Mistakes. errors along the way
Yep good at growing assets but then a fundamental miscalculation, namely Emmett's belief as stated in the 2015 outlook that the low POO cycle would be short lived this time around. Why bother with post mid 2016 hedging when you are certain that the POO will rebound? Why worry about debt when you predict that the rebounding cash reserves will cover it? Why cut costs such as his own ample salary (except for the outrageous bonuses) when the company is merely in a dip and will soon bounce back? Good at growing assets but good at crisis management? Try to raise cash with an RI that many experts said would fail and finally sell out a huge stake in the company, diluting our equity to IMC in order to get a loan that isn't cheap. Then enthusiastically endorse the unfair deal largely based on what IMC say when a basic investment rule is don't listen to the noise, look at what a company is actually doing. There is no evidence to support the comments on HC Emmett responds. Really? I'm not saying I know IMC's intentions but it is not good management to downplay the risks to the extent our management does. So yes good management for a particular time in the company's history but not for some time now and not for the future in my opinion. But talk to IMC about changing management if the deal is approved, they will be the gatekeepers.
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