Please try to remember this while you are listening to a corporate goon (GoGo) explain why VCIP isn’t great but the best is coming!
“During the pendency of any appeal in the Propel Fuels case, Phillips 66 is accruing additional interest liability at a rate of approximately $228,272 per day.” More than the median employee salary …… per day. Ignorance is bliss.
5 replies (most recent on top)
Propel Fuels has P66 over a barrel. P66 isn’t fighting to win, they are fighting to stop the bleeding. It is too little too late and nobody, especially in the courts is buying the “big company innocence” narrative. Grab some popcorn because this ending going to be EPIC. I wager Propel Fuels comes away with a mountain of money and a quiet settlement. The quiet settlement aligns with P66 because ethics are a punchline and a conman has no shame. The board needs to gut the ELT before P66 is bought and gone forever.
We have S Bishop to thank for the Propel litigation outcome. She couldn’t be bothered to manage it properly and yet has escaped repercussion bc she is the #1 protected minion of the highly incompetent v@nessaa. My prediction is that when its all over, Propel will cost us almost $1B. No doubt.
You can bet your sweet bippy that the Propels case won’t affect the mysterious “Adjusted VCIP EBITDA” metric used for calculating the payout. Nobody knows what it means but GoGo!
To be fair, propel predates GoGo and v@nesaa. The real issue lies with Kevin Mitchell and his corporate development team (Rex) who did not set up the appropriate structure. Some have been pushed out but Kevin has not taken any criticism for this. Time for GoGo to wake up and see the liability sitting in front of him: his CFO.
2 things:
- The entire Propel disaster could have been avoided by P66 do the right thing and buying Propel like they said they would.
If they didn’t want to do P66 could have settled the case for probably far less than the judgement against P66. - You can bet Go-Go will get his salary and big bonuses no matter the actual financial results as compared to our biggest peers.