Do the executives get the new change in control package that was just put into place if the company goes into bankruptcy?
6 replies (most recent on top)
Of course they will get it. But just like OXY did to us LAPC, they will find a way to screw all the employees out of eligibility. I’ll say it again, VH is a crook, thief, liar, and all around incompetent individual that deserves to be in jail. This is just further proof
"Two really good examples of this are Chesapeake Energy and Whiting Petroleum."
CK is being led by a genuinely good guy (whether he was right/ready for the job is a different question).
Whiting - not so much!
https://seekingalpha.com/news/3455363-whiting-petroleum-ceo-faces-s-xual-misconduct-allegations
Keep in mind that if the CoC gets triggered for execs, it’s also triggered for LOXY. So while it may be deplorable what they’ve done, you’re now protected by COC as well which is a good thing.
It just never makes any sense, and the employees are the ones left with very little. Two really good examples of this are Chesapeake Energy and Whiting Petroleum. By the way both are currently ran by ex-Anadarko executives, and a few ex-Anadarko executives are involved at the executive level of these companies. They have both basically been run in the ground and Whiting is in bankruptcy. The execs have made a soft landing for themselves when the plug is pulled. It is just corporate America and the BOD of these companies allowing it to happen.
In the event a buyout does not occur, does anyone know or know how to determine if the change in control is triggered in a bankruptcy?
This will tell you why
https://seekingalpha.com/article/4352221-occidental-petroleum-entering-slowly-event-horizon