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Somebody liked Seitel (sela) today 14:54 Block trade went off @1.38 for 333,333 shares Hmmmmmmm very interesting
Researcher
got smacked down hard from $1.60....if it gets through that level today.....it should be gone..
i'm with you bigtime stinkeye! all signs are pointing in the right direction. check out these chart signs!
http://quote.barchart.com/texpert.asp?sym=sela&code=BTTEN
seank68
Been building a substantial position here.....
Some great insight on this board, but I just wondered if anyone had discussed the technicals of the chart? Wow!!!
1) Textbook "cup and handle" pattern
2) Volume building
3) 50 day MA about to cross 200 day MA
4) Huge gap to fill to the upside...
I'm looking for a break of about $1.55 with volume, and this thing should be off to the races....
looks like VA Partners are still buyers at this level
1-Mar-05 VA PARTNERS LLC
Beneficial Owner (10% or more) 400,000 Purchase at $1.28 per share. $512,000
16-Feb-05 VA PARTNERS LLC
Beneficial Owner (10% or more) 2,000 Purchase at $1.25 per share. $2,500
13-Jan-05 VA PARTNERS LLC
Beneficial Owner (10% or more) 82,500 Purchase at $1.25 per share. $103,125
12-Jan-05 VA PARTNERS LLC
Beneficial Owner (10% or more) 414,000 Purchase at $1.24 - $1.25 per share. $515,0002
11-Jan-05 VA PARTNERS LLC
Beneficial Owner (10% or more) 650,000 Purchase at $1.25 per share. $812,500
10-Jan-05 VA PARTNERS LLC
Beneficial Owner (10% or more) 200,000 Purchase at $1.23 per share. $246,000
Going forward this is going to be very interesting
Researcher
we got a little volume increase.
next week should be good. the senate will be voting on the ANWR oil issues. all we need is 51 votes. supposedly the vote will take place "next week" i think wednesday. congress goes on vacation starting the 21st for easter break. i would assume that they would want this issue put to rest before then.
seank68
Me too... was originally just gonna trade it like I did back in December, but after doing more DD on it, will certainly hold some if not all long, at this point..
thanks for the dd on this one Art, been adding to my LT account
I believe it was filed to reflect their recent purchases... not sure if they'll also file form 4's or 5's with it as well...
Also, more than likely there will be more filed because we had some huge 400K trades the last few days, which were most probably these guys as well.. imho..
did that report have to filed because of >5% ownership in SELA?
I slept on it and still not sure what I read
Amended 13D filed after hours yesterday>
http://www.sec.gov/Archives/edgar/data/750813/000112978705000036/sela13da6030805.txt
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>sela13da6030805.txt
<TEXT>
=============================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. 6)1
Seitel, Inc.
------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 Par Value
------------------------------------------------
(Title of Class of Securities)
816074405
------------------------------------------------
(CUSIP Number)
George F. Hamel, Jr.
ValueAct Capital
435 Pacific Avenue, Fourth Floor
San Francisco, CA 94133
(415) 362-3700
------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 1, 2005
------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 240.13d-1(b)(e), 240.13d-1(f) or
240.13d-1(g) check the following box [ ].
NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 240.13d-7(b)
for other parties to whom copies are to be sent
1The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
=============================================================================
<PAGE>
SCHEDULE 13D
-------------------------- -------------------------
CUSIP NO. 816074405 Page 3 of 15
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Master Fund, L.P.
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC*
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
-----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 21,766,068**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
21,766,068**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
21,766,068**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.5%
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
-----------------------------------------------------------------------------
*See Item 3
**See Item 2 and 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
-------------------------- -------------------------
CUSIP NO. 816074405 Page 4 of 15
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
ValueAct Capital Partners Co-Investors, L.P.
---------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC*
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 312,495**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
312,495**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
312,495**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 1%
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
-----------------------------------------------------------------------------
*See Item 3
**See Item 2 and 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
-------------------------- -------------------------
CUSIP NO. 816074405 Page 5 of 15
----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
VA Partners, L.L.C.
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS*
WC*
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 22,078,563**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
22,078,563**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
22,078,563**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.7%
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
00 (LLC)
-----------------------------------------------------------------------------
*See Item 3
**See Item 2 and 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
-------------------------- -------------------------
CUSIP NO. 816074405 Page 6 of 15
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
Jeffrey W. Ubben
---------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3. SEC USE ONLY
---------------------------------------------------------------------------
4. SOURCE OF FUNDS*
00*
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 22,078,563**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
22,078,563**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
22,078,563**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.7%
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
-----------------------------------------------------------------------------
*See Item 3
**See Item 2 and 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
-------------------------- -------------------------
CUSIP NO. 816074405 Page 7 of 15
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
George F. Hamel, Jr.
---------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS*
00*
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 22,078,563**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
22,078,563**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
22,078,563**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.7%
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
-----------------------------------------------------------------------------
*See Item 3
**See Item 2 and 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
-------------------------- -------------------------
CUSIP NO. 816074405 Page 8 of 15
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON/S.S. OR I.R.S. INDENTIFICATION NO. OF ABOVE
PERSON (entities only)
Peter H. Kamin
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
---------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS*
00*
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------------
7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 22,078,563**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
22,078,563**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
22,078,563**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.7%
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
-----------------------------------------------------------------------------
*See Item 3
**See Item 2 and 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
THE PURPOSE OF THIS AMENDMENT NO. 6 TO SCHEDULE 13D IS TO AMEND THE OWNERSHIP
REPORTS OF THE REPORTING PERSONS. THE INFORMATION BELOW SUPPLEMENTS THE
INFORMATION PREVIOUSLY PROVIDED.
ITEM 1. SECURITY AND ISSUER.
