Doug and his regime of losers are planning idiocy anew. Bloomberg says CHK is in the market for the garbage Alta Resources ginned up in Appalachia.
Alta is backed by Blackstone and the deal would give Blackstone a huge profit.
I wish the clowns behind the QANON and Hillary conspiracies would look at the mountebanks, styling themselves private equity, behind the conversion of the Oil and Gas Exploration Industry into a compensation scheme for scumbags like Doug and Kirkland and Ellis.
How does a company like CHK, with only a tortured, shameful history of losses to its name, a company with a history of inflicting misery on stockholders, able to borrow money to buy other companies shortly after exiting bankruptcy?
When is this insanity going to stop?
The US Marines brag that they concentrate on what they have, not what they don’t have. Let’s see Doug make money with what he has! No, that’s never going to happen. There isn’t a single member of the CHK executive team that has ever made a dollar in exploration and production. The situation is very bad. CHK needs to clean house and start over with people who know how to make money, people who don’t keep their heads above water solely with accounting gimmicks.
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I wonder if the purchase of Alta is to prop up CHK so it can be merged with another company. Just doesnt make sense to buy another company when it just came out of bankruptcy.
In 2020, Doug and the executive suite got their backsides kicked up around their ears by reality and, less than a year ago, plunged CHK into bankruptcy. The technical term is getting an azz hat. The purchase of moribund companies and loading the balance sheet up with expensive debt did us in.
Now we have the entire CHK executive suite walking around with azz hats. Apparently, with the Alta Resources deal, they want to put a big feather in their azz hats in time for the Easter parade.
Tom Ward will probably be washing feet again on Maundy Thursday. I wonder if he could do something about the stench of loss coming out of the CHK executive suite.
Stop with all that spiritual boondoggle Tom and help us!