Can someone please explain how much BHI is selling BJS for . I read it and I get just over 400 M. Now they paid 5.1 billion for this company , then through piss poor managers ran it into the ground . I would visit Tomball and it seemed like the BHI managers that took over convinced everyone they were the best of the best . Now they are going to let the BJS people IPO . Baker should have NEVER bought BJS . Were the Baker people that left Rankin to go to BJS that bad of managers ? Looks bad.
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How are big time stockholders taking a sting like this five Billion dollars burned up in 6 years . I read on here earlier that BJ was just a bunch of dumb--s cowboys and the baker Management would straighten that company out . Must be good they sold because otherwise it would be a clean house . Still need to let any Baker manager influence with the new BJ go . Get some dumb--s cowboys to run BJ Services.
A significant part of the $5billion was sand inventory, which turned out to be the wrong type of sand (someone forgot to check) so it was dumped in a quarry. The executive responsible got a bonus based on the purchase price, a pay raise and a promotion ...you couldn't make it up.
That was a long time ago. Needed to get out from under it.