This Schedule 13D relates to the Common Stock, $0.01 par
value per share (the "Common Stock"), of Seitel, Inc., a Delaware
corporation (the "Issuer"). The address of the principal executive
offices of the Issuer is 10811 South Westview Circle Drive, Suite 100,
Building C, Houston, TX 77043.
ITEM 2. IDENTITY AND BACKGROUND.
This statement is filed jointly by (a) ValueAct Capital Master Fund,
L.P. ("ValueAct Master Fund"), (b) ValueAct Capital Partners Co-
Investors, L.P., ("ValueAct Co-Investors") (c) VA Partners, L.L.C. ("VA
Partners"), (d) Jeffrey W. Ubben, (e) George F. Hamel, Jr. and (f) Peter
H. Kamin (collectively, the "Reporting Persons").
ValueAct Co-Investors is a Delaware limited partnerships. ValueAct Master
Fund is a limited partnership organized under the laws of the British
Virgin Islands. Each has a principal business address of 435 Pacific
Avenue, Fourth Floor, San Francisco, CA 94133.
VA Partners is a Delaware limited liability company, the principal
business of which is to serve as the General Partner to ValueAct Master
Fund and ValueAct Co-Investors. VA Partners has a principal business
address of 435 Pacific Avenue, Fourth Floor, San Francisco, CA 94133.
(a), (b) and (c). Messrs. Ubben, Hamel and Kamin are each managing
members, principal owners and controlling persons of VA Partners
and such activities constitute their principal occupations. Such
individuals are sometimes collectively referred to herein as the
"Managing Members" or individually as a "Managing Member". Each
Managing Member is a United States citizen and has a principal business
address of 435 Pacific Avenue, Fourth Floor, San Francisco, CA 94133.
(d) and (e). None of the entities or persons identified in this Item 2
has during the past five years been convicted of any criminal proceeding
(excluding traffic violations or similar misdemeanors), nor been a party
to a civil proceeding of a judicial or administrative body of competent
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source of funds used for the purchase of the Issuer's
securities was the working capital of ValueAct Master Fund and ValueAct
Co-Investors. The aggregate funds used by these Reporting Persons to make
the purchases were $2,223,761.10 and $33,981.90.
Page 8 of 14
<PAGE>
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons have acquired the Issuer's Common Stock
for investment purposes, and such purchases have been made in the
Reporting Persons' ordinary course of business.
In pursuing such investment purposes, the Reporting Persons may
further purchase, hold, vote, trade, dispose or otherwise deal in the
Common Stock at times, and in such manner, as they deem advisable to
benefit from changes in market prices of such Common Stock, changes in
the Issuer's operations, business strategy or prospects, or from sale or
merger of the Issuer. To evaluate such alternatives, the Reporting
Persons will routinely monitor the Issuer's operations, prospects,
business development, management, competitive and strategic matters,
capital structure, and prevailing market conditions, as well as
alternative investment opportunities, liquidity requirements of the
Reporting Persons and other investment considerations. Consistent with
its investment research methods and evaluation criteria, the
Reporting Persons may discuss such matters with management or directors
of the Issuer, other shareholders, industry analysts, existing or
potential strategic partners or competitors, investment and financing
professionals, sources of credit and other investors. Such factors and
discussions may materially affect, and result in, the Reporting Persons'
modifying their ownership of Common Stock, exchanging information with
the Issuer pursuant to appropriate confidentiality or similar agreements,
proposing changes in the Issuer's operations, governance or
capitalization, or in proposing one or more of the other actions
described in subsections (a) through (j) of Item 4 of Schedule 13D.
The Reporting Persons reserve the right to formulate other plans
and/or make other proposals, and take such actions with respect to their
investment in the Issuer, including any or all of the actions set forth
in paragraphs (a) through (j) of Item 4 of Schedule 13D, or acquire
additional Common Stock or dispose of all the Common Stock beneficially
owned by them, in public market or privately negotiated transactions.
The Reporting Persons may at any time reconsider and change their plans
or proposals relating to the foregoing.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) and (b). Set forth below is the beneficial ownership of
shares of Common Stock of the Issuer for each person named in Item 2.
Shares reported as beneficially owned by ValueAct Master Fund and
ValueAct Co-Investors are also reported as beneficially owned by VA
Partners, as investment manager or General Partner of each such
investment partnership, and by the Managing Members as controlling
persons of the General Partner. VA Partners and the Managing Members
also, directly or indirectly, may own interests in one or both of such
partnerships from time to time. Unless otherwise indicated below, by
reason of such relationships each of the partnerships is reported as
having shared power to vote or to direct the vote, and shared power to
dispose or direct the disposition of, such shares of Common Stock with VA
Partners and the Managing Members.
Page 9 of 14
<PAGE>
ValueAct Master Fund is the beneficial owner of 21,766,068 shares of
Common Stock, representing approximately 14.5% of the Issuers outstanding
Common Stock. ValueAct Co-Investors is the beneficial owner of 312,495
shares of Common Stock, representing less than 1% of the Issuers
outstanding Common Stock.
VA Partners and each of the Managing Members may be deemed the beneficial
owner of an aggregate of 22,078,563 shares of Issuer Common stock,
representing approximately 14.7% of the Issuers outstanding Common Stock.
All percentages set forth in this Schedule 13D are based upon the
Issuer's reported 150,414,143 outstanding shares of Common Stock as
reported in the Issuer's Form 10-Q for the period ended September 30,
2004.
(c) The following transactions in the Issuer's Common Stock were
effected by the Reporting Persons during the sixty (60) days preceding
the date of this report. All of such transactions represent open market
transactions.
