Windsor Permian is a big corporation. How do we judge them? How do we figure out how they are going to treat our community? Who is the "responsible adult" in charge? Do they care about our environment?
My theory is if you know who is making the decisions and their history, maybe you can make some rough judgement on the way they will act. Well, there isn't a person who owns Windsor Permian. Windsor Permian is owned by another larger corporation.
Windsor Energy owns Windsor Permian and 21 other companies. Why would one company have 22 similar companies under it's wing? Maybe the letters "LLC", standing for limited liability corporation explain it. If one of the twenty two companies gets into legal trouble it won't sink the whole Windsor ship.
So what kind of company is the parent company, Windsor Energy? Let's look at the Chief Executive Officer.
According to the Windsor Energy Web site, Steve West is the CEO of Windsor Energy INC. As of May 11th 2011 Business Week reported his age as 50 years old. According to Business Week Mr West has at least three other jobs with related companies. He seems like a banking kind of guy. In the past he worked at a number of banks including Lehman Brothers and he was the treasuer for IndyMac (failed July 11th 2008) Bank. This information is the result of bumping around the web for a couple of hours. I'm not saying anyone should hate this guy or these companies. I am only saying Look at who we are dealing with. They don't want to be our neighbor, they want their "opportunistic investing" to be our neighbor.
Business Week says:
"Mr. West has been a Partner at Wexford Capital LP since January 2011"
"Mr. West serves as an Executive Vice President of Finance of ICX Technologies, Inc"
"He has been Director of Great White Energy Services, LLC since January 2011"
With all of these committments I wonder if he does anything for any of these companies, or is this company just a shell created to protect another even bigger comapny?
Turns out Windsor Energy Corporation is owned by Wexford Capital which is a hedge fund that focus's on energy. According to Seekingalpha.com Wexford Capital manages 7 billion dollars in assets. The Wexford web site says they specialize in "opportunistic investing"
In essence we have a 7 billion dollar hedge fund protected by at least two layers of limitted liabilty corporations telling us they are going to take good care of the land and follow the rules. The guy in charge is a banker who used to work for Lehman Brothers.
Lehman Brothers was the beginning of our mortgage crisis. Wikepedia says the federal government put 138 billion dollars into the Lehman Brothers situation. West was also the treasurer for IndyMac Bank which wikipedia says was the 7th largest loan originator in America and failed on July 11th of 2008.
These are the kind of folks who are saying to us, "trust us, we are just a little sand mining operation", "trust us, we will follow the rules". Who is going to bail us out if this company makes a mess out of our environment?
From where I'm sitting I find it hard to imagine anything bigger with a worse reputation. Yet the prevailing opinion at the initial Planning Advisory Commission meeting was against a moratorium.
The one person on the planning commission prepared to speak specifics at the meeting when they tabled the moratorium said we don't need to study anything and that our rules are fine. Lot's of folks walked out of that meeting wondering why one commission member came prepared, loaded for bear with highlighted rules and regulations in hand and talking points on why we don't need a moratorium.
Without even considering what Windsor Permian wants, the mere fact of their size, power and who they are should give us pause. It seems like the members of the planning commission want to whistle in the dark and pretend there is nothing out there that can hurt us.
Let us hope the County Commissioners who make the real decisions have clear heads and do their homework.
Notes and links below:
Chief Executive Officer
Travis D. Stice
President and COO
Chief Financial Officer
Thomas “Trip” F. Long, III
Vice President, Exploration
Field Operations Manager
BACKGROUND -- from Businessweek.com
Mr. Steven E. West serves as Chief Executive Officer of Windsor Energy, Inc. Mr. West has been a Partner at Wexford Capital LP since January 2011, focusing on its private equity energy investments. Mr. West serves as an Executive Vice President of Finance of ICX Technologies, Inc. From August 2006 until December 2010, Mr. West served as senior portfolio advisor at Wexford. He served as an Executive Vice President of Diamond Resorts Corporation (alternate name Sunterra Corp) from June 2005 to June 30, 2006 and its Chief Financial Officer from September 2002 to June 22, 2006. Mr. West served as Senior Vice President of Diamond Resorts Corporation since September 2002 and also served as its Principal Accounting Officer. Prior to Sunterra Corp., he served as Vice President of Finance for Coast Asset Management from 2000 to August 2002, where he was responsible for obtaining financing for variety of business units as well as managing accounting and administrative operations and investor reporting for Coast Asset Management’s structured finance business and municipal tax lien investment funds. From 1993 to July 2003, he served as the First Vice President of Corporate Finance and Corporate Treasurer for IndyMac Bank, Federal Savings Bank. Mr. West worked at First Nationwide Bank, Lehman Brothers and Peat Marwick Mitchell & Co., the predecessor of KPMG LLP. He has been Director of Great White Energy Services, LLC since January 2011. Mr. West holds Bachelor of Science in Business Administration from California State University.
About ICx® Technologies
ICx Technologies is a leader in the development and integration of advanced sensor technologies for homeland security...
IndyMac bank officials face fraud charges from collapse
Is it Steve or Steven? Steven E. West? Where does he live Oklahoma City, Pasadena California, Grenwich Conn?
Is it pretty common that one guy would be involved with Oil Exploration, Homeland security and banking? ... It would be interesting to see his family tree.