Fell bad for him because he got sold a bag fo c-ap from guys like P. Mullin And as Herman remember his whole crew: scorsone, Ho, etc etc... unfortunately we all have to live with the bad decisions of a small few. Gonna be hard to get a job with CBI and MDR on my resume
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Last post, I think you're spot on. MDR bought CBI and planned to break it up. They could refinance the debt. Rehabilitate struggling units. Improve profitability by cutting costs and eliminating redundancies. And sell everything at a profit. Some companies do this kind of thing. Like Cargill does smart turnarounds.
Problem was the losses came too fast. Partly cause this was a dumb turnaround taken on by people which don't understand Onshore & advised by consultants which didnt understand Onshore. Partly cause our partner was reporting losses that WE didn't want to book. Oops. Hurry up and leave that ExCom meeting and fly to Japan! Valuations tanked so units couldn't be sold or refinanced. The rest is history. MDR is history.
Greed. Hubris. Haggis. A bad combination.
CBI put Lummus up for sale. MDR "swallowed" the whole company, paid ~$4bn and wrote off half 5 mos after closing. Only one company wanted it all. CBI was on the verge of bankruptcy itself. Not like it's problems weren't really obvious. So why did DD swallow and get into a business that is so complex that even the best of the industry's best routinely fail? Hubris? Bad due diligence? He thought it was a spreadsheet problem and he could CPI his way to profitability? He planned to break up the company if he moved fast enough but the writedown snuck up on him (...darn that Chiyoda. Sneak attack)?
I don't care if he's the puppet or the nastermind. He's an integral part of a team that destroyed this company. If he didn't like it and couldn't stop it, he should have quit in protest. But he liked the money. He even took the retention bonus. It's all about his tribute.
No sympathy here.
Feel bad for DD?!
He gets hurt 0% by an MDR bankruptcy.
The Engineers, the Pipe Fitters, the Admins, the Buyers, the Carpenters, the Doc Controllers, the Laborers are the ones who get hurt.
Good luck to everyone. Let’s hope for a soft landing.
F— him and his $7,500,000 pay and his golden parachute. He's the f—ing CEO. The buck stops with him.
I feel sorry for the people who have to worry about their mortgage and retirement and supporting elderly parents and raising their kids.
This is not the McDermott I signed up for.
Uncle Phil was playing chess - this guy is playing checkers while reading the instructions. Best analogy I heard all day.
Don't, the CBI deal was bad but not fatal. The lack of candor and acceptance of the situation is why bankruptcy has become the default option. If DD took the actions they are taking now a few months earlier, MDR would be solvent.
MDR will have to live with the tainted reputation, but no worries, the BK judge will be soon sweeping away all of that debt...
Load of Nonsense above DD was instrumental in pushing through CB&I DEAL