Trade Date Shares Price/Share
--------- ------- -----------
ValueAct Master Fund 01-10-05 197,000 $1.23
01-11-05 640,250 $1.25
01-12-05 246,250 $1.24
01-12-05 161,540 $1.25
01-13-05 81,263 $1.25
02-16-05 1,970 $1.25
03-01-05 394,000 $1.28
ValueAct Co-Investors
01-10-05 3,000 $1.23
01-11-05 9,750 $1.25
01-12-05 2,460 $1.25
01-12-05 3,750 $1.24
01-13-05 1,237 $1.25
02-16-05 30 $1.25
03-01-05 6,000 $1.28
(d) and (e) Not applicable.
Page 10 of 14
<PAGE>
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
Other than as described elsewhere in this Report, the Reporting Persons have
no understandings, arrangements, relationships or contracts relating to the
Common Stock which are required to be described hereunder.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
A. Joint Filing Agreement
Page 11 of 14
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears
below on this Schedule 13D hereby constitutes and appoints Jeffrey W. Ubben,
George F. Hamel, Jr. and Peter H. Kamin, and each of them, with full power to
act without the other, his true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him and in his name, place
and stead, in any and all capacities (until revoked in writing) to sign any
and all amendments to this Schedule 13D, and to file the same, with all
exhibits thereto and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorneys-in-fact and
agents, and each of them, full power and authority to do and perform each and
every act and thing requisite and necessary fully to all intents and purposes
as he might or could do in person, thereby ratifying and confirming all that
said attorneys-in-fact and agents or any of them, or their or his substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.
ValueAct Capital Master Fund, L.P., by
VA Partners, L.L.C., its General Partner
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: March 8, 2005 George F. Hamel, Jr., Managing Member
ValueAct Capital Partners Co-Investors, L.P.,
By VA Partners, L.L.C., its General Partner
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: March 8, 2005 George F. Hamel, Jr., Managing Member
VA Partners, L.L.C.
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: March 8, 2005 George F. Hamel, Jr., Managing Member
Page 12 of 14
<PAGE>
By: /s/ Jeffrey W. Ubben
--------------------------------------
Dated: March 8, 2005 Jeffrey W. Ubben, Managing Member
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: March 8, 2005 George F. Hamel, Jr., Managing Member
By: /s/ Peter H. Kamin
--------------------------------------
Dated: March 8, 2005 Peter H. Kamin, Managing Member
Page 13 of 14
<PAGE>
Exhibit A
JOINT FILING UNDERTAKING
The undersigned parties hereby agree that the Schedule 13D filed
herewith (and any amendments thereto) relating to the Common Stock of
Seitel, Inc. is being filed jointly on behalf of each of them with the
Securities and Exchange Commission pursuant to Section 13(d) of the
Securities Exchange Act of 1934, as amended.
ValueAct Capital Master Fund, L.P., by
VA Partners, L.L.C., its General Partner
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: March 8, 2005 George F. Hamel, Jr., Managing Member
ValueAct Capital Partners Co-Investors, L.P.,
By VA Partners, L.L.C., its General Partner
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: March 8, 2005 George F. Hamel, Jr., Managing Member
VA Partners, L.L.C.
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: March 8, 2005 George F. Hamel, Jr., Managing Member
By: /s/ Jeffrey W. Ubben
--------------------------------------
Dated: March 8, 2005 Jeffrey W. Ubben, Managing Member
By: /s/ George F. Hamel, Jr.
--------------------------------------
Dated: March 8, 2005 George F. Hamel, Jr., Managing Member
By: /s/ Peter H. Kamin
--------------------------------------
Dated: March 8, 2005 Peter H. Kamin, Managing Member
Page 14 of 14
</TEXT>
it's looking good for alaska exploration.
the house left it out of the budget (they don't need it) they have passed it on it's own a few times already.
the senate has included it in the budget. (the senate has shot it down a few times) with it being in the budget the senate only needs 51 votes instead of the 60 needed to override a filibuster. right now the senate is 55 republicans, 44 democrats, 1 independent. it should be close, but most experts think they can come up with more than 51 votes but less than 60 which is why they included it.
we should know shortly if it's going to be final, but the writing on the wall looks good
seank68
Remarks by the President on Energy Policy
3/9/2005 3:46:00 PM
--------------------------------------------------------------------------------
To: National Desk
Contact: White House Press Office, 202-456-2580
WASHINGTON, March 9 /U.S. Newswire/ -- The following is a transcript of remarks by President Bush on energy policy:
Franklin County Veterans Memorial
Columbus, Ohio
2:08 P.M. EST
THE PRESIDENT: Thanks for the warm welcome. Thank you all. Thanks very much. It's great to be back in the capital of Ohio. I have spent some quality time here. (Laughter and applause.) I have a history in Columbus: my grandfather, Prescott Bush, was raised right here. And down the road, my maternal grandfather, Marvin Pierce, was raised in Dayton, Ohio. I had to bring that up, otherwise Mother would call me. (Laughter.)
I appreciate many of the great qualities of Columbus, Ohio. I appreciate the fact that you take your sports seriously. (Laughter.) You've got the mighty Buckeye football team. (Applause.) Understand there's going to be an interesting inter-state clash next September the 11th -- mighty Longhorns will be coming up, make sure you treat them as hospitably as you treated me. (Applause.) Looks like the basketball team can play pretty well. (Applause.)
And this auditorium has its own sports tradition. Last weekend you hosted Arnold Schwarzenegger's international bodybuilding competition. (Applause.) When the Vice President heard I was coming, he asked me to pick up an application form for next year's competition. (Laughter.) Matter of fact, the last time I was in Columbus, I was introduced by Arnold. Yes. (Applause.) My, have times changed. (Laughter.) Now I get introduced by Bodman, who is going to make a great Secretary of Energy, but not such a good bodybuilder. (Laughter.) But I appreciate your willingness to serve, Sam. We've got a lot to do.
