The Thundercats' ownership apparently shares the same broker, as Tom Ward has joined Aubrey McClendon in off-loading a boatload of shares of his company's stocks.
From the Associated Press:
"Tom Ward, the chief executive officer of SandRidge Energy Inc., has sold 8.9 million shares of his common stock in the company to Tulsa businessman George B. Kaiser. ... Kaiser bought the 8.9 million shares for $50 million, or $5.62 per share."
How bad of a deal was that for Mr. Ward? Well, consider this additional piece of information, from June 2008:
"President and CEO Tom Ward purchased 460,000 shares at $48.95 on May 19th/20th, which increased his already substantial holdings to nearly 36.95 million shares, or a 25.27% stake. ... His only other open-market purchase came in November 2007, when he took down 4.17 million shares at $26.00 in the company's initial public offering."
Let's look at those two purchases and sales:
1. 460,000 shares @ $48.95 a pop: $22.5 million
2. 4.17 million shares @ $26.00 a pop: $108.4 million
Total value: $130.9 million
And, after the sale yesterday:
1. 460,000 shares @ $5.62 a pop: $2.6 million
2. 4.17 million shares @ $5.62 a pop: $23.4 million
Total return: $26 million
I'm no math wizard, but that's a $104.9 million loss Tom Ward just took yesterday, not to mention the fact he just gave up a heckuva lot of control in his own company.
Geez, I can't imagine why Ward would be needing a wack of cash ....