SandRidge Energy News

[blangtang]

So SandRidge has a pissed off hedge-fund manager who is agitating for changes...

"On Friday, TPG-Axon fund manager Dinakar Singh sent a letter to SandRidge’s board asking for rules that could see directors removed immediately and without cause. The move would help with “clearing the way for the company to be sold,” according to Bloomberg."

"Analyst Duane Grubert at Susquehanna suggested in a note Monday this shareholder push could pave the way for a sale, and named Devon Energy Corp. (DVN) as one potential suitor. Grubert has a Positive rating and $12 price target for the stock."

SandRidge Up 3.5% Amid Shareholder Putsch - Stocks To Watch Today - Barrons.com

Anyone know whats going on here?

[catch22]

Sounds like things are getting turbulent....

[OKCisOK4me]

So what corporation is Sandridge beautying their downtown campus for? Phillips? Lol

[dcsooner]

After reading the notification sent to Sandridge's board of directors, even I with my limited knowledge of Corporate investing was convinced that Sandridge Mgmt may not be maximizing the shareholders investments. It appears not to be for a lack of assets but due to excessive executive pay, corporate campus development etc. OKC companies outside of Devon appear to be run by energy executives that seem to always get local companies in a bind that leads to the potential for takeover or sale. Maybe local leaders starting companies is fine but running them past their infancy may need more adult leadership. Hasn't OKC learned? 5-10 years from now some well managed company will likely absorb both Chesapeake and Sandridge .

[blangtang]

After reading the notification sent to Sandridge's board of directors, even I with my limited knowledge of Corporate investing was convinced that Sandridge Mgmt may not be maximizing the shareholders investments. It appears not to be for a lack of assets but due to excessive executive pay, corporate campus development etc. OKC companies outside of Devon appear to be run by energy executives that seem to always get local companies in a bind that leads to the potential for takeover or sale. Maybe local leaders starting companies is fine but running them past their infancy may need more adult leadership. Hasn't OKC learned? 5-10 years from now some well managed company will likely absorb both Chesapeake and Sandridge .

I just got around to reading the letter, here are a couple things I found interesting:

"Prior to the IPO in 2007 (when expenses were actually borne by Mr Ward), the company owned one old and small jet and two old propeller airplanes to transport executives and workers. Once shareholders were bearing the cost, Mr Ward decided to upgrade – now the company has four jets (two of which are large size intercontinental jets, and one of which is one of the most expensive jets in the market), and over 15 full time employees dedicated to maintaining and flying these jets."

"The company spends massive amounts of money on real estate in Oklahoma City – far in excess of what would be sensibly needed (and including many fully-owned buildings, and real estate development projects). We cannot explain the enormous number of employees the company has at headquarters (almost 700), and it is remarkable that the company has doubled the number of general employees at its Oklahoma City headquarters over the past five years. Yet, the company appears to have real estate assets and investments far in excess of what would be needed even by this number of employees."

"And, despite the challenges this year, the company decided (this spring) that Mr Ward needed a better plane, and purchased a Falcon 900EX for his exclusive business and personal use. For reference, the Falcon 900EX is one of the most expensive private business jets made, with new list price of over $35 million, and flying range of almost 6,000 miles. Given that every employee and asset of the company is within a 500 mile radius of headquarters, it seems obvious that a $35 million plane with 6,000 flying mile range is for CEO gratification, not business necessity."

"Therefore, we believe the following steps would have to be taken:

• Drastically reduce overhead and waste: The company should dramatically reduce the extravagance and waste that has led to extraordinary levels of overhead for the company. We believe it would be not just possible, but necessary, to reduce overhead by 75%. Unless this is done, the ‘tax’ on shareholders will simply be too great over time, and value will continue to be destroyed. Compensation for remaining employees should be reduced to sensible levels. Extraneous assets (planes, buildings, etc.) should be sold. Extraneous expenses should be terminated (personal payments, advertising, luxury suites, etc.). Overall, the company should seek to emerge as one of the leanest and most efficient companies in the industry, in keeping with the focused and concentrated nature of its assets."

----

So, it sounds like the hedge fund likes the energy properties, but wants to get rid of Mr Ward and his directors, and cut all the bloat (planes, buildings, luxury suites, etc.).

they even created a website!

