Seeking Alpha

TPG-Axon increases its stake in SandRidge Energy (SD) to 36.2M shares from 33M at 2012's end....

TPG-Axon increases its stake in SandRidge Energy (SD) to 36.2M shares from 33M at 2012's end. The deadline for voting on TPG's bid to replace the board is March 15. Between TPG and Leon Cooperman - who sounded on last week's CC like he's had it with management - that's more than 70M shares vs. a float of nearly 500M. Shares +0.7% AH.
Comments (18)
  • Hard to fix if you don't do right thing early.
    5 Mar 2013, 09:33 PM Reply Like
  • It will be a huge victory for management if they can avoid getting replaced. It will be a clear message that there are essentially no standards for their behavior and performance.
    5 Mar 2013, 09:41 PM Reply Like
  • I don't trust hedge funds!!


    Better the devil that knows something about E & P than the devil that only knows about financial manipulation.
    5 Mar 2013, 09:51 PM Reply Like
  • You're kidding right? Tell me you're kidding. Apply that to politicians and you get what we got.
    5 Mar 2013, 09:58 PM Reply Like
  • bdoeden, you must be joking. Have you bothered to google the slate of directors that TPG-Axon has proposed? These guys are former CEOs, directors on some of the finest boards, former E&P executives, and former heads of top natural gas pipeline companies. You could not ask for a better slate of new directors to oversee Sandridge. Do some due diligence before you run off at the mouth about something you clearly know NOTHING about. I'm guessing you're a stool for Tom Ward. Everyone else: VOTE your GREEN CARD!
    5 Mar 2013, 10:07 PM Reply Like
  • Already voted my 10,000 shares. Hello TPG!
    5 Mar 2013, 10:10 PM Reply Like
    5 Mar 2013, 10:15 PM Reply Like
  • A sincere question: are you on the board or employed by the current management team? I would love to better understand this perspective, especially if it is one from an independent shareholder. If one is voting to maximize the value of one's shares, it is a perspective that is pretty difficult to comprehend.
    5 Mar 2013, 10:21 PM Reply Like
  • I don't want to speak for Chris (but will anyway) ... I believe his above question is directed at bdoeden, not me!


    5 Mar 2013, 10:38 PM Reply Like
  • Amazing that Exxon-Mobil has survived with only 1 E & P person on its board (Rex Tillerson). I want a BOD that governs the organization by establishing broad policies and objectives; selects, appoints, supports and reviews the performance of the chief executive; ensures the availability of adequate financial resources; approves annual budgets; is accountable to the stakeholders for the organization's performance; AND sets the salaries and compensation of company management.
    I DO NOT WANT a BOD that panders to every whim of the CEO and spends its time discussing what fluid to use in frac jobs.
    5 Mar 2013, 11:03 PM Reply Like
  • Tom Ward certainly knows about financial manipulation s!
    6 Mar 2013, 02:41 AM Reply Like
  • Yep, I frequently find that my posts pop up in places that I don't intend, and then have trouble moving them.


    You are correct (unless of course you too are on the SD board... in which case you live a busy life!)


    My observation of this situation is that voting for SD's slate and holding onto those shares is a dominated strategy: it would be rational to vote for TPG and hold and it would be rational (not ethical and maybe not legal, so please do not take this observation as a suggestion) to vote for the current management while holding more puts then long shares so that you can profit from the shares' decline. But the only rational reason that I could think of to support Tom Ward is if you are: 1.) Tom Ward, 2.) his board or 3.) his management. There could be other categories, but I am struggling to understand what they could be.
    6 Mar 2013, 06:18 AM Reply Like
  • Given the wealth destruction that has occurred under Tom Ward and his buddies on the Board, I'll take my chances with TPG. SD is one of the worst performing energy stocks in the past 5 years yet Tom Ward is one of the top paid CEOS.....
    5 Mar 2013, 09:55 PM Reply Like
  • Brandond,


    In my view, it wasn't "wealth destruction" as much as it was "wealth misappropriation" during the current BOD's tenure.
    7 Mar 2013, 01:07 PM Reply Like
  • I bought few K shares last week, not sure if I'll be able to vote, but would go Green to get NEW Board in just as I did with (CHK) to get them out as all they done like McC use the company as personal wealth creators while screwing shareholders. NEW Revolution in stock companies started last year see the way the Norwegians are doing limiting pay share holder voting on beni packets. USA starting same...


    5 Mar 2013, 10:15 PM Reply Like
  • how do i get to vote ??


    5 Mar 2013, 10:53 PM Reply Like
  • Check mailbox.
    5 Mar 2013, 10:59 PM Reply Like
  • Ward gets booted, we win. Ward stays and we win ... eventually.


    The company has been doing alot the past few years. FCF will turn positive eventually.
    5 Mar 2013, 11:46 PM Reply Like
DJIA (DIA) S&P 500 (SPY)