Thread regarding ION Geophysical Corp. layoffs

Gone bankrupt because they can make enough money to cover expenses. (for years now)
Cant make money because they cant sell products and services at competitive prices. (products and service are poorly defined)
Didn't have competitive products and services because of weak disengaged management. (overly compensated for ongoing failure, and top heavy)
Had weak management because board and ownership was disengaged. (wish I was rich enough to ignore millions in stock devaluation)
What is left is a salvage strategy getting executed by the same folks that brought the current situation.
Go find another job in a company that doesn't have any of these traits.

let's see...

Cons:

1. ) 2D library mainly for frontier exploration that has been out of favor since 2014 and which is a small part of an abundance of 2D data of all vintages.
2. ) Proprietary processing algorithms unlikely to be very unique, and when a taste for high end processing has cooled.
3. ) CEO complains customers do not want ION's products, so neither will its competitors unless purchased at fire sale prices (waiting for bankruptcy, asset sale).
4. ) Little indication of diversification that the winners are pursuing (CGG, TGS) out of shear desperation, leaving ION in the category of GeoSource and GeoKinetics.

Pros:

1. ) Seabird, long on the ropes, still persists giving a remarkable example of will crawling across a desert, but even it is trying to reinvent itself (see website).
2. ) A small provincial group of investors may be inclined to hang on.

...but wishful thinking is a powerful deterrent to action. Whatever happens you will survive it.

“Mass panic” haha - if anyone remaining hasn’t accepted their days are numbered they are delusional- every day employed is a bonus at this stage

Depends on what units of the company are sold and to whom. It’s a safe bet that at least some people will be let go.