'Libtardius Maximus' pid='70792' datel Wrote:Why did Hession take a 3M discovery bonus for TBR then give it away?
1. It was only on B & R but he did it because he knows he never made commercial discoveries.
2. He never came on board with the intention to make IOC a great company.
3. His one intention was to sell the company and get his "change of control" payment and any other bonsuses he could get along the way, including B & R.
4. He knew anyone who would buy the company was only interested in Elk/Antelope and the other IOC licenses. So he immediately began destroying the company to make it look like something other interested companies might buy.
a. He closed the offices in Australia and The Woodlands.
b. He sold off the construction equipment and fired all of the associated employes.
c. He sold off the refinery and transferred those costs to Puma.
d. He took the money and then spent several hundred million dollars drilling four wells due to the incompetence of his hand picked management and drilling supervisors.
e. He spent millions of dollars obtaining seismic data that he apparently didn't intend to use and in some cases (Wahoo, Raptor and Bob Cat) apparently didn't know how to interpret. It appears they drilled all of the wells in the wrong place relative to the high point of the structures.
f. He hired larger and more expensive helicopters.
g. The rumor I have heard is that he has sold off the Company owned drilling rigs.
h. He hired and fired several rounds of executives and drilling supervisors trying to find someone who knew how to run a drilling operation. Apparently without success.
i. He went through all of the money he acquired on the sales leaving the Company needing to borrow more money.
j. No other company would want PRE as a partner. So by wasting their money at Raptor and Triceratops he was able to drive them out.
k. After selling all of the above assets and driving the share price down he has nothing left but Elk/Antelope and the other licenses.
l. After getting the share price down sufficiently, firing most of the employees, selling off the extraneous assets and spending all of money he put the company is a distressed state and made it ready for a buyout.
m. After making the company ready for sale he made the deal by colluding with OSH and Total to give them all of the companies remaining assets on the cheap. It does not matter to him what he sells the company for, he still collects his $37 million.
I could give you more but maybe this gives you an idea of how I feel.