And that's what I'm here to talk about: the importance of a sound national energy policy. Today, I visited a fascinating company called Battelle. Really interesting place. (Applause.) The workers there have a motto. They call it "the business of innovation." Pretty interesting, isn't it? The business of innovation -- to me, it defines the entrepreneurial spirit which exists in that building. The spirit says there's nothing we can't do by working together. That's what it says. There are important problems to solve in America, and why don't we just put our minds to it, to use our skills and our talents to come up with innovative ways to deal with the energy challenges of today and tomorrow. That's what I saw at Battelle.
People in Washington can learn from that example. We need to work together in Washington. We have had four years of debate about a national energy bill: Now is the time to get the job done. (Applause.)
I want to thank the members of Congress who have joined us today. Pat Tiberi, appreciate you coming, Congressman. And Dave Hobson. (Applause.) Very nice of them to take the afternoon off. They flew down on Air Force One, and they're flying back on Air Force One. It's a convenient way to travel, isn't it, guys? (Laughter.) I look forward to continuing to talk to you about Ohio and its needs and issues. I'm proud my friend -- the Governor is here. Governor Taft, thanks for coming. It's good to see you again. Appreciate you being here. (Applause.)
I know the Speaker is here. And I had the honor -- Speaker, good to see you. I had the honor of meeting the leader of the Senate out at Air Force One. I want to thank all the House folks who are here. I want to thank the local and -- the local officials who are here. I want to thank the industry and business leaders who are here. This is a subject that should interest you, whether or not we've got the capability of working together to come up with a national energy plan.
I want to thank the good folks at Battelle -- Carl Kohrt and Mort Collins, Bill Madia. I want to thank all the employees who were so gracious to me and Sam. I want to thank Greg Frank. I want to thank you all for coming. I appreciate your interest in your country and its future.
Today, when I landed, I met Betty Cheney. Betty is a volunteer with a local Big Brothers-Big Sisters program. She mentors a 5th grade girl. She takes time out of her life to make America a better place by lending her talent and love to help somebody.
The reason I bring that up, there's a lot of talk about the might of the United States of America, and we are mighty and we are influential. We'll keep using our influence to spread freedom and peace. (Applause.) We'll use our influence to protect the homeland; we'll continue to work to grow our economy, which is what I'm here to talk about. But the true might of America is not the size of our military or the size of our wallet, it is the size of our hearts. (Applause.) The fact that Betty Cheney has heard a call to love a neighbor like she would like to be loved herself is indicative of the true strength of America. Betty, I want to thank you for setting a great example by serving in Big Brothers and Big Sisters, by mentoring a child. If you want to serve your nation, if you want to be a part of a hopeful America, feed the hungry, find shelter for the homeless, love somebody who hurts and together we can change America one heart and one soul at a time. (Applause.)
As the people of Ohio know too well, our economy has faced historic challenges. Over the past four years, we've had a stock market decline. We faced a recession, we had a terrorist attack, we've had ongoing war. But we've confronted those challenges head on with good economic policy. And, today, our economy is the fastest-growing of any major industrialized nation. Last Friday, we got more hopeful news about the American economy: America created more than 260,000 new jobs in February; we have now added 3 million jobs over the last 21 months and more Americans are working today than at any time in our nation's history. (Applause.)
I want to assure you that we will not rest. We know there are parts of the country which still struggle; parts of Ohio still struggle. Manufacturing communities were hit hard here in this state. I listened very carefully to the workers and small business owners and local officials as I traveled your state last fall. And we're making -- I know you're working hard to recover. And there are some positive signs when it comes to manufacturing: factory output grew at its fastest rate in five years. That's positive for workers here in Ohio. But there's more to do.
This country must be the best place in the world to do business, to make sure that people can find work. We need legal reforms. The scales of justice must be balanced and fair. (Applause.) And we're making progress. I signed a class-action reform bill which will help make sure that people aren't driven out of work. I'm hopeful we'll get an asbestos bill that will make sure those folks who have been harmed by asbestos actually get paid, without driving good employers out of work.
One of the messages I heard here in Ohio is you're losing too many OB/GYNs because of frivolous and junk lawsuits. We need national medical liability reform now, and Congress must deliver. (Applause.) We'll continue to open up markets for Ohio products, but make sure the playing field is level. We'll make sure tax policy is reasonable and fair on our entrepreneurs. We don't need to be raising taxes. Taxes need to remain low so people feel comfortable about investing.
I'm going to continue to work on Social Security. Social Security is an important issue. It's an important issue because we've got unfunded liabilities that run in the trillions. This is debt to future generations of Americans. Unless we do something about it, we're not going to be able to pay for it without wrecking the economy. I want all seniors here and seniors listening to know that nothing will change for you. You will get your Social Security check. The government will keep its promise. I don't care about the political rhetoric. I don't care what the flyers may tell you, or the TV ads, you're going to get your check. (Applause.)
But because baby boomers like me will start retiring in 2008 -- (laughter) -- when I'm 62 years old, and because there's a lot of us, and because we're living longer than a previous generation, and because we have been promised more benefits than the previous generation and because there are fewer workers paying into the system to pay for people like me, younger workers need to be worried about whether or not they're going to be able to have a retirement safety net of their own. Grandmothers and grandfathers need to be worried about their grandchildren when it comes to Social Security. I have put the issue on the table because I believe the President must confront problems and not pass them on to future Presidents and future generations. (Applause.)
And I'm going to talk about this issue a lot. And I welcome Republican ideas, and I welcome Democrat ideas. It is time for us to set aside the partisan bitterness of Washington, D.C. and come together and make sure there's a Social Security system for young Americans. (Applause.)
In order to make sure we have a growing economy, in order to make sure people can find work, in order to make sure the entrepreneurial spirit is strong in America we need affordable, reliable, secure supplies of energy. And that's what I want to talk about today.