LETTERS TO MANAGEMENT | Shareholders For Sandridge

[Bellaboo]

I know that when they got the old KM properties, they ended up with a lot of property along Broadway. Maybe these would be considered excessive ? I personally don't know much about their business, but i'm invested in SDT.

[catch22]

Shareholders file fraud lawsuit against SandRidge Energy | NewsOK.com


....

[OklahomaNick]

Has anyone seen the ad on NewsOK?

It says, "SandRidge Stock Holders Click Here"

Shareholders For Sandridge

IMPORTANT NOTICE

This website may contain forward-looking statements. These statements may be identified by the use of forward-looking terminology such as the words “expects,” “intends,” “believes,” “anticipates” and other terms with similar meaning indicating possible future events or actions relating to the business or stockholders of SandRidge Energy, Inc. (the “Company”) (NYSE: SD). These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the ability of TPG-Axon Management, LP, TPG-Axon Partners GP, L.P., TPG-Axon GP, LLC, TPG-Axon Partners, LP, TPG-Axon International, L.P., TPG-Axon International GP, LLC, Dinakar Singh LLC, and Dinakar Singh (collectively, “TPG-Axon”) and any other participants in the solicitation of written consents from the Company’s stockholders (collectively, the “Participants”) to successfully solicit sufficient consents to amend the by-laws of the Company to, among other things, de-stagger the Board of Directors of the Company (the “Board”) and permit the removal of directors with or without cause, remove incumbent directors from the Board, and replace such incumbent directors with nominees of TPG-Axon who are capable of improving the Company’s performance and maximizing stockholder value, through a consent solicitation. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results.
This website may be deemed to constitute solicitation material and is intended solely to inform stockholders so that they may make an informed decision regarding the intended consent solicitation.

TPG-AXON INTENDS TO FILE WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) A DEFINITIVE CONSENT STATEMENT AND ACCOMPANYING CONSENT CARD TO BE USED TO SOLICIT WRITTEN CONSENTS FROM THE STOCKHOLDERS OF THE COMPANY IN CONNECTION WITH TPG-AXON’S INTENT TO TAKE CORPORATE ACTION BY WRITTEN CONSENT. ALL STOCKHOLDERS OF THE COMPANY ARE ADVISED TO READ THE DEFINITIVE CONSENT STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF WRITTEN CONSENTS BY THE PARTICIPANTS FROM THE STOCKHOLDERS OF THE COMPANY, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS. WHEN COMPLETED, THE DEFINITIVE CONSENT STATEMENT AND FORM OF WRITTEN CONSENT WILL BE FURNISHED TO SOME OR ALL OF THE STOCKHOLDERS OF THE COMPANY AND WILL, ALONG WITH OTHER RELEVANT DOCUMENTS, BE AVAILABLE AT NO CHARGE ON THIS WEBSITE AND ON THE SEC’S WEBSITE AT HTTP://WWW.SEC.GOV. IN ADDITION, TPG-AXON WILL PROVIDE COPIES OF THE DEFINITIVE CONSENT STATEMENT AND ACCOMPANYING CONSENT CARD (WHEN AVAILABLE) WITHOUT CHARGE UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS’ CONSENT SOLICITOR, MACKENZIE PARTNERS, INC., TOLL-FREE AT (800) 322-2885 OR VIA EMAIL AT PROXY@MACKENZIEPARTNERS.COM.
INFORMATION ABOUT THE CURRENT PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT OR INDIRECT INTERESTS BY SECURITY HOLDINGS IS CONTAINED IN EXHIBIT 2 TO THE SCHEDULE 14A FILED BY TPG-AXON WITH THE SEC ON NOVEMBER 30, 2012. THIS DOCUMENT CAN BE OBTAINED FREE OF CHARGE FROM THE SOURCES INDICATED ABOVE.

The current participants in the intended consent solicitation are TPG-Axon Management, LP, TPG-Axon Partners GP, L.P., TPG-Axon GP, LLC, TPG-Axon Partners, LP, TPG-Axon International, L.P., TPG-Axon International GP, LLC, Dinakar Singh LLC, and Dinakar Singh. As of the close of business on December 4, 2012, TPG-Axon was a beneficial owner of 6.5% of the outstanding shares of the Company.
This communication is not a solicitation of a consent, which may be done only pursuant to a definitive consent statement.

