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Apr 27 • 4 tweets • 2 min read
I feel like this (or a better version of it) should in $ARX offices, they are good at not doing stupid shit, but it never hurts to be reminded.
Never forget, the reason they were able to grab $VII for so cheap was that 7G made a lot of "Fortune favours the bold" type bets - and ya it could have worked out a lot better for people that put cash into VII.
$VII was a bet on a future that came!

They were mostly right!

Fucking 7 dollar #GasIsBack!

But they didn't live long enough to let the people who bet on that vision of the future collect those winnings!
Now $ARX didn't do to $VII what Murray and Co at $CNQ did to $PONY - but you can't not acknowledge that the acquisition of 7G was very opportunistic - good for the combined company, but capped the upside of 7G shareholders.

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More from @SadBillAckman

SBA Profile picture
Apr 29
SBA Capital outlines it's proposals to #UnfuckSuncor $SU Image
$SU #GSUN Image
Structural issues facing Suncor
$SU Image
Read 7 tweets
SBA Profile picture
Apr 28
A statement form SBA Cap reguarding $SU and #Elliott. ImageImage
Well this is going to be fun. $SU
The legendary activist shop Elliott has kicked off what we, like they, hope to be the beginning of the end for this malaise that has set in at Suncor for many years now. $SU
Read 16 tweets
SBA Profile picture
Apr 28
Come on #Elliott, only a 45 page deck?

Triple digits or bust. Image
I love how most of the value in $SU to be created is just by closing the multiple gap with $CNQ Image
#Elliott leading with an #ESG focus makes sense - no one can be seen to pull back on these initiatives... you know like $SU itself did when it delayed the Coker to CoGen project. Image
Read 16 tweets
SBA Profile picture
Apr 28
Elliot owns 3.4% of $SU

Otherwise known as 420 times what Mark Little owns.
OK, which Elliot analyst follows me?

$SU Image
And then they got Murried. $SU $CNQ Image
Read 6 tweets
SBA Profile picture
Apr 28
Sure - want to prove your company is not just a transfer of value from the min owners to private investors...

The dude in on the board of a company that depends on the CRA not looking too closely at tax losses, employees no one, and is threatening people over WFH.
He has no idea what kind of fucking the E&P space could be in with their FCF, and the lack of an interest group supporting them.
Like 5 years ago I was in a briefing with a political advisory who was making the point that for E&P's Canada have as much political risk as Nigeria, and they are not WRONG!
Read 4 tweets
SBA Profile picture
Apr 27
I get into this debate with people form time to time - the jobs are part of the rent.

$PSK employs like what, 20 people - if freehold min tax goes to 100000000 precent of prod, who the hell advocates for them?
$XOM owns what, 1.2mm Ha, who cares if they get fucked, they don't empty anyone.

The concert of the governed can be taken pretty damn quick.
Rafi is flirting with outsourcing here - what about a provincial tax of 90% on dividends?

He literally sits on the board of $TPZ, a company that pays no tax, employees 4 people and passes cash to shareholders.
Read 4 tweets

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