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IEP

Icahn Enterprises

$53.23

-0.34 (-0.63%)

, SD

SandRidge Energy

$18.50

-0.11 (-0.59%)

11:57
12/01/17
12/01
11:57
12/01/17
11:57

Icahn demands to inspect documents on Bonanza Acquisition, compensation

In a regulatory filing, Icahn Enterprises (IEP), which owns roughly 13.5% of SandRidge Energy (SD), issued a statement to SandRidge demanding to inspect and make copies of the following books and records of the company: 1) All documents relating to the compensation of senior management, including, without limitation, Mr. James D. Bennett, the current Chief Executive Officer of the company. Any documents describing or explaining what, if any, consideration members of the company's board of directors gave to the $5B in value destruction in which Bennett participated when they were deciding to award him the over $50M in compensation he has received during his tenure with the company. Any documents describing or explaining what, if any, consideration the Board gave to the bankruptcy filing over which Bennett presided when they were deciding to award him the over $50M in compensation he has received during his tenure with the company. 2) All documents relating to the $90M severance payment awarded to the former Chief Executive Officer of the company and what role Bennett played in that decision and whether the Board took that into consideration when awarding Bennett his current compensation. 3) All documents relating to the proposed acquisition of Bonanza Creek Energy. 4) All documents relating to the board's adoption of the "Short-Term Shareholders Rights Plan." The purpose of this demand is to allow the Icahn Parties to investigate the actions of senior management and the board regarding senior management compensation, the Bonanza Acquisition and/or the Plan, the latter of which appears to the Icahn Parties to be primarily directed at preventing the company's stockholders from being able to organize effective opposition to the Bonanza Acquisition. The Icahn Parties regard both the Bonanza Acquisition and the Plan to constitute mismanagement at a minimum and likely breaches of fiduciary duty, while Bennett's compensation to date appears to be inexplicable. While they have no current plans or proposals to take any actions with respect to SandRidge, depending on what they discover in the documents, the Icahn Parties might: file an appropriate court action challenging any or all of Mr. Bennett's compensation, the Bonanza Acquisition and the Plan; with appropriate approvals, share information contained in the documents with other stockholders; seek to pursue a proxy contest to oppose the Bonanza Acquisition and/or to remove some or all of SandRidge's current directors and replace them with directors opposed to the Bonanza Acquisition and in favor of corporate democracy; and/or take such other actions that is appropriate under the circumstances. "The Plan is egregious. On its face, it appears to interfere with corporate democracy and serve only to entrench management and the current Board and protect the value-destroying Bonanza Acquisition. Because of its engineered opacity, the Icahn Parties have asked the Board to confirm whether the Plan would prevent certain actions by the Icahn Parties and others. The Icahn Parties would not be shocked to learn that the Board knows little about the operation of the Plan and was not adequately briefed concerning the operation of its terms. But, if the Board was not adequately briefed then the validity of the Plan's adoption is questionable, while if it was briefed, and if the Plan is intended to bar stockholders from working together to stop the Bonanza Acquisition, then it is invalid as a breach of fiduciary duty."

IEP

Icahn Enterprises

$53.23

-0.34 (-0.63%)

SD

SandRidge Energy

$18.50

-0.11 (-0.59%)

IEP Icahn Enterprises
$53.23

-0.34 (-0.63%)

SD SandRidge Energy
$18.50

-0.11 (-0.59%)

02/22/17
GHSC
02/22/17
INITIATION
Target $25
GHSC
Buy
SandRidge Energy coverage resumed with a Buy at Seaport Global
Seaport Glboal analyst Mike Kelly resumed coverage on SandRidge Energy with a Buy and a $25 price target.
04/25/17
MZHO
04/25/17
INITIATION
Target $25
MZHO
Buy
SandRidge Energy initiated with a Buy at Mizuho
Mizuho analyst Timothy Rezvan initiated SandRidge Energy with a Buy and a $25 price target.
06/21/17
GHSC
06/21/17
DOWNGRADE
Target $17
GHSC
Neutral
SandRidge Energy downgraded to Neutral from Buy at Seaport Global
Seaport Global's Energy team reduced its long-term oil forecast to $40/bbl from $50/bbl to reflect "relentless" US production growth. The firm sees the potential for the oil market to be "significantly over supplied in 2018 and cut its oil price forecast for first half 2017 to $45/bbl from $55/bbl and first half 2018 to $35/bbl from $55/bbl.

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