Thread regarding McDermott International Inc. layoffs

Bankruptcy Risk Rising

https://seekingalpha.com/news/3514716-mcdermott-bankruptcy-risk-rising-citi-analyst-says

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Post ID: @11UW8E1N

6 replies (most recent on top)

OMG, that's it

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Post ID: @11UW8E1N-6jpk

MDR said they "routinely hires external advisors to evaluate opportunities for the company"

Ho hum. Nothing out of the ordinary for shareholders or employees to worry about. Sorry that the WSJ alarmed you.

A shirt two weeks later, we learn "the new credit agreement requires McDermott to hire a chief transformation officer, and the company has appointed John Castellano, managing director of AlixPartners LLP, to fill the role, according to the October SEC filing."

But didn't they say that this was routine? Is it routine to appoint advisors to C-level positions? Not exactly "external" right? Did they not know this when they used the word "routinely"?

Actually they didn't say THIS was routine. They just said hiring external advisors was routine. So their public statement was not about the news report that triggered a massive selloff so bad that trading was halted?

More wordplay. Come on, guys, cut the b—s—!

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Post ID: @11UW8E1N-2wje

The banks are in control. The only reason DD is still around is he bribed the banks by agreeing to sell Lummus so we could pay off most of what we owe them. Sort of selling out the future. C-suite has been flat out lying to the employees and Wall St for over a year now, criminal behavior getting rewarded. Disgusting!

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Post ID: @11UW8E1N-1zxl

Yeah, towards the end the bad news tends to accelerate. DD woke up a few months too late. Surprised he's still coming into the office.

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Post ID: @11UW8E1N-fjy

No, I disagree; they had a plan. It was to keep collecting bonuses for a while longer. By all accounts; they have accomplished it. DD and SS.

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Post ID: @11UW8E1N-jgt

We are out of control. Before, DD could smirk and say he "FINALLY understands the numbers," you goddam id–ts. And maybe we had faith that there was some kind of plan, like buying all of CBI and breaking it up and selling it. It was impossible to believe that someone entrusted to run a multibillion dollar publicly traded company would not have granular, laser focused understanding of the numbers, not just some grand "let's throw some sh– against the wall and see what gold coins fall out" non-strategy. If you've been reading this board, we've been hitting the b—s— alarm for over a year. (But DD never really had a plan, it was only PART of a plan, how much of a plan? 12%. I am Groot.)

If there was ever any doubt that things are off track and out of control and have been for a long time, Stewie's departure dispels it. Things are f—ed up and, like the end of Goodfellas, the body count will rise.

The only question is why DD is still around. My guess is that the COO, aka "Better Call Saul" if you've ever seen him in action, is such a doofus that DD has no one to jump out of the frying pan.

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Post ID: @11UW8E1N-bsz

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