Dicker: Buy SandRidge at $5
SandRidge was under the purview of CEO Tom Ward, who was recently forced out by the activist hedge fund TPG-Axon in a proxy fight. But this was an unusual fight for proxy options and not just shareholder votes.
While it was designed to work the same and allow TPG to install its own candidates to the SandRidge board, so far the current sitting board hasn't allow its new partners to take their new posts. It is perhaps a legal battle that is brewing, but along with Ward's angered selling of his own shares the price for SandRidge has slumped to around $5.
This, I believe, represents an opportunity -- a speculative one, to be sure -- but an opportunity.
I talk more about SandRidge with Jim in the video above.
At the time of publication the author had a position in SD.
This article was written by an independent contributor, separate from TheStreet's regular news coverage.