I AGREE
I have read and agree to the terms of this web site

I DISAGREE
You will not gain access to this web site without agreeing to the terms of this web site

__________________________________________________ _______________________________

Apparently TPG-Axon is getting VERY aggressive with their calling to sell the company.
What are everyone's thoughts?

[adaniel]

It would be a mistake to dismiss their complaints as sour grapes. Their stock price hasn't had the greatest year (although a lot of energy stocks have had a so-so year) so I would have to think some of their stockholders are getting a little ancy.

They have a lot of "poison pill" type bylaws, so a hostile takeover is unlikely, but I have to think that Tom Ward's seat is a little hot. At the very least you will see some big changes coming to the board in the future.

SD is by most measures a very solid company and is starting to become to the Mississippian play what Continental was to the Bakken. So I hope for them and OKC that they get their governance issues in order.

[1972ford]

The recent decision by the feds to price crude at international rates should help them dramatically too bad it was a little late cheasapeake could have made more off their asset sales had they changed the pricing sooner

[Pete]

SandRidge Energy, Inc. Agrees to Sell Permian Assets for $2.6 Billion In Cash
Press Release: SandRidge Energy, Inc. – 28 minutes ago

OKLAHOMA CITY, Dec. 19, 2012 /PRNewswire/ -- SandRidge Energy, Inc. (SD) today announced that it has signed a definitive agreement to sell its Permian Basin properties to Sheridan Production Partners II, a privately held Houston-based oil and gas company, for $2.6 billion in cash. SandRidge announced on November 8 that it was exploring the sale of the assets.

Tom Ward, SandRidge's Chairman and CEO, commented, "This is a great outcome for our shareholders. The sale of the Permian assets at this time has allowed us to capitalize on current strong valuations for mature, conventional Permian assets and generate a very strong return on our investment there."

Noting that the Permian Basin assets were a key part of SandRidge's planned strategic transition from a natural gas producer to an oil rich E&P company, Ward added, "With these proceeds we will have a cash balance of almost $3 billion and liquidity of over $3.5 billion, which we intend to use to reduce debt and strengthen the balance sheet. This will also allow us to fund development of our acreage position as well as future opportunities in the highly scalable, high return Mississippian Play."

Ward continued, "We are excited about focusing our efforts on the Mississippian, which encompasses parts of northern Oklahoma and western Kansas, an area we believe generates some of the highest rates of return for horizontal drilling in the U.S. today. With 1.85 million net acres and 11,000 possible future drilling locations, the Company is the industry leader in the region. We also have a unique advantage because of extensive investments in critical infrastructure that make our operating costs there among the lowest in the industry. With the sale of the Permian assets, we will significantly reduce our debt balances and, with our ample cash and liquidity, be very well positioned to fund our capital expenditures through 2014 and deliver significant value to stockholders."

The Permian properties being sold were producing approximately 24,500 Boe per day at the end of the third quarter (67% oil, 15% NGLs and 18% natural gas) and exclude assets associated with SandRidge Permian Trust (PER).

The transaction is expected to close during the first quarter of 2013, subject to customary closing conditions, and will have an effective date of January 1, 2013. Additionally, revised 2013 operational guidance for SandRidge will be issued upon the closing of the sale. RBC Richardson Barr and Morgan Stanley & Co. LLC acted as financial advisors to the Company in connection with the transaction. The buyer of the assets, Sheridan Production Partners II, is the second series of Sheridan funds established for the management and ongoing development of mature producing oil and gas properties.

[HangryHippo]

Is this a fire sale like what CHK is having to do?

[Pete]

Interesting to note that Ward only owns 5% of the SD stock so like Aubrey McClendon, has ultimately very little power if the board decides to shake things up.


TPG-Axon Accuses SandRidge CEO Ward and Son of Impropriety
By David Wethe - Dec 24, 2012 11:41 AM PT

TPG-Axon Capital Management LP, owner of 6.7 percent of SandRidge Energy Inc. (SD)’s outstanding shares, requested the company’s board investigate whether Chief Executive Officer Tom Ward and his son acted improperly with regard to acquiring mineral rights.

