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Thursday, June 7, 2012

ATP Looking Like Clowns - New CEO Resigns

June 1 they trumpet a new CEO who is so committed to ATP that he has bought 1 million shares with his own money:
ATP Oil & Gas Corporation (ATPG) today announced that Mr. Matt McCarroll has joined ATP as Chief Executive Officer of ATP Oil & Gas Corporation.

ATP Chairman T. Paul Bulmahn stated, “We are very pleased to add Matt to our leadership team. His successful and proven talent in offshore property development is an asset to ATP. His experience in the offshore Gulf of Mexico will be invaluable to moving forward our Clipper and Telemark properties in addition to our international properties. Matt’s commitment to ATP has already been shown by his purchase today of 1,000,000 shares of our common stock directly from ATP at market price.”
Fast forward 6 days and the new CEO has already resigned:
On June 1, 2012, ATP Oil & Gas Corporation (ATPG) announced that Mr. Matt McCarroll replaced Mr. T. Paul Bulmahn as Chief Executive Officer of the company. Mr. Bulmahn continues to serve as Chairman and also in the newly created position of Executive Chairman of ATP. However, as of today, June 7, 2012, the company announced that it was unable to reach a mutually agreeable employment agreement with Mr. McCarroll and effective today he has submitted his resignation. In conjunction with his resignation, the previously announced purchase of shares from the company by Mr. McCarroll mentioned in the June 1, 2012 press release was rescinded.

6 comments:

  1. Devon, your clown comment is interesting. Do you have any incite as to what's going on? Thanks.

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    1. Hi, no I haven't a clue what is going on. I couldn't believe it when I saw the resignation a week after the hiring.

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  2. It does make them look like fools. Why would you announce a new CEO before the contract is signed. Lame. They have really been managing very poorly for some time. They have chosen to be very highly leveraged and that has cost them. They really need someone to take control of this company and manage it successfully. They need to start producing profits not just talk.

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    1. They made me look like a fool too. I invested in ATP thinking that they were the victims of some bad luck with respect to the timing of the 2008 financial crisis and their desire to monetize properties. I thought I could count on their operational abilities, and I was wrong. I got very luck to escape this one actually making a little bit of money in the spring of 2011. I deserved to lose every penny I invested in them.

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  3. Here's a helpful analysis of what's going on with ATP:

    http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_A/threadview?m=te&bn=1612&tid=202083&mid=202083&tof=1&frt=1#202083

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    1. For my own take (perhaps "guess" is a better word) on ATP's recent management changes, please visit:

      http://navinvesting.blogspot.ca/2012/06/atp-oil-and-gas-ceo-resigns.html

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