So I just read the latest 8-k. I guess poor JR and Lance didn't qualify for TAP cuz there jobs didn't get eliminated so they have to make do with the same sweet nothing other folks get when they get run off. Hahaha joking! Turns out JR got away with $2,000,000 and lance got $1,000,000. Well done you guys!
Check it out: http://files.shareholder.com/downloads/AMDA-DZ30I/2785686525x0xS101778%2D16%2D89/101778/filing.pdf
I picture poor little JR in heaven playing a harp and polishing his wings.
I wonder how hot it is there?
I hear there is a connection between JR and lance getting run off and the high turnover of asset management in the EF.
What did JR do to get axed? Very simple.
Lee approved the issuance of 145 Million shares of new stock for a discounted price of $7 + change, when the stock price was slightly over 8. This was in MAY of this year. Had he sold those same shares now, four of five months later, MRO would have received over a billion dollars more. Note that this had a dilutive effect on all other outstanding shares of MRO.
It was yet another example of boneheaded Lee making a dumb decision to sell at bottom dollar. It's also an example of how gutless and utterly without conscience he is. From the inside, I KNOw this was Lee's idea. But, rather than fall on his sword, or belly up and rake responsibility for another dumb decision, he opted to blame JR.
Lee is a cancer. He needs to be removed.
Lee lacks judgment. He listens to bad advice from Deanna and thinks she is his best adviser. She is worthless and would rob Marathon blind if she could get away with it. She tells Lee what he wants to hear and he eats it up. Too bad Lee does not know the difference between s--- ups and competent advisers.
Whatever it costs to make Lee go away!
Even if we had to do, even $100 MM and a plane would beat having him steering the boat for a single quarter.
Does anyone know what JR did to get axed? Incompetence is not an excuse, it is the expected value so what did he do?
Just wish they'd give Lee $1 Million & send him on his way. BJ should go, too, but as a "4" performer, her severance should be nothing.