Ward and his son, Trent Ward, acquired mineral rights from third parties and then leased those rights to Oklahoma City- based SandRidge “just weeks or months later” for profit, TPG- Axon said in a letter sent to the company’s board today. Greg Dewey, a spokesman for SandRidge, did not immediately respond to messages seeking comment.

“It is our understanding that Mr. Ward and his son, Trent Ward, actively compete with the company, and in addition, have also engaged in repeated transactions in which they ‘front-run’ the company,” Dinakar Singh, chief executive officer of TPG- Axon, wrote in the letter.

SandRidge has disclosed several transactions with Ward in its annual federal filing in March, including that it bought a working interest in leases from WCT Resources LLC, which is owned by trusts that are for the benefit of the CEO’s children.

TPG-Axon sued Sandridge and its directors today in Delaware Chancery Court in Wilmington, asking a judge to stop any interference by Sandridge and to extend the start of the 60-day period of consent solicitation.

TPG-Axon has previously called for a shareholder vote on replacing SandRidge’s board of directors.

Ward founded SandRidge after leaving Chesapeake Energy Corp. (CHK) in 2006 and owns 5.2 percent of the company’s shares, according to data compiled by Bloomberg.

[metro]

With SD and CHK in shareholder trouble, anyone worrie about us being able to support the Thunder?

[LakeEffect]

With SD and CHK in shareholder trouble, anyone worrie about us being able to support the Thunder?

No, but I might worry.

[catch22]

SandRidge lays off employees after sale | NewsOK.com

Few layoffs..

[okcfollower]

hopefully anyone who lost their job can go down the road 2 blocks southish to either Devon or Continental where the management is sound and not have to worry about what they dealt with at Sandridge. Hope this is the only layoff to come to Sandridge though.

[blangtang]

RPT-REFILE-INSIGHT-How SandRidge Energy's CEO adapted the Chesapeake playbook | Reuters

"How SandRidge Energy's CEO adapted the Chesapeake playbook"

..edited...

SandRidge CEO's pay is among highest in energy industry | NewsOK.com

[Pete]

Wanted to post the full Reuters article -- this is by the same reporters that have been hammering Chesapeake:


REFILE-INSIGHT-How SandRidge Energy's CEO adapted the Chesapeake playbook
Mon Jan 14, 2013 1:56pm EST
By Michael Erman and Anna Driver and Brian Grow

Jan 14 (Reuters) - For 17 years, Tom Ward and Aubrey McClendon teamed up to build Chesapeake Energy Corp into the second-largest natural gas producer in the United States.

The two Oklahoma City energy men were a study in contrasts. CEO McClendon was brash and aggressive; company president Ward came across as steady and soft-spoken.

When Ward left in 2006 to start his own natural-gas company a few miles away, however, he borrowed from the Chesapeake playbook. At SandRidge Energy Inc, Ward adopted some of the same idiosyncratic business practices deployed by McClendon.

At Chesapeake, McClendon intertwined his personal financial deals with the company he runs.

Similarly, Ward has melded his own financial interests with those of publicly traded SandRidge more than many of the company's shareholders may know, an examination of court documents, Oklahoma state records and Securities and Exchange Commission filings shows.

Like McClendon, Ward has faced criticism from shareholders and others for running a public company like a private firm, drawing large paychecks and bonuses even during periods when his company struggled.

In 2008, Ward received personal loans from the chairman of Bank of Oklahoma - one of SandRidge's key lenders. He also took the unusual step of opening the company's books for the lender's review of that personal deal. The mixing of personal and corporate roles posed a potential conflict of interest for the CEO, analysts say.

Now, the question is whether Ward will be forced to change his ways as McClendon was earlier this year, when shareholders shook up Chesapeake's board and stripped him of his job as chairman following a series of Reuters reports. On Monday, Chesapeake said it was not awarding McClendon, who remains CEO, a bonus for 2012.

Two large SandRidge shareholders - hedge fund TPG-Axon Capital and investment firm Mount Kellett Capital - have been pressing to replace Ward and the board and to put the company up for sale.

"There is constant intermingling of the personal and the private" between the CEO and SandRidge's business, said Dinakar Singh, founder of TPG-Axon, which owns 6.7 percent of SandRidge.

