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Thread: Chicago Bridge & Iron Dying (CB&I / McDermott)

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    Default Chicago Bridge & Iron Dying (CB&I / McDermott)

    Chapter 11 for the dumbest, sister fucking morons to doggy paddle to the shallow end of the gene pool.
    https://www.bloomberg.com/news/artic...ll-lummus-unit
    McDermott bought "merged with" CB&I in about mid-late 2018 and they fucked up that deal so astronomically that now they're bankrupt!!?
    Chicago Bridge & Iron has literally been around for over 125 years! McDermott comes sniffing around for part of their tech biz in East Texas and ends up owning 53% of the global combined entity. Who the fuck did the due diligence and checked the books before they boarded this Titanic that was so fucked they're under water within 18 months!?!!?!! Who is on the board and how have they all not been fired?!
    Oh, they're going to sell Lummus? Good luck with that! Who the fuck is going to stay at Lummus in an office like Tyler, Texas when they've been passed around like a hot potato since CB&I bought Howe/Baker in 2001!?

    This is a mess but seriously, a company of this size in this level of shit is a pretty bad economic indicator.

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    Hmmmm....
    Their stock is now only 12-cents US after its 83% drop earlier this week... How could it drop any farther? LoL! It's amazing feeling that temptation.

    Looking back at their last year's stock prices, they were about $6 in September and then part of an announcement indicated they were hiring an external consultant to help streamline their business. Well, I guess lots of people recognized the name of that consultant and perhaps knew that they specialize in companies on death's door so the stock plummeted to about $2 that day!

    This recent Chapter-11 sent them from hovering around $2 to $0.12 !

    From a local perspective, the business called Horton CBI is part of this group. They're a really large tank/vessel fab shop outside Edmonton (actually, right beside the old Stratotech track). I'm pretty sure they built the Separation Cells for Fort Hills.

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    Five cents... That's a smaller number!
    Now they are scheduled to be delisted from the NYSE.
    https://www.rigzone.com/news/mcdermo...8-article/?amp

    So, does anyone know what happens if someone buys a bunch of their stock prior to them being delisted? I imagine it's just a case of you owning the shares but they become really illiquid after delisting. I assume they'd list elsewhere at some point in the future, but I suppose if they didn't, you'd be a bit fucked trying to sell your shares.

    Edit - I guess that's 99.17% of their value gone in about 5 months. Amazing!
    Last edited by ThePenIsMightier; 02-07-2020 at 08:33 PM.

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    Does no one know anyone who has ever worked for CB&I? Sorry this is so boring! I figured it would be more relevant with their consistent presence in Calgary and Edmonton.

    It looks like they're closing their office in Tyler, Texas. This continues to make zero sense because that office (used to be Howe-Baker many years ago) should have been part of the entity called "Lummus" that McDermott sold as part of their bankruptcy protection bullshit in January.

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    Nope.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Never even heard of these guys.

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    Quote Originally Posted by lasimmon View Post
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    Never even heard of these guys.
    That's weird. Horton CBI is not small. They built the massive Separation Cells for Fort Hills, for example.

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    Pretty interesting to me actually, these guys are really big (or were) on the global stage. I must say, its nuts how you go from big acquisition to bankruptcy in such a small period of time, wasn't there any due diligence done?

    It's crazy what has happened to the 'greats' in this industry, i.e. Schlum, Haliburton, Weatherford... etc.
    Originally posted by arian_ma
    your stomach is full of sulfuric acid

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    Quote Originally Posted by ThePenIsMightier View Post
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    That's weird. Horton CBI is not small. They built the massive Separation Cells for Fort Hills, for example.
    Just because they’re big, doesn’t mean they’re relevant to everyone. Unless a person has been to fort hills, that example would mean little to them.

    The company I work for employs over 500,000 people and there’s a pile of people out there that either haven’t heard of it, or have no idea what we do.

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    Quote Originally Posted by cjblair View Post
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    Just because they’re big, doesn’t mean they’re relevant to everyone. Unless a person has been to fort hills, that example would mean little to them.

    The company I work for employs over 500,000 people and there’s a pile of people out there that either haven’t heard of it, or have no idea what we do.
    The world is small, and it’s not.

    One of the funny ones that I think of, is I don’t recall ever meeting someone who works for Suncor. Despite working in the “same” business. There is 0 crossover of networks for me, even with a company that big.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
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    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    Quote Originally Posted by cjblair View Post
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    Just because they’re big, doesn’t mean they’re relevant to everyone. Unless a person has been to fort hills, that example would mean little to them.

    The company I work for employs over 500,000 people and there’s a pile of people out there that either haven’t heard of it, or have no idea what we do.
    I'm not saying it should be known to everyone, obviously. But consider Suncor Fort Hills again - thousands of people worked on that project for several years. It's hard to picture zero people around here having touched it.
    I don't expect 100% of us, but I expect more than 0%.

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    Your expectation was not met.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    It's more than 0% around here.

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    Quote Originally Posted by brucebanner View Post
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    It's more than 0% around here.
    Yup...

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    This thread continues to be both informative and entertaining. A+, would read again.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by Neil4Speed View Post
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    Pretty interesting to me actually, these guys are really big (or were) on the global stage. I must say, its nuts how you go from big acquisition to bankruptcy in such a small period of time, wasn't there any due diligence done?

    It's crazy what has happened to the 'greats' in this industry, i.e. Schlum, Haliburton, Weatherford... etc.
    Bump about a year later.
    McDermott is revitalizing the CB&I brand and overall they seem to be surviving all of the massive restructuring that occurred with their bankruptcy protection.
    I am surprised.

    They just released a neat video which showcases how insanely long CB&I has been a thing. It's on LinkedIn, so linking it (LoL) is more difficult.
    https://www.linkedin.com/feed/update...97707977490432

    I don't care for the way the structures appear to tip over as the slides shuffle, but I'm no marketeer.

    Maybe they will get their stock relisted and I can update that in 12 months. LoL!

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