Thread regarding McDermott International Inc. layoffs

MDR has NOT sold LUMMUS

For the fake post couple days before, LUMMUS has not been sold. The earnings release and no conference call scheduled should tell you something by the "alternative process evaluation" for Lummus. The potential buyer we had couple or the management had meetings in the offices months ago walked away.

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Post ID: @11VSiq45

8 replies (most recent on top)

Refinitiv shows KBR, FLR and HON as peers.

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Post ID: @11VSiq45-7bjd

Would KBR purchase Lummus?

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Post ID: @11VSiq45-4lxs

I don't think DD is in charge of the process anymore. I think the banks are in control so it still might get sold. DD probably still wants to keep it for those "synergies" and try his luck in bankruptcy.

If we survive, they need to get rid of this guy as well as the board.

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Post ID: @11VSiq45-4toz

So Sharks, now that we understand wordplay, let's take a fresh look at this report about unsolicited offers.

MDR said it received "unsolicited offers valuing it at more than $2.5 billion" which "prompted McDermott to explore 'strategic alternatives to unlock the value of Lummus Technology while maintaining the strategic rationale of engineering, procurement and construction (EPC) pull-through.'"

This doesn't actually say that MDR received unsolicited offers FOR $2.5bn, it says they received unsolicited offers valuing Lummus at $2.5bn. So Sharks, if you give me maybe $250mn for 10% of my company, then my company should be worth $2.5bn on Sand Hill Road. BUT YOU'RE NOT OFFERING TO PAY ME $2.5BN! Sh–, you might not even be offering me cash, it could be a stock for stock JV using some other benchmark.

This CBI thing was all about asset valuations so you can refinance, sell divisions, and maybe leverage divisions to their eyeballs. But then along came Chiyoda. Bye bye asset values.

Was there $2.5bn? Was there an "offer"? Did the buyers disappear when they thought they were being used? And was one of the reasons there was no earnings call was that the company didn't want to answer questions about this significant glimmer of hope?

Another clue in the press release. "Strategic alternatives to unlock the value of Lummus Technology while maintaining the strategic rationale of engineering, procurement and construction (EPC) pull-through." That sounds like code for selling some of Lummus but keeping some so they keep the magical pull-through. So if you're keeping some or keeping some rights, you aren't getting the full $2.5bn, are you?

But the bridge loan requires achieving milestones toward selling Lummus. Just how far away is a milestone?

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Post ID: @11VSiq45-1wrf

Not English. Scottish. You kind of recognize the words and the syntax. But it's almost like it was written by a bot, like a verbal uncanny valley. Could be agreeing with you and completely true, or it could be complete horseshit. You've got to carefully parse the words and then compare the next analyst call transcript to try to divine the truth. Like reading pig intestines in the old days, but even more disgusting and less reliable.

That's why "Scots" put on great earnings calls.

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Post ID: @11VSiq45-1rli

Troll. Go troll somewhere else.

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Post ID: @11VSiq45-kka

Yes, has not identifies past perfect time meaning it was not and it will not be. Please do not worry about my English.

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Post ID: @11VSiq45-zan

Is this even English?

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Post ID: @11VSiq45-oho

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