13G Filings
I like to see these filings under normal scenarios. But what you are looking at are the reports I discussed earlier that are only a window up to December 31st, 2015. Sandridge Energy was delisted after December. Many funds, and Vanguard is definitely in this criteria, are not allowed to remain in a stock that gets delisted. They would have been forced to sell.
Hedge Funds are not as regulated as normal funds, but I don't know how that applies to delisting requirements. what I've been waiting for is to see Fairfax's disclosure, which still is not available. But will be soon. Still, it is before the delisting and before the hiring of Kirkland and Ellis. And Prem Watsa has been dead silent in regard to Sandridge for months.
What you are looking at is what I specifically alluded to in post 6327 where I stated the following:
--------------------------------------------------
"I will never have a clear picture of who is left in regard to the funds until April, however. And that may be too late. I don't know if Prem Watsa is even in this stock, still. All the institutional ownership data is the rearview mirror, unfortuneately. This week and next, a lot more visibility up to 12-31-16 should be clear as those reports finally become public.
SD, however, got delisted after December. That forces a lot of funds out by regulations. The hedge funds, like Fairfax, are less regulated and may be able to stay. But not sure and I don't know if Prem Watsa threw in the towel. He is the best bet and most influential character, and if he is still here, he will fight for your best interests which are aligned with his. On the other hand, I don't know if he had insurance (puts) on his position or if he hedged in some other way. He is, after all, a hedge fund. So, I just don't know. And it's all this uncertainty which has the stock priced where it is.
There are many SD insiders that hold lots of shares, so their interests should be vested with the common. But by law, the Board's fiduciary duties may have shifted to senior creditors at this stage. And the Board of Directors would dictate to management where the strategy must go. "
---------------------------------------------------------------
BTW, in regard to SD insider shares, their survival isn't on the same playing field as shareholders at this point. Sandridge will survive if a prepacked bankruptcy is in the cards. They will emerge out the other end in another form, but shareholders will not. They can get new options in a newly restructured company if there is a room for them. They are not bad operators. They have just been dealt a bad hand by Saudi Arabia. It's not like they would be fired for bad performance.
