Replies to post #1361 on Energy XXI Ltd fka EXXIQ

[Timothy Smith]

Energy XXI (NASDAQ:EXXI) says an internal investigation revealed CEO John Schiller borrowed funds from acquaintances and some of the company’s vendors, and received a personal loan from a member of the company’s board before the director’s appointment.

Schiller’s dealings in 2007, 2009 and 2014 were not illegal and did not impact the company’s financial reporting or statements, but the failure to disclose the personal loans was not in compliance with the company’s code of business conduct and ethics, CFO Bruce Busmire says.

[Timothy Smith]

Energy XXI (NASDAQ:EXXI) -8.2% AH after filing to sell up to $500M worth of mixed securities.

EXXI says it plans to use the proceeds for general corporate purposes, including debt repayment, the financing of capital expenditures, future acquisitions and additions to working capital.