Everybody who drives a car or runs a farm understands the importance of energy. Every small business, which dreams about expanding his or her -- every small business owner which dreams about expanding his or her own job base, worries about energy. Families worry about energy. And higher prices at the gas pump and rising home heating bills and the possibility of blackout are legitimate concerns for all Americans. And all these uncertainties about energy supply are a drag on our economy. It is difficult for entrepreneurs to risk capital when they cannot predict the size of next month's energy bill. If small businesses have the choice between adding a new worker or keeping the machines running, they're not going to do much hiring.
As you learned here in Ohio in the summer of 2003, it's hard to plan with confidence if you're not sure the lights are going to stay on. During my second week as President, as Sam pointed out, I put together a task force to address America's energy challenges. Energy consumption was growing, costs were rising, we had an unreliable power grid, and we were dependent on foreign energy. This task force sent back a hundred recommendations to improve energy policy, and we put some of them into effect: I mean, we streamlined the permit process to encourage exploration for oil and gas; we filled the Strategic Petroleum Reserve to improve our security during a time of war; we promoted new forms of energy conservation at government facilities; we increased weatherization assistance by nearly 50 percent to help more low-income families insulate their homes and save on their heating bills. We've done some practical commonsense things.
But I readily concede, these are first steps. This country must do more, and it requires legislative approval by the United States Congress. To meet America's energy needs in the 21st century, we need a comprehensive national energy policy. It's time for Congress to act, as I said earlier.
A sound energy bill must meet four objectives: it must promote conservation and efficiency, increase domestic production, diversify our energy supply, and modernize our energy infrastructure. And as we pursue all these goals, we will also uphold our responsibility to be good stewards of the environment.
The first objective of a sound energy bill is to encourage the use of technology to improve energy conservation. We're constantly searching for smarter ways to meet our energy needs. We're constantly looking for new technologies to help Americans conserve. I mean, it makes sense, doesn't it? If you want to become less dependant on foreign sources of energy, we've got to be better conservers of energy. The more we conserve, the less we use; and the less we use, the less dependent we are on foreign sources of energy.
One of the reasons I went to Battelle was I wanted to see what innovative ideas they had about energy conservation. What were some of the true brains of America thinking about when it comes to encourage energy conservation? I saw an efficient, affordable water heater than extracts heat from the air and converts it into energy that can warm your water in the shower. See, that's energy conservation. The Department of Energy is supporting dozens of other creative technologies just like that one that will increase conservation.
We're helping to develop lighter automobile parts that will save weight without sacrificing safety. That is a good way to conserve energy. We got flat panel computer screens that can operate around the clock and consume very little power. That makes sense. There's traffic signals that give off more light while taking in less electricity. Today, you can store your food in super efficient refrigerators that use less energy than a 75-watt light bulb. I mean, we're making progress about using technologies that will enable us to conserve.
We're also applying practical technology to help Americans make better choices about energy consumption. We want to help you make good choices so you become better conservers of energy. Devices called smart meters show how much energy you're using and then calculate exactly what that energy is going to cost you. Seems like a practical idea, doesn't it? Here's what you're using, if you use it at this hour, this is what it costs. It'll help you plan. It'll help you better conserve. It'll give you incentives to turn off the lights the next time you leave the room. The federal government is helping consumers make wise decisions at the store by placing Energy Star labels on the most efficient products. If you're interested in joining in this important cause of conserving energy, look for the Energy Star label.
I've proposed tax credits for drivers who choose fuel-efficient hybrid vehicles. We want to encourage you to make good choices. Innovators are advancing technology every day, and America needs to be the world leader when it comes to energy conservation.
Secondly, we need to encourage more energy production at home. If you want to become less dependent on foreign sources of energy, you need to find more energy here. The need is clear. Over the past three years, America's energy consumption has increased by more than 3 percent, yet our domestic energy production has decreased by 2 percent. That means relying more on energy from foreign countries. That's what that means.
We now import more than half our oil from abroad. Think about that: more than half of the oil that we consume in order to maintain our lifestyles comes from overseas, or abroad. And our dependence is growing. We're becoming more reliant upon natural gas, and a lot of it is coming from outside our borders. I believe that creates a national security issue and an economic security issue for the United States. And that's why it's important for us to utilize the resources we have here at home in environmentally friendly ways.
Increasing our energy security begins with a firm commitment to America's most abundant energy sources -- source, and that is coal. Our nation is blessed with enough coal to last another 250 years. We've got a lot of it. In Ohio, you know the importance of coal firsthand. If you don't, listen to this: when you plug in a television, or charge a cell phone, or use electricity there's a 90 percent chance that that electricity is coming from coal. Coal is at the heart of Ohio's energy strategy, and it should be at the heart of America's energy strategy.
Coal presents an environmental challenge. And I know that. Most of Ohio's coal is high in sulfur. And that makes it harder for your good state to meet strict air quality standards. That's why clean coal technology is critical to the future of this country. It's critical to the future of the state. It's critical for the job creators of your state. It's critical for the working people of your state. It's critical for this country. When I ran for President in 2000, I pledged to invest $2 billion over 10 years to promote research into clean coal technologies. I kept my promise. My budget for 2006 brings clean coal funding to $1.6 billion over five years, and that puts us on pace to exceed my pledge by more than 50 percent. It's an important pledge, because I believe by utilizing the brains of America, like those I met at Battelle, we can come up with ways to burn coal cleanly.
And we're doing some interesting things. We're funding research into innovative projects, such as the process for converting coal into clean-burning gas. Think about it. We're taking coal, there's a process that converts it into gas that burns cleanly. A company in Cincinnati is cooperating with a coal plant in New Mexico to eliminate almost all sulfur emissions and turn the byproduct into a usable fertilizer.
