One thing i've noticed, at least last night, SandRidge have not put up their 'Go Thunder' banners on the top of their building. Not sure if this is weather or wind related or whatever related. Usually by the start of the playoffs, the banners are up.
No "Let's Go Thunder" banner a top of Sandridge Tower this year??? This is not a good sign....
The witching hour is drawing near for Tom Ward.
When the four new board members were put in place back in March, they also said they would be conducting a review to determine if Ward's various dealings with the company were appropriate. That review is due by June 15th.
Also, they said they would be making a decision about keeping Ward on as CEO by the shareholders meeting, which is scheduled for July 1st.
It seems to be a foregone conclusion that Ward will be shown the door one way or another, and this is all going to come to a head in the next few weeks.
After that, things start to get a little scary because the future of the company is uncertain. We know they have already shifted their plans away from occupying the Braniff and Amenities buildings, but they obviously still have lots of highly-paid staff in the tower.
SandRidge Energy Board Ousts Tom Ward
SandRidge Energy Board Ousts Founder Tom Ward, Names CFO James Bennett as CEO and President
Well, that's no real surprise. Wonder when they'll put themselves up for sale?
Reading more, the investigation into his dealings was determined not to be a reason for termination.
It was to seek a new direction.
http://newsok.com/tom-ward-out-as-sa...rticle/3854307
Their site has been having issues off and on all day, so link may be inactive right now...
$53.5 million severance...what a joke. The company's performance has been awful under his leadership, not to mention the conflicts of interest and suspect family dealings, and he gets this huge golden parachute? Absurd.
WSJ reporting $90 million:
"SandRidge Energy Inc. founder Tom Ward was ousted as the oil and gas producer's chief executive and chairman, and will take one of the biggest severance packages seen in the energy industry, about $90 million, the company said on Wednesday."
According to the article in the Oklahoman the severance package is actually valued at $90.9m. The good news is that the market seems to be reacting favorably to this news as the stock is up today (2.21%). And that is on a day the Dow is down 206 points
I was being facetious... By agreeing to fire Tom Ward, the original board members still control the board at Sandridge. Probably a better chance that they sell now, but its by no means a given. They still have a pretty good asset base so a change in leadership/strategy may very well bring them out of this. I guess we'll see.
It didn't take long to find out about Aubrey's future plans, what will Ward's be? Anyone really think they join forces?
Don't think they'll join forces but no reason not to believe he won't start another company or go buy one.
Obscene. I can't think of a better word.
Think on the math:
If I made $100,000 a year it would take me ten years to make a million dollars from my paycheck.
Fifty years to make five million.
One hundred years to make ten million.
Three hundred and sixty years to make thirty six million dollars.
900 years at a hundred grand a year to make $90,000,000.00
Going backward in time that would go back to the year 1113, or 2913 in the future.
Too many people get used to these big numbers and forget what we're really talking about. This deal with Ward just gives excessive a whole new meaning.
Maybe he'll use this to build a tower on the property he owns on Broadway & 4th??
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