Greg Dewey, a spokesman for SandRidge, declined to respond to questions from Reuters on Ward's transactions or on any similarities between SandRidge and Chesapeake. But he stressed that "in each case, we have followed our own internal guidelines and we know the (Securities and Exchange Commission) rules very well and have followed those."

In addition to borrowing $75 million from Bank of Oklahoma's chairman, Ward also collected $67 million from SandRidge by selling back his personal interests in a controversial corporate perk: stakes in the company's wells. McClendon, too, had a similar incentive at Chesapeake.

SandRidge has also paid nearly $28 million more to Ward or firms linked to him or his family, according to SEC filings. (SEE FACTBOX)

Those payments are in addition to the more than $116 million Ward has received in compensation as CEO since 2007. Between 2007 and 2011, Ward made more than $7 million more than the two men who served as CEO of Chevron, a company more than 60 times the size of SandRidge by market capitalization. (Compensation data for 2012 is not yet available for Chevron.) Ward's pay included $4.2 million for accounting services related to his personal and family finances.

In each case, SandRidge disclosed the benefits that Ward has drawn, and nothing is illegal about the compensation packages. But some analysts and shareholders question why Ward earns so much, given the company's size and stock price. As natural gas prices plummeted, SandRidge shares fell from a high of $69 in July 2008 to about $7 today.

Some corporate-governance experts don't see a problem. "As long as it's disclosed, I think it's fine," said David Larcker, an accounting professor at Stanford University's Graduate School of Business.

Others say Ward's transactions raise questions about how SandRidge is being run and create the risk he is putting his own interests ahead of the company's.

"The number of related-party transactions (SandRidge) reports is out of proportion to the size of the company," says Paul Hodgson, an independent corporate-governance consultant.

Ward's compensation has drawn the attention of California pension fund CalSTRs, which owns 880,000 SandRidge shares and is in talks with the company over executive pay.

"We believe that compensation at this point is too high relative to the stock performance," said CalSTRS spokesman Ricardo Duran. "Our standard throughout our portfolio is to, wherever possible, link executive compensation to performance. We feel that standard's not being met."

PARALLEL PATHS

Ward and McClendon, who began working together in their 20s, co-founded Chesapeake in 1989 with 10 employees and $50,000 in cash. The two Oklahoma natives were "land men," traveling back roads to lease promising acreage for drilling.

Ward, 53, grew up in the tiny town of Seiling, Oklahoma. He became Chesapeake's operational brain. McClendon, born into the state's wealthy Kerr family, became its financial wizard.

Chesapeake prospered by being first to snap up acreage in emerging oil and gas plays.

For years at Chesapeake, Ward and McClendon enjoyed an unusual corporate incentive. They received up to a 2.5 percent stake in the profits of every well the company drilled, as long as they paid 2.5 percent of the costs.

Chesapeake had disclosed the existence of this perk. But last year, Reuters reported significant facts that Chesapeake hadn't divulged: McClendon had arranged to borrow more than $1 billion to finance his acquisition of these well stakes, used the stakes themselves as collateral, and obtained most of the financing from a company that was also an investor in Chesapeake. In response to the resulting outcry, the company cut short the perk.

Ward left Chesapeake in early 2006 to begin his own firm, buying into a private energy company in Texas. He renamed that company SandRidge Energy and took it public the following year.

At SandRidge, Ward initiated a more-lucrative version of the perk, raising the maximum stake to 3 percent, as disclosed in SEC filings.

A Reuters review of SEC filings and court documents shows Ward's well perk at SandRidge provided a safety net when he faced a severe personal financial crunch.

By 2008, Ward had borrowed heavily from Wachovia and other lenders. He had pledged holdings of SandRidge stock as collateral for those loans. When the global financial crisis struck, those shares plunged in value. According to documents filed in 2010 shareholder lawsuit against SandRidge, Ward's lenders issued a so-called margin call, which typically requires a borrower to put up more cash or face the liquidation of his collateral.

In October 2008, Ward raised cash by selling his stakes in SandRidge wells back to the company for $67 million, according to SEC filings. A Reuters analysis of costs incurred by Ward between 2006 and 2008 for the well program show he made an estimated $19 million on the deal.

