This is a good thing. It is what should happen after management balls it up. Gooone. Get the business sales done and consolidate. Drive the costs out and happy days back to making some coin with hopefully competent management.
The only elephant in the room is the positions on the leases going forwards. If that is in order then happy days. If the book is out of shape look out.
Given they claim so many have extended that should present nice equity in those assets going forwards providing they have priced them appropriately.
There will be a few cowboys ducking for cover in there this week. Hopefully the axe will fall on the next level down and the plethora of deadwood is cut adrift.
No impediment to merger shortly and given the way the new incentives are structured it is very much in old mates interest to get this one away ASAP. I can see $1.4m+ reasons.
This is a good thing. It is what should happen after management...
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