Let me tell you something about something I just saw at Battelle that I think you'll find interesting. We got what's called a FutureGen Project. This is a groundbreaking development. We're developing technology so that we can build the world's first coal-fueled zero emission power plant. I believe it's possible. I believed it was possible before I went to Battelle, then I talked to the people who know what they're talking about -- (laughter) -- people on the front edge of research and development, and now I really believe it's possible. Someday -- someday, we'll be able to energize this country. (Applause.)
I know it's hard. Most people have said burning coal without creating pollution was as likely as the Red Sox winning the World Series. (Laughter.) Anything is possible. Clean coal technology advances -- will advance, and when it does, our society will be better off. We'll become less dependent on foreign sources of energy.
To produce more energy at home, we need to open up new areas to environmentally responsible exploration for oil and natural gas, including the Arctic National Wildlife Refuge -- that's called ANWR. (Applause.) The Department of Interior estimates that we could recover more than 10 billion barrels of oil from a small corner of ANWR that was reserved specifically for energy development. That's the same amount of new oil we could get from 41 states combined. Thanks to advances in technology -- and Sam was briefing me on what he saw, he just went up there to look at the technology that would be used -- we can now reach all of ANWR's oil by drilling on just 2,000 acres. Two thousand acres is the size of the Columbus airport. By applying the most innovative environmental practices, we can carry out the project with almost no impact on land or local wildlife. And that's important for you all to know.
You see, developing a small section of ANWR would not only create thousands of new jobs, but it would eventually reduce our dependence on foreign oil by up to a million barrels of oil a day. And that's important. (Applause.) Congress needs to look at the science and look at the facts and send me a bill that includes exploration in ANWR for the sake of our country.
The third objective of a sound energy bill is to diversify our energy supply by developing alternative sources of energy. If future generations can count on energy in many different forms, we'll be less vulnerable to price spikes and shifts in supply. To create more energy choices, Congress should provide tax credits for renewable power sources such as wind and solar and landfill gas. Congress needs to continue strong support for ethanol and biodiesel. (Applause.) We're going to continue to figure out ways to grow our way out of dependence on foreign oil. Someday somebody is going to walk in and say, well, we got a lot of soy beans, Mr. President. And we're less dependent on foreign sources of oil because of biodiesel. (Applause.)
To ensure a diverse energy supply, we need to promote safe, clean nuclear power. Nuclear power can generate huge amounts of electricity without ever emitting air pollution or greenhouse gases. America hasn't ordered a nuclear power plant since the 1970s, and it's time to start building again. (Applause.) Many people have concerns about the safety of nuclear power. I know that, and so do you. Yet, decades of experience and advances in technology have proven that nuclear power is reliable and secure. We're taking early steps toward licensing the construction of nuclear power plants, because a secure energy future must include nuclear power.
Another vital energy project is the hydrogen fuel initiative. When hydrogen is used in a fuel cell, it has the potential to power anything from a computer, to a cell phone, to an automobile that emits pure water instead of exhaust fumes. At Battelle, engineers have found a way to use hydrogen fuel cells to power the electronics on a Bradley Fighting Vehicle. The world is changing because we're thinking differently. Technology will help us leap the old, stale debate of energy and environmental policy. We're providing $1.2 billion over five years to help move hydrogen-powered cars from the research lab to the dealership lot. (Applause.) With a bold investment now, we can make it possible for today's children to take their driver's test in a pollution-free automobile. It won't help them with parallel parking -- (laughter) -- it's sure going to help us all be better stewards of our environment.
The final objective of a sound energy bill is to find better, more reliable ways to deliver energy to consumers. Some parts of the country, homes and businesses are receiving 21st century power through infrastructure that was made decades ago. Transmission lines and pipe lines and generating facilities are deteriorating. Different regions share electricity over unreliable transmission lines. These strains on the system lead to higher prices and they lead to bottlenecks in delivery. And just one piece of the power grid -- if one piece fails, you in Ohio know the results: darkness across the map.
Congress can solve these problems in a few simple ways. Current law makes it optional, rather than mandatory, for power companies to ensure reliability across the electricity grid. Most of you consider it mandatory for the light to come on when you flip the switch. (Laughter.) Congress too needs to make sure that reliability on the electricity grid is mandatory, not voluntary, when it comes to our power companies. (Applause.)
We need to repeal the outdated rules that discourage investment in new power infrastructure. Incredibly enough, there's a law on the books from the Depression that prohibits new investment when it comes to expanding the transmission of electricity. That needs to be repealed. I mean, we're living in the 21st century. We've got a lot of work to do to make sure that we have reliable sources of electricity coming into our homes and to our businesses.
We need to make sure local disputes don't cause national problems when it comes to developing an infrastructure. Federal officials should have the authority to site new power lines. Listen, we've got modern interstate grids for phone; we've got a modern connection with our highways; America needs a modern electricity grid, too, in order to make sure that we can compete in a global economy, in order to make sure people can find work.
And as we grow our economy -- and it's growing -- and as we improve our energy supply, and you just heard a comprehensive strategy to do so, we'll also improve the environment. Too many people in Washington and around our country seem to think we have to pick between energy production and environmental protection, between environmental protection and growing our economy. I think that's a false choice. (Applause.)
Our economy is growing, and over the past four years, our air and water are cleaner. Over 30 years, our economy has more than doubled, air pollution has been cut in half. (Applause.) What I'm telling you is there are practical ways to work together to use technology to make sure we can maintain our lifestyles, improve our lifestyles for future generations and be good stewards of the environment. And I've got some interesting ideas on that. As a matter of fact, I've sent a good, innovative plan to Congress called the Clear Skies Initiative.
