Activist Hedge Funds Wounded by SandRidge Bet

TPG-Axon Capital Management LP, which led the campaign to oust the CEO, and Mount Kellett Capital Management LP each lost more than $150 million in the company's decline, as did a longtime supporter of Mr. Ward, veteran Canadian investor Prem Watsa, according to an analysis of securities filing...

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Bibliographic Details
Published inDaily Bankruptcy Review
Main Author By Ryan Dezember
Format Trade Publication Article
LanguageEnglish
Published New York Dow Jones & Company Inc 15.04.2016
Subjects
Activists
Energy industry
Executives
Gasoline prices
Hedge funds
Investments
Natural gas
Petroleum industry
Prices
Securities prices
Shareholder activism
United States > US
Oklahoma
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Summary:TPG-Axon Capital Management LP, which led the campaign to oust the CEO, and Mount Kellett Capital Management LP each lost more than $150 million in the company's decline, as did a longtime supporter of Mr. Ward, veteran Canadian investor Prem Watsa, according to an analysis of securities filings by The Wall Street Journal. When natural-gas prices suffered, SandRidge started looking for oil, piling on debt to buy properties where it could prospect for the more profitable commodity.