Monday, August 25, 2008
Breaking news on Quest Energy Partners (QELP) will be active today as the CEO resigns. Oklahoma regulators are looking into 10 million of company cash...that ceo Jerry Cash (boy that makes it easy) moved around. I imagine this is not going to be pretty at the open. Marketwatch has details on what the company did over the weekend when it found out what was going on.
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joseph cioffi's Source Page - Associated Content
11 comments:
Just what we need, another SGLP...
The greed of the American CEO today is incredible, they make tons of $, every perk imaginable, and lets be honest they don't work all that hard and the guy still needs to steal $10mil. Hopefully this clown will go to jail for 10 years.
Before jumping the gun, we need to see if this guy stole the money from QRCP or QELP. He was CEO of both entities.
Unfortunately I own this P.O.S.
I would assume that the company will be able to "claw back" the money from the guy...we'll have to wait and see.
I agree it's another black eye for the sector. We really don't need any more fraud attached to "parent companies" of MLP's.
SELL FIRST, ASK QUESTIONS LATER...
From AP: "Chief Financial Officer David Grose also was placed on a paid administrative leave of absence during the investigation by a committee formed by the companies' boards, Quest said."
Bruce
Bruce-
You have to appreciate the fact that he was put on "paid" leave...
AMZ is falling...we can now return to our regularly scheduled broadcast...
No life in the sector.
The major problem in the sector is that a secondary offering in this environment is a kiss of death. Look at the recent KSP secondary. MLP's with large equity needs such as BWP and ETP, at best will drift sideways and then flop once the next secondary comes around. Too many hedge funds have gamed this and are playing it accordingly. The sector is screwed until we get a rebound in the risk taking game. Right now it is just a circle jerk.
Has anyone been able to figure out if the guy stole the money from QRCP or QELP?
Natgas trading like we're never going to use the stuff again...
BPL tracing out a classic W bottom.
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