Re: (NYSE:MPC)
Paul, this is a really interesting situation on so many levels and the Macquarie report makes it even more so. This is info from an 8-K relating to the spinoff:
"Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with the Spin-off, Messrs. David A Daberko, William L. Davis, Charles R. Lee, Seth E. Schofield, John W. Snow and Thomas J. Usher became directors of MPC and resigned as directors of Marathon Oil effective as of the close of business on June 30, 2011.
Also in connection with the Spin-off, Mr. Gary R. Heminger resigned his position of Executive Vice President, Downstream of Marathon Oil effective as of the close of business on June 30, 2011.
In connection with the Spin-off, Mr. Clarence P. Cazalot, Jr. was appointed chairman of the board of Marathon Oil in addition to his responsibilities as President and CEO, and Dennis H. Reilley was appointed Lead Director. Both appointments were effective July 1, 2011. "
At the time, the refinery business was almost dismissed by the investing public. I have a feeling some insiders don's share in that belief - I wonder how the allocation of shares was done among the executives? Let me know what you find further - my guess is that the other segments will provide more value than the refinery.
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