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Conspicuously absent from Mark Smith's resignation announcement was any mention of the SEC...

Conspicuously absent from Mark Smith's resignation announcement was any mention of the SEC investigation over the accuracy of Molycorp's (MCP) disclosures. The take from 24/7's Jon Ogg: "To announce that a CEO has left the company with no explanation in the midst of a regulatory investigation is not in good taste at all. It could even be alarming." MCP -5.3% AH.
Comments (9)
  • Ariel Aharonovich
    , contributor
    Comments (433) | Send Message
     
    This may be alarming, no doubt about this, BUT it can actually be seen as a good sign as well. Perhaps this resignation came as a requirement from the FEd itself in order to close the investigation, i.e. the CEO pay the price but this is it. Sure, this may be a loss of a good CEO for MCP but from an overall perspective, wouldn't you "trade" the CEO, any CEO for that matter, in exchange for an end to the SEC investigation?... I would!
    11 Dec 2012, 05:25 PM Reply Like
  • lew69sd
    , contributor
    Comments (51) | Send Message
     
    Molycorp CEO Mark Smith is a scumbag. To leave a company like this, while under SEC investigation, is deplorable. Mark Smith drove this company into the dirt, and now he is jumping ship. If the SEC finds anything, I hope they throw his ass in jail.
    11 Dec 2012, 05:28 PM Reply Like
  • FrankRichie
    , contributor
    Comments (12) | Send Message
     
    Ross's statement that this was a "natural transition" means a lot. Believe that Mark took full ownership for the SEC thing, as he should have, and paid the price. Also, the poor execution of the sub which caused MCP a 150 million charge also probably added salt to Mark's wound. Now by bringing on board the seasoned veteran, Constantine, to guide the company forward is a smart move for share holders like myself. Constantine is probably tougher, more experienced and can move things along more quickly and profitably. Food for thought.
    11 Dec 2012, 07:07 PM Reply Like
  • wildfirexx
    , contributor
    Comments (107) | Send Message
     
    Yes,but what happens in the meantime..Do we see the shares plummet again from anxiety ? Anyways, unlike last time I have a stop loss order just incase!
    11 Dec 2012, 07:13 PM Reply Like
  • Global Digger
    , contributor
    Comments (9) | Send Message
     
    What should anyone be afraid of? Profits? Lynas is in obvious deep trouble in Malaysia, unlikely to produce any significant amount of REO in 2013. This should help prices and MCP should be able to take advantage of an easy homerun situation like that. Let's hope they'll find a better CEO than the last one.
    11 Dec 2012, 11:01 PM Reply Like
  • Michael Bryant
    , contributor
    Comments (5444) | Send Message
     
    A few $100s won't hurt.
    11 Dec 2012, 09:57 PM Reply Like
  • paultroberts
    , contributor
    Comment (1) | Send Message
     
    One week he and other "insiders" are buying stock at $6/share...next week he abruptly "resigns". Something smells fishy...Did they just spike the stock to pay him off?
    12 Dec 2012, 02:12 AM Reply Like
  • jerbear76
    , contributor
    Comments (4) | Send Message
     
    While you guys above "may" be right, similarly, we "likely" will be best served, by waiting till more information comes forth in the coming hours and day & longer if needed.
    Mr. Smiths' sudden departure is definitively precarious nonetheless, and almost alarming--whether it is good for MCP or not.
    I like to trade the stock, so "WOW" did it certainly girate in after hours trading today-Dec 11th 2012.
    12 Dec 2012, 02:13 AM Reply Like
  • jzut
    , contributor
    Comments (48) | Send Message
     
    Whipsaw!!! Look at the 4PM news. Going to 50. ???????
    12 Dec 2012, 02:17 AM Reply Like
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