Clear Skies uses the power of free markets to reduce power plant pollution by 70 percent without disrupting the energy supply or raising electricity prices. Let me tell you something, you need this bill for you in Ohio. That's why George Voinovich, a fine United States Senator, has been working so hard to get this bill out of the United States Senate. Clear Skies would allow almost every county in this state to meet strict new air quality standards, while being able to keep your commitment to coal, and therefore to reliable energy supplies, and therefore to jobs. Congress is debating the Clear Skies Initiative, but I'm going to act to get results.
Soon the Environmental Protection Agency will finalize two rules similar to the Clear Skies Initiative. The Clean Air Interstate Rule will provide Ohio and eastern states with a practical, market-based solution to the problem of power plant pollution that drifts from one state to another. This will help you. The Clean Air Mercury Rule will provide the first ever national cap on mercury emissions from power plants and result in a 70 percent decrease in mercury levels. These rules provide some of the same benefits as Clear Skies, but they are not a substitute for effective legislation. To protect the environment, to protect jobs here in Ohio and around our country, Congress needs to get a good Clear Skies bill to my desk now. (Applause.)
Thank you for letting come and talk about some of the big goals that I've set for our nation's energy policy. I'm counting on the boldness and vision of the American people to meet them. I'm counting on the letters and phone calls from the American people to let Congress know now is the time to act. History has shown us that American innovation has never been short of supply. I mean, we're an innovative society. Think about how much life has changed for the better. I think about how much life will change for the better because of technology.
And there's no doubt in my mind, we can leave behind a better America. No doubt in my mind, we can become less dependent on foreign sources of energy. There's no doubt in my mind, we can lead better lives through the use of new innovative technology.
Again, I want to thank the entrepreneurs at Battelle, the scientists and thinkers at that important organization for showing me firsthand what's possible. I want to thank you all for giving me a chance to share my vision for sound energy policy, but, hopefully, you can get my sense of optimism about the future for our great country. There's nothing America can't achieve when we put our mind to it. It's an honor to be here. It's an honor to be the President of such a fabulous nation.
May God bless you all. (Applause.)
END
2:43 P.M. EST
http://www.usnewswire.com/
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/© 2005 U.S. Newswire 202-347-2770/
Much respect to researcher!
i've been puzzled by a question i got over on the raging bull website, "how did they go from $47 a share to almost forced into bankruptcy"
my assumption was bad market conditions, poor management, seitel solutions internet data conversion venture and loss, and perhaps cooking the books.
you have just confirmed my suspicion about questionable accounting. this makes a lot of sense.
if you check out valueact capital/jeffrey ubben. one of his usual moves is to encourage a firm to become more conservative with their accounting. notice the changes in amortization in the 3rd quarter. we now line up with the other in the industry i believe.
i wonder if they still use that accounting method for filmakers that the article talked about?
i also know they have since fired earnst and young and went with another firm.
thanks again
that is a pretty informative report
seank68
thanks researcher. i just printed it and am going to check it out over lunch. i'm liking the higher volume and upward movement.
seank68
Here is a older report on Seitel but well worth the read. After you take in some of the data you can see why the value players are interested
http://66.102.7.104/search?q=cache:EmcMEHBFjmUJ:www.offwallstreet.com/visitor/samples/NEW_SEI_3.18.0...
Researcher
Been watching this one through the whole period. It looks like it now has turned the corner and will be back in play
Researcher
over allmarket looks chity,,,SELA so far doing good.
setting up for breakout?
i'm real optimistic. i started looking into this company in early january. the more i look the better i feel.
i think they are in better shape now than in years past. with market conditions, new management, getting out of unprofitable ventures, etc.
seank68
thanks seank68, was going to post an invite to you over at RB. You seem to know this stock pretty well, I traded it back in december, I think, just as a flipper, and had it on my watchlist. Another poster here mentioned the volume coming in, I checked the chart asap, and bought some. Looking forward to your thoughts and opinions here,..
good stuff art2decko.
i haven't checked out this website until just now. i like the charts.
how did you find seitel? i saw you over on the raging bull board. have you been watching it for a little while. i noticed you pointed out the heavy volume. i'm trying to figure out how to find companies priced low with heavy volume increases. i know IBD will filter it, but only for companies trading above $10.
thanks for starting this board
seank68
Interesting history here -
Buffet bets on Seitel
Warren Buffet’s Berkshire Hathaway has made its first venture capital investment in the oil industry with the rescue of troubled seismic data broker Seitel from the throes of bankruptcy.
The Seitel plot thickens! As revealed in Oil IT Journal last month, the troubled seismic data broker was rescued from bankruptcy by a ‘white knight’ in the form of Californian private equity firm Ranch Capital.
Berkshire
Now it emerges that Warren Buffet’s Berkshire Hathaway investment company is behind the Ranch move, and will be financing Seitel’s reorganization. If all goes as planned, Seitel will become a wholly-owned subsidiary of Berkshire Hathaway.
Debt
The Seitel dénouement began when holders of Seitel’s ‘senior’ debt (i.e. first creditors in the pecking order in the event of the company winding-up) filed a bankruptcy petition against Seitel. But before the court acted on the petition, Ranch acquired all $255 the senior debt at an undisclosed, but likely highly discounted rate. This debt was then sold on to Berkshire – again for an undisclosed amount and the forced bankruptcy proceedings were halted.
Reorganization
Seitel has now filed a reorganization plan with the Delaware Bankruptcy Court for itself and some 30 of its US-based subsidiaries. The reorganization will be financed by Berkshire. Ranch CEO Larry Hershfield will be the new Seitel chairman while Larry Lenig is to continue as CEO, upon its emergence from bankruptcy.
