long Comments (608)
 
It's not a victory. At best it's a compromise.

TPG-Axon said they were going after the crooks, instead they a getting in with them.

They should have gone through with the vote.
13 Mar, 08:08 PM Reply Like

Bob Curtin Comments (50)
 
"...The Board of Directors will decide by June 30, 2013, whether or not to terminate Mr. Ward's employment. If the Board does not terminate Mr. Ward by June 30, 2013, three current directors will resign, and one additional TPG-Axon nominee will be elected to the Board, resulting in a majority of the Board being TPG-Axon nominees...."

Appears to me that the agreement is that Ward will be gone by June 30 or TPG takes absolute control of the BOD. That is not getting in with them IMO.
13 Mar, 08:33 PM Reply Like

kherman Comments (628)
 
I wouldn't mind Ward if it were not for him raping shareholders.
14 Mar, 12:57 AM Reply Like

Hispirit Comments (3)
 
Thank You.
I think you have the support of most of the stock holders.
I feel you will return it to profitability.
We all need the relief.
DG
14 Mar, 12:09 AM Reply Like

krishnakagarwal Comment (1)
 
Mr. Singh
Thank you and keep your fight till this mess is resolved in a fair
way, particularly for small investors who have no voice in this
matter other than vote for you.
Thanks
14 Mar, 12:54 AM Reply Like

harrykutcher Comments (47)
 
well done.....congrads to both sides for putting shareholders interests front and center...instead of being left as "bagholders"
14 Mar, 02:20 AM Reply Like

Josh Young Comments (377)
 
I think Tom Ward gets a bad rap. Yes, his compensation has been excessive and corporate governance has been weak, but I view this as more of a board problem. He saved the company, aggressively shifting away from gas and towards oil and taking a LOT of flak in the process. Many executives are grossly overpaid, but at least Tom did something for his pay.

It will be interesting to see what TPG can sell Sandridge's assets for; the recent Mississippian sale by Chesapeake was not promising.
14 Mar, 05:49 AM Reply Like

sphill2 Comments (7)
 
You must be a short time holder. As a long time holder I have heard all his promises over the years and they were all B.S.. I must have been a idiot for believing in Ward because he is just like the former leader of Chesapeake.
14 Mar, 08:19 AM Reply Like

Josh Young Comments (377)
 
Actually, I don't currently have a position in SD. But like him or not, Tom prevented SD from going bankrupt post 2008 crash.
14 Mar, 12:26 PM Reply Like

bankstocks Comments (195)
 
Josh:

My reading of the press release is that the new BOD and the old BOD have no intention of selling the assets since the Comps from Chesapeake would indicate that SD might not get any more than the current $5.75 for the show AFTER debt payments!!!

I think there are NO decent bids and therefore this is a year end 2014 deal at best. Unless, of course, nat gas goes to $6+ by then.

I agree with you about Mr. Ward. He did save the show by shifting from Pinion in WTexas to Permain and Mississippi to get oily.
14 Mar, 07:37 AM Reply Like

WPSPIKER Comments (402)
 
Part of what needs to be done is get Compensation of the officers under control, which is a major problem in ALL big Public Companies. These guys in (SD) and (CHK) and several others have been very bad as bilking $ from the shareholders though. Their compensation needs reigned in across the entire public company space.
14 Mar, 11:17 AM Reply Like

Adam Gefvert Comments (1212)
 
I think there should be clawbacks. If the stock performs one year, but not this year, take some of the past year's pay away.
14 Mar, 12:24 PM Reply Like

wrscomncents Comments (258)
 
I have to say I am surprised that shares are trading down today. I was thinking this would be a good thing for the stock price. Could someone explain this to me.
14 Mar, 11:29 AM Reply Like

Chris DeMuth Jr. Comments (1798)
 
This will be great for the stock price. However, it was probably a crowded bet that shareholders would win/management would lose. So, the market is "selling the news" today. Not something that I am worried about and I own a lot of SD.
14 Mar, 11:46 AM Reply Like

wrscomncents Comments (258)
 
Thanks Chris. I added to my position this morning thinking this would be a positive move. As I said I was surprised to see the stock lower. Hope your right.
14 Mar, 11:57 AM Reply Like

TheCompleatAngler Comments (63)
 
Options premiums are still elevated though deflating now given that the uncertainty has passed, which leads me to think that this might be an opportunistic time to sell put options to try to take advantage of the still elevated premiums.
14 Mar, 12:15 PM Reply Like

WPSPIKER Comments (402)
 
I agree with those saying this is a "Sell The News" issue today. It is a buying opportunity that I'm not passing by. I'm looking at picking up few hundred more shares today.

(CHK) did the same thing it popped quick on the hews of the takeover by Mr Ichan then pulled back a bit on the news sellers and went up shortly there after. When McClendon leaving was announced the stock popped then pulled back and is now some 10% above that point. I suspect (SD) stock will do the same and by fall when gas prices go up the stock will be above 7,50 or 8/share.

Mark
14 Mar, 12:56 PM Reply Like