Fiery Letter Scorches Star Gas and Its CEO

Ferguson, Joy
February 2005
Investment Dealers' Digest;2/21/2005, Vol. 71 Issue 7, p22
Trade Publication
The article reports that Daniel Loeb, CEO of Third Point LLC has filed a fiery letter, which addresses that it is fed up with Star Gas Partners LP's chairman, chief executive and president, Irik Sevin and one of his board appointees, his 78-ear old mother, for its lackluster performance. This fiery letter filed along with its 13D addressed Sevin's various acquisition and operating blunders. The letter was filed after Star Gas reported a $74.6 million fourth-quarter loss from ongoing operations, mostly due to the steep rise in the wholesale price of oil. Star Gas's poor results rattled the nerves of many of the company's bondholders.


Related Articles

  • Star Gas CEO Is In The Hot Seat. J. F. // High Yield Report;2/21/2005, Vol. 16 Issue 7, p1 

    The article reports that Star Gas Partners LP's chairman, president and CEO, Irik Sevin is in the hot seat. That is because debtholders, namely hedge fund Third Point Management Co. LLC and its CEO Daniel Loeb, have had enough of the company's lackluster performance. And now, Loeb's firm is...

  • What Now For Star Gas ? McDermott, Judy // High Yield Report;3/14/2005, Vol. 16 Issue 10, p1 

    Reports on the grant of the request of Third Point LLC and managing member Daniel Loeb for the resignation of Star Gas Partners LP president and CEO Irik Sevin from his post. Factor in the move of the management; New chapter that has come about for Star Gas Partners' business, according to newly...

  • Star Gas acquires electricity and natural gas marketer.  // LP/Gas;May2000, Vol. 60 Issue 5, p18 

    Reports that home heating oil and propane company Star Gas Partners has purchased a stake in Total Gas and Electric (TG&E), a seller of electricity and natural gas in the United States. Percentage of stake acquired by Star Gas in TG&E; Cost of the stake acquisition; Number of TG&E residential...

  • Star Gas Partners acquires distributor.  // Fairfield County Business Journal;01/29/2001, Vol. 40 Issue 5, p8 

    Focuses on Stamford, Connecticut-based Star Gas Partners LP's acquisition of certain assets of a United States-based home heating oil distributor.

  • Star Gas Recap May Quell Bondholders. McDermott, Judy // Investment Dealers' Digest;12/12/2005, Vol. 71 Issue 47, p14 

    The article provides information on the financial performance of the heating company, Star Gas Partners LP. It states that the company is on the verge of stabilizing its economic position and its relationship with its bond holders in this year. The company announced on December 5, 2005 that it...

  • Fiery Letter Sees Results at Star Gas. McDermott, Judy // Investment Dealers' Digest;3/21/2005, Vol. 71 Issue 11, p15 

    Reports on the impact of the resignation of chief executive officer Irik Sevin and his mother, director and highly paid secretary of Star Gas Partners LP, on the business performance of the company. Decrease on the availability of funds; Reduction of assets and investments; Analysis on the...

  • Star Gas CEO Is In The Hot Seat. J. F. // Bank Loan Report;2/21/2005, Vol. 20 Issue 7, p1 

    The article reports that it looks like Star Gas Partners' chairman, president and CEO, Irik Sevin is in the hot seat. That's because debtholders, namely hