Ryan, I agree, I do not really want to see the Taylor Rig component sold off. With regards to the management issue, the subsidiary itself must be being managed not too bad or it's own earnings would not have been as good as they were. What needs to be dealt with is the overhead being introduced by WRN itself. This having been said, I have little doubt that the wheeling and dealing being done at this point, over JV's, mergers, acquisitions, etc. would fall into that overhead category.
There may even be some benefit to different management, however, I suggest you check my earlier calculations as to where the Skytex stock would have to get to, if we were to only see the 435,000 shares, in order to start to drive any significant upswing in WRN. I believe that continued ownership of this asset along with a focus on the overall management (reduction of management costs) of WRN itself should be the way to go, given what I know thus far.
Salut,
Leigh McBain
PS - I have not yet had an opportunity to go thru the numbers with any detail. |
