Oceaneering Acquisitions. Do you think there was any form of discussions as to these failures with not one making any profit ?
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What about Spectrum, another dog, which has not put one penny into our business.
The C&C purchase was 230 million not 200. They got snookered. The building not included in purchase is just one of the problems.
There will be a layoff before the end of the year. This is from a reliable resource.
Don't forget the dog called AGR...that was another $220m for nothing.
When they made the first massive purchase of C&C for $200 mil, right as the downturn was really gaining steam, it was justified as showing Wall Street that Oceaneering was still on the move and aggressive, and thus totally a solid company to bet on. I'm not sure how they justified the $300 mil or so in other purchases after that. I'd love to see how senior management plays blackjack and poker. They probably just yell "hit me!" and "double down!" at the dealer. Damn the torpedoes/business case. Burning through the plentiful cash reserve to now having to get a line of credit, just shameful mismanagement. Starting to pickup the vibe that another layoff is brewing. I guess it's been like 7 months since the last one, so we're due.