Q1 was terrible, WTF happened. Just people dejected about the merger? No the merger is off, the company is pissing away the entire breakup fee on debt, and buying back shares to pump up the share price. I wonder what group owns a lot of BHI shares or options....hmmmm.. They wouldn't have a conflict of interest, would they?
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Crackerhead and company will never accept a pay cut or for their pay to be frozen. Crooks will be crooks.
I saw an article on Yahoo Finance talking about ValueAct's activities with regard to BHI. It said as long ago as last summer ValueAct was suggesting to BHI that should the deal not get approved BHI should sell off the most highly coveted parts of the business (artificial lift and chemicals) as they would get a good premium. Such a move would be awful for the BHI that remained. These activist hedge funds are a cancer.
500 million in cost cuts. Which businesses will go first? Core or Non Core?
Baker will survive. It will just need to cut spending wherever possible. Pay raises should be frozen for at least a year. Upper management should accept pay cuts until the industry improves.