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On another positive note, DD learns from his mistakes. Having made a series of huge f—ing blunders over the last year and a half, he's learned A LOT. He has gained almost miraculous powers to right this ship. I put my faith and trust in my Lord and savior d—-less.
Goddammit I hate irrational blind faith.
Well one positive is that I don't think DD is fully in control anymore. The banks have him on a short leash. It will a positive sign if his cronies and sycophant BoD start to seek other opportunities...
I don't think ExCom has ever shown itself to have a good plan, to be good at planning, to act strategically, or be be strong negotiators. When they bought CBI, did they cut a good deal or just cut a huge check? Their strength is b—s—ting the analysts. The analysts quickly separately into two camps, the "these guys are dangerous imbeciles" camp and the "these guys can't be as f—ing clueless as they seem" camp. The only thing MDR has going for them is that bankruptcy is expensive to the lenders, they pay lots in legal fees, fight over what's left of the company, and take a discount on their debt.
But MDR is holding up the Nov payment. If you were a bank, how much more of their stupid sh– would you be willing to take? Is this company ever really going to dig itself out of this hole? ExCom is in a very weak position with people they are seriously pissing off. If they reach a negotiated settlement, who will ever lend to them again?
ExCom definitely had "a plan", if that's what you call it, when they bought CBI but it was poorly conceived and got off track before they could carve up and sell off pieces. I'm not sure it matters. This is after all the A– Clown League.
So we're officially on the meter. 30-days to pay or reach a settlement with the bond holders. Does the the ExCom have a plan?
"In 2018, he earned a base salary of $599,621 and total compensation of nearly $3.58 million, according to the proxy statement McDermott filed in March. Spence had been expected to receive a retention bonus totaling $1.3 million split over three payments, the company disclosed in October."
Fill in your own Incredulous input here.
Dont worry ! Help is on the way ! The Federal Reserve has our back !