Hedge Fund Continues Criticism of OKC-Based SandRidge Energy Management

By Brianna Bailey; Sarah Terry-Cobo | THE JOURNAL RECORD, December 11, 2012 | Go to article overview

Hedge Fund Continues Criticism of OKC-Based SandRidge Energy Management


Brianna Bailey; Sarah Terry-Cobo, THE JOURNAL RECORD


The hedge fund calling for governance reforms at SandRidge Energy described the company's management as a culture of cronyism and waste in its latest letter to shareholders on Tuesday.

In a letter featured on the website www.shareholdersforsandridge.com and in a full-page ad in The Oklahoman newspaper, the hedge fund TPG-Axon Capital Management continued to criticize the company's direction.

TPG-Axon owns a 6.5-percent stake in SandRidge. The company has begun a consent solicitation process, urging shareholders to vote to amend the company's bylaws.

The private equity firm wants to shake up SandRidge's board of directors by de-staggering board elections and allowing for incumbent directors to be removed without cause, as well as the ability to replace the company's directors with nominees of its own choosing.

"We believe that there is significant unrealized value in SandRidge Energy Inc.," TPG-Axon wrote. "However, we believe that the market has lost confidence in the SandRidge management team and board of directors, as evidenced by the dramatic decline in the stock, and that this destruction of stockholder value has been caused by: the lack of a coherent, predictable strategy; poor strategic planning and reckless spending has resulted in massive dilution, soaring cost of capital, and unnecessary risks for stockholders; and, a culture of cronyism and waste that has led to enormous value drained from stockholders for the personal benefit of management and directors."

SandRidge has set Thursday as the deadline for shareholders to determine whether they are eligible to vote for the reforms TPG- Axon is pursuing. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • A full archive of books and articles related to this one
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Hedge Fund Continues Criticism of OKC-Based SandRidge Energy Management
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

    Already a member? Log in now.