Buffet and Icahn will continue gaining control of this company. Interesting fights between the two may develop. We're in the middle.
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Naturally. The poison pill works against WB too, so he’ll sell to stay under 10%.
Former APC, employee commenting, take solace that the FED is in the high yield debt market buying. A "stick" save for Oxy and ALL the high debt energy companies. Buffet 128B in cash and Icahn is heavily invested. Those two don't want to see Oxy go bankrupt. 2cents
It doesn’t matter if Warren chooses to hold or sell. All that matters is Oxy is desperate enough for cash that they diluted common stock holders by 17 million shares versus paying the dividend in cash. You don’t do this unless you are worried about not having cash for upcoming debt repayment. This is 101 stuff and highlights how awful of a position this company is in.
Right, Berkshire did file immediately to sell all shares.
That is 200,000,000.00 divided by around 15.00 for over 13,000,000 shares. I would think if those are new shares that might dilute the current price.
Of course Berkshire got discounted shares.
Existing shareholders get screwed by even more dilution. And Berkshire still have $10B in equity. Oxy can’t even pay the vig. Vicki should’ve gone to the Mob; they’d have given her a better deal. What is OxyChem worth?
Upcoming shareholder meeting / webinar in May (?) should be interesting.
Fox News just had a story on this and said Oxy was basically going down the drain, and by paying Buffet with stock just shows how bad we are strapped for cash. This was on the national news.
@fhi+14u55RHZ source? All I am seeing is that they CAN sell, not that they are.
I think it's pretty telling that WEB didn't want to keep the shares... worst part is, all the other share holders got their stock diluted so everyone loses all the way around.... the freight train of downward momentum is picking up steam I'm afraid.... Also, someone bought over $1mil of $2.50 Put options for Jan 2021... looks like they're betting on a bankruptcy
Berkshire immediately filed to sell the shares... so your point is invalid.