04-30-2013, 11:50 PM
Palm, as always I appreciate your thoughtfulness and insights. I don't really want to go down this rabbit hole too far, but what is unsaid is what intrigues me. If this was a formal part of the process it should have been disclosed and probably on the Feb. 28th call. I cannot remember anyone thinking or recommending that a new CEO had to be in place prior to deal announcement. This would have been material information in my view. I don't think anyone is surprised Phil is retiring, again it's the timing. Why would Phil announce the imminent spudding of Elk-3 and retire 3 weeks later prior to both spudding and deal announcement. I think something changed mid month. We will find out. As I said, it will become clearer in the ensuing days and weeks. Phil deserves to go out on top and with all due credit. My intent isn't to question Phil's statements as it is to understand it better. Hopefully that makes sense.