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Santa Paul Singer Places Pulverized Hess Truck Under CEO’s Christmas Tree

Also, a lump of coal in his stocking and the words “sell or quit” written in cookie crumbs, in case the first message didn’t get across.
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By AvidInsight (Own work) [CC BY-SA 3.0], via Wikimedia Commons

By AvidInsight (Own work) [CC BY-SA 3.0], via Wikimedia Commons

Paul Singer tried to do this the nice way, John Hess. Three years ago, instead of just seizing control of Hess’ family oil company and kicking him out onto the street, the Elliott Management chief settled on three board seats and taking Hess’ chairman title away. Then he was patient, waiting four long years for Hess to fix things at his namesake operation. Who does Hess think he is, Argentina?

Plus, Paulie’s been feeling pretty frisky lately. So here’s the deal: Hess can get back to the business of selling all or part of his company, or he can get the hell out of the way. His choice. Paul Singer’s happy either way. Merry Christmas, motherf***er.

Elliott Management Corp. is readying for a potential new fight with Hess Corp., hoping to either remove John B. Hess, its billionaire second-generation chief executive, or push him to consider selling all or part of the energy company....

“As long-term shareholders in Hess, we are frustrated by the company’s continuing underperformance,” Elliott portfolio manager John Pike said in a statement to The Wall Street Journal. “Shareholders are getting impatient because the changes needed to remedy Hess’s severe undervaluation are substantial and need to be announced without delay.”

Elliott Preps for Potential Fight With Hess, Seeking CEO Ouster [WSJ]



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