The Raid · HJ-039
HE DEFENDED THE MODEL IN APRIL 2014. GAS WAS $2 AND THE BOARD WANTED $8 JUSTIFIED. HE TOLD THEM THE ASSUMPTION WAS SOUND.
The key assumption in the energy model was eight dollars per million British thermal units, which drove a $48 billion acquisition. By 2014, prices plummeted to two dollars, leading to the largest private equity bankruptcy in history.
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