(07-31-2016, 02:53 AM)Palm Wrote: Fact: when Byker retired from Calvin part of the reason was to focus more on IOC. That was in 2012 and he stated that deals were in the works and they needed to come to fruition. Plus "shareholders were upset" that pps was in the terlet. By fall pps was ... under $50 under PM's mgmt. We all know projects were promised and weren't happening and PNG gov was not happy. Then IBs were to receive bids and decide what was best. Big things promised, deals were called "certain" here. Any day, by end of March. Then April. Then Phil "retired". What would you have done given the circumstances where there was little cash left, no confidence in IOC getting a deal done and by fall we were seriously close to losing licenses. None of us would have wanted to be on the Board at that time.
Intersting. I recall Calvin College endowment was in a world of hurt with its big IOC position. That would speak to intent with Byker giving Hession a big incentive to sell the company. Sale of IOC would give the endowment a big boost from which they could diversify. Byker probably didn't imagine Hession would spend a $billion and sell the company out from under all its shareholders (including Calvin) in a 50% off clearance.