Business as usual
Seitel has filed to dismiss the original bankruptcy petitions, the reorganization will be carried out under US Chapter 11 legislation. Seitel and its US subsidiaries will continue to operate their business as usual. Seitel’s Canadian subsidiaries are concerned by the present reorganization. Seitel currently has $26 million of cash and a further $20 million line of credit from Wells Fargo bank to see it through the restructuring process.
A sign?
It is tempting to speculate on Buffet’s motivation behind the Seitel acquisition. Is this just an opportunistic punt by the ‘most powerful businessperson in America’—according to the current edition of Fortune magazine? Buffet is a great believer in investing in fundamentals and in intrinsic value—a great sign for a troubled industry sector. Another sign maybe the 20% hike in worldwide drilling activity just reported by Baker Hughes. But our question for Buffet is—why Seitel? Why not PGS!
http://www.oilit.com/2journal/4php/4_makemonthly.php?year=2003&month=7#1
March 19, 2004
Seitel receives reorganization plan confirmation
Monica Perin
Houston Business Journal
Seitel Inc., a Houston-based seismic company, won confirmation of a new reorganization plan Thursday from the U.S. Bankruptcy Court in Delaware.
The company, which filed for bankruptcy in July 2003, had announced a reorganization plan late last year in which investor Warren Buffett's Berkshire Hathaway Inc., Seitel's principal creditor, would have gained control of the company.
But shareholders revolted against that plan, and the company then struck a deal with Mellon HBV Alternative Strategies LLC, a unit of Pittsburgh's Mellon Financial Corp.
That plan requires Seitel shareholders to convert $75 million of warrants at 60 cents a share for a controlling stake in the reorganized company. Mellon HBV agreed to backstop the offering with a $75 million commitment.
Mellon HBV is guaranteed at least an 8 percent stake, but that could increase to an 83.4 percent stake depending on how the offering goes. Berkshire and Ranch Capital LLC will be paid in full on their $255 million in claims.
Working capital will be funded with existing cash and a new revolving credit facility which Seitel is negotiating with Wells Fargo Foothill Inc. which is expected to provide $30 million.
"The speed of these recent proceedings has enabled us to maintain the support of our major customers, creditors, stockholders and employees," said Seitel chairman Fred Zeidman in a statement
"When Seitel emerges from Chapter 11, which we expect to occur in June 2004, we believe we will be a stronger and more focused company," Zeidman said.
Seitel's troubles began in 2002 when its top management, including its chairman, CEO and other executives, resigned or were fired amid allegations of financial shenanigans, securities violations and a flurry of investor lawsuits.
Seitel is a provider of seismic data and related geophysical services to the oil and gas industry. The company has ownership in an extensive library of proprietary onshore and offshore seismic data that it has accumulated since 1982.
http://www.bizjournals.com/houston/stories/2004/03/15/daily59.html
looks like a good long term port co. follow the big dogs
Some insider are buying at open market.
http://moneycentral.msn.com/investor/invsub/insider/trans.asp?Symbol=sela
http://207.234.208.17/insidercow.jsp
http://207.234.208.17/history/company.jsp
Valuact Capital - http://www.valueact.com/
At ValueAct Capital, we believe that the art of successful investing lies first and foremost in the identification of a great business at a compelling valuation. We concentrate primarily on acquiring significant ownership stakes in publicly traded companies through open-market purchases, privately negotiated transactions, block purchases, participation in underwritten offerings, or a combination thereof.
ValueAct Capital then seeks to generate strong returns through the development of a meaningful working relationship with the company’s management and board. In cooperation with the company’s management, we actively work to implement value-creating financial strategies and operational improvements to generate a return substantially independent of the market. We believe that this strategy enhances our ability to deliver strong, consistent returns to our investors in both good times and bad.
ValueAct Capital generally targets public companies with equity market capitalizations in the range of $150 million to $1.5 billion and normally purchases positions ranging in size (at acquisition cost) from $25 to $100 million. We also deploy a portion of our assets into direct investments in private companies.
ValueAct Capital was founded in 2000 and manages more than $1.5 billion in investments for some of the world’s most respected institutional and high-net worth investors. Our offices are located in San Francisco and Boston, where we have a highly talented and experienced team of investment professionals who bring significant public market and private investment expertise to our activities.
ValueAct Capital is currently closed to new investors.
Jeffrey W. Ubben
http://www.valueact.com/team/sf_ubben.html
Jeffrey W. Ubben, is a founder of ValueAct Capital. Prior to founding VAC, Ubben was a Managing Partner at BLUM Capital Partners for more than five years. During his tenure at BLUM, the actively managed assets under management grew more than five-fold, from $336 million to approximately $1.8 billion. Previously, Ubben spent eight years at Fidelity Management and Research where he managed two multi-billion-dollar mutual funds, including the Fidelity Value Fund, and served as a research analyst for a variety of industry sectors. Ubben is a director of Martha Stewart Living Omnimedia, Inc., Gartner, Inc., Mentor Corporation, and Per-Se Technologies, Inc., and a former director of Insurance Auto Auctions, Inc., Playtex Products, Kinetic Concepts, Inc. and Smarte Carte. He has a B.A. from Duke University and an M.B.A. from the J. L. Kellogg Graduate School of Management at Northwestern University.
http://www3.gartner.com/5_about/company_information/4426a.html#ubben
interesting... VA partners,llc selling tons of MSO lately http://finance.yahoo.com/q/it?s=MSO and buying the crap out of SELA.... hmmm.
So can we assume this was VA Partners, LLC buying the crapola out of this again today?
http://finance.yahoo.com/q/ir?s=SELA.OB
or maybe
JEFFREY W UBBEN
http://biz.yahoo.com/t/59/1206.html
sela...I was watching Level2 today and saw some big buys comming in.
It needs to break 1.47 for good.
Earning date is the 29th of this month?
FindProfit.com Analyzes the Oil Services Sector and Examines Seitel and Pride International
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