I finally got around to reading the letter that TPG sent to Sandridge Energy (SD) regarding Tom Ward’s mismanagement. I believe they made an extremely compelling case and indeed the board and management have conducted themselves in an egregious, self-enriching manner. I believe APA, DVN, and BP are more attractive at this point, but I do like SD over the long-term. Investors need to feel comfortable that these practices will end and I believe that is impossible without real change occurring at the top.
http://www.scribd.com/doc/113491870/TPG-Letter-To-The-Board-of-Sandridge
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