When I retired 3 years ago, I left no money in Noble stock, no money in deferred compensation plans, Why? Because I knew the senior management and would not trust them with a $1, much less with my retirement savings.
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As a former high level manager for Noble, I am saddened by the totally ineffective Leadship Team since Chuck retired....gosh, they made some really bad choices in some of their top execs. Oh, and don't believe anything Fisher says....he has no credibility in the Company or in the marketplace.
For Christ's sake!
Oh we have all been taken to the woodshed and called a douchebag by some apparent manager.... I feel so bad I take it all back!
Love all you douchebags complaining about managers. Well, yes, you are correct we don't do anything. Secret is out now.
Grow up and get a life for Christ's sake.
The mismanagement of this company is truly..... amazing! I welcome the next layoff, hope most mid managers are asked to leave!
Will be tough getting a good price for assets in this market. Fireside sales are an act of desperation. Look how little they got for Cypress. Guess that's what we're down to, selling the kids.
Fisher telling analysts yesterday that they planning to de-lever in this period of low prices. Well... they don't have cash to pay down debt. So all that is really left is to sell assets (leasehold). He also keeps trying to tell folks that Noble has a clean balance sheet. From everything I read their debt levels are a serious problem. All of the debt ratios are extremely high and becoming unmanageable.
With shareholders taking yet another haircut via slashed dividend it's certain they will expect corresponding cuts to G&A. That means more staff cuts are on the way.
I would prepare for the worse. Noble cut it's dividend yesterday by 45%. Companies don't do this lightly. They have also restructured their long-term debt to save cash. They also diluted their shareholders last year to raise cash for their ill-advised acquisition of Rosetta. Maneuvers like these represent a certain level of desperation and frowned upon in financial circles. Remember public companies like Noble are in business for one reason... to make money for their shareholders. Clearly management and the Board had no plan for a downturn (except to layoff employees) and now chasing their tail.
Be serious. I am sooooooooooooooo ready to get on with my life.
More layoffs for regular folk and bigger bonuses for management.
More layoffs