04-28-2013, 02:11 AM
I like the hiring from within also Moviedude. And it makes a lot of sense here. One way or another Phil has decided to step down. My feeling is that his dream was to continue the quest for a fully integrated company and he's pushed hard for that. But his comment that the bidders are fully aware of what is transpiring in the transition and that they know this CEO transitional process will not slow down the SD process tells us a lot. Bidders have a fully capable interim CEO in Byker to work with and IOC likely has their guy and may have already informed the bidders and Oneill who that will be. Kerr may make the most sense because of his experience and knowledge and he can be plugged right in. He also has been doing other things while working on this project, so should a SD happen but that is followed by IOC getting totally bought out, it's not that big of a deal for him. He will come in prior to deal announcement be granted options and purchase shares (as required by IOC) and he will do well. He has other things he can move on to quickly in case of a total buyout.
To bring in an outsider it would be tough to attract a real mover and shaker because he might just get rolling and then a buyout happens and he's looking for a job again. Makes some nice jingle but he may have left a nice job.
The possibility exists also that Byker could stay at the helm through the SD process; he is capable and certainly has plenty of shares that he will benefit from a pps pop. But that almost assumes IOC has a buyout offer in hand or they are expecting one; possibly one to be voted on at the AGM.
Phil stated he wants to turn his focus on his personal business. That's likely PIE. No matter what happens PIE will have lots of capital as it owns lots of IOC shares. Then he has his personal shares. He'll be able to invest in ventures and have some fun. Very happy for him; he's earned that.
But again, his comments that there is assurance to the bidders that things can and will continue to move ahead is most important in this. They are ready for the deal.
To bring in an outsider it would be tough to attract a real mover and shaker because he might just get rolling and then a buyout happens and he's looking for a job again. Makes some nice jingle but he may have left a nice job.
The possibility exists also that Byker could stay at the helm through the SD process; he is capable and certainly has plenty of shares that he will benefit from a pps pop. But that almost assumes IOC has a buyout offer in hand or they are expecting one; possibly one to be voted on at the AGM.
Phil stated he wants to turn his focus on his personal business. That's likely PIE. No matter what happens PIE will have lots of capital as it owns lots of IOC shares. Then he has his personal shares. He'll be able to invest in ventures and have some fun. Very happy for him; he's earned that.
But again, his comments that there is assurance to the bidders that things can and will continue to move ahead is most important in this. They are ready for the deal.