The payout to the CEO came at a time when SandRidge was itself in financial distress. By the end of 2008, the company had just $636,000 in cash on hand, according to the company's annual report.

KAISER TO THE RESCUE

Despite the big payout, Ward wasn't out of the woods. The same month, he did another deal that potentially mingled his personal and corporate interests, this time with George Kaiser, chairman and majority shareholder of BOK Financial, parent company of Bank of Oklahoma.

Kaiser's Bank of Oklahoma has been a lender to SandRidge and was recently among a group that entered into a $1.75 billion credit agreement with the energy company, according to an SEC filing.

Kaiser did not respond to several requests for comment for this story.

In a suit filed in federal court in Oklahoma in December 2010, a SandRidge shareholder alleged that Ward improperly profited from a series of transactions with Kaiser.

Those transactions, Ward's attorneys wrote in response to the suit, came at a time when the SandRidge chief "was facing unexpected economic difficulties." This crunch, they wrote, involved "an upcoming repayment obligation on a credit line with Wachovia Bank and other creditors that was secured, in part, by Mr. Ward's SandRidge stock."

At the time, Ward had pledged at least 25 million SandRidge shares as collateral for a personal credit line from Wachovia and others, according to an SEC filing. The filing did not say how large the loan was, or what it was needed for. But the SandRidge shares were worth about $45 apiece, or some $1.1 billion in total when he pledged them to the banks in August 2008. By late October, the shares had fallen to less than $10, or around $240 million in total.

As the shares plunged in value, the lenders called on Ward to post more collateral. That same October, he turned to Kaiser, borrowing $75 million from him and a charitable trust Kaiser controlled. The deal gave Kaiser warrants granting him the right to buy a substantial interest in SandRidge, using shares then owned by Ward, according to an SEC filing.

SandRidge stock continued to fall between October and December 2008. Ward realized he would need to renegotiate the terms of the $75 million loan from Kaiser, according to a court document filed by Ward's attorneys.

The revised deal, renegotiated on Christmas Eve in Tulsa, was complex. It included the payment to Kaiser of 8.9 million SandRidge shares, worth some $50 million at the time, and a warrant giving Kaiser the right to buy more shares in the future.

It also came with an unusual condition. Ward agreed to open SandRidge's financial records to Kaiser, to "facilitate (Kaiser's) due diligence investigation of the issuer for a limited period of time following the sale," according to the deal's agreement.

James Cox, a law professor at Duke University, said he has never come across another situation in which a public company's books and records were opened as part of a private deal.

"Access is being provided for no apparent corporate purpose," Cox said.

The shareholder and SandRidge agreed to dismiss the suit on Nov. 9, 2012, court documents show. The company later disclosed that Ward agreed the same day to pay SandRidge $5 million to settle a lawsuit. It declined to say whether the payment was related to the Kaiser suit.

Lingering anger over SandRidge's big 2008 payout to Ward is one reason some shareholders say they have recently called for the CEO's ouster.

Ward and SandRidge are fighting back. On Nov. 19, the company's board unanimously approved resolutions that make it more difficult for the company to be taken over.

Now, hedge fund TPG-Axon is soliciting support from other shareholders to replace the board. No deadline has been set for that solicitation. TPG-Axon hasn't said how much support it has garnered so far.

[metro]

Not good

[okcfollower]

I see the difference between Chk and Sd in that Chk is large enough and has ways of surviving thought this while I'm not sure SD will have enough resources to survive this tough time.

[adaniel]

SD is in much better shape that CHK as it it has has positive cash flow, isn't as nearly as dependent on low priced gas, and has an annual operating profit, so far at least.

Of course that doesn't make Tom Ward's actions any less excusable.

[blangtang]

Sandridge fights back and trash talks the hedge fund, this was funny to read

SANDRIDGE ENERGY, INC. FILES DEFINITIVE CONSENT REVOCATION MATERIALS AND SENDS LETTER TO STOCKHOLDERS - SD - BoardVote

[Just the facts]

TPG-Axon is a New York-based hedge fund that:

•was formed by the former co-head of Goldman Sachs' proprietary trading department;

That says it all.

[lasomeday]

That says it all.

Is that a bad thing? They have people with investing experience that know when companies are doing shady things and spending money frivilously.