So - what was your first clue....the optimistic town halls followed by dismal earning reports; promises to change things up on "challenged" projects then seeing no change or get worse; spending months "studying" software only to discontinue any that are industry standard for no-name or beta-test versions...? For me, it was the outrageous amount spent on the pathetic new logo....could have got that from a 3rd grader for a free happy meal! Told me time to go! So - what was your first clue(s)
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The day MDR bought CBI and DD showed up in a Bently. When the two companies merged and met MDR "pros from Dover" I knew the company was toast. They were over their heads focused on optics like logos, swag, and endless town hall meetings. When they first visited a project in Oman and saw the storage tanks they asked who was constructing the rest of the plant. When told we were, their Jaws dropped. These guys were clueless about onshore projects with 20+k peak labor. We were doomed.
What, are you 16 years old, jealous of rich kids and the cool cars they drive to high school? People don't trade down their cars even when their comp goes down. Anyway, the best way to eviscerate a company is to drive your skilled employees into the arms of the competition. MDR, case in point.
"Walked through the garage full of brand new high end trucks and sports cars. Something's wrong when your company is failing but your employees get paid more disposable income than the rest of the market."
I would wager that those high end trucks and sports cars mostly belonged to the management cadre that have contributed to the current sorry state of affairs. Doubtful that your everyday front line employee worker drone's ride is that flashy.
All said and done its the individual shareholders, hard working employees, and the suppliers who don't get paid are the real victims. Management walks away with golden parachutes, retention bonus' and other perks they feel entitled to. McDermott and CBI both same culture. Crooks on both sides need to be put in jail for misleading those that really got the shaft after believing in those that led to the demise of both companies. They will get their just reward when the final days come. Business schools in other countries can use the case histories of these two companies to educate their up and coming executives of what happens when greed and power hungry executives look out for their own self interests and care about nothing else.
I knew something wasn't quite right when we visited the Woodlands and parked our base model car. Walked through the garage full of brand new high end trucks and sports cars. Something's wrong when your company is failing but your employees get paid more disposable income than the rest of the market.
You can only wrap a t–d in a bow so many times... I mean, if you want the truth, I had a gut feeling long before MDR bought CB&I. CB&I was headed for bankruptcy after the royally botched the Shaw acquisition. CB&I sold Westinghouse, who then went bankrupt, and then CB&I attempted to sell off Lummus for a cash influx to save them from bankruptcy. Instead of selling Lummus, the geniuses at MDR had the bright idea to join CB&I in their inevitable journey to bankruptcy.
At 2014 OTC, merely 4-5 months after becoming a CEO, DD and his cohorts were just partying it up instead of having a face time with the major clients.
What was MDRs behavior at OTC in 2014?
Sold all shares when CBI came onboard. Am I glad!
Seeing all the refugees from GE who found a willing "host" for their sycophant attitude.
I will agree with the guy who said Dec 2013. But for me it was May 2014 their behavior at the OTC was the first clue they were up to no good. I sold all my stock soon after that never to look back.....
Bring on the class action lawyers for individual investors!
The first earnings after MDR & CB&I combined - it showed that MDR had no clue how much it would cost to build an LNG, and I figured there was not enuf money to finish the F-us projects.
What? According to the Numerous advertisements on Linked In, McDermott portrays that the company is Best in Class with first class management. MISLEADING to individual investors that do not have the research access of an institution! Small investors have been MISLED!
December 2013, when DD was unveiled.
For me, the moment they announced they were buying everything, not just buying Lummus. It was like watching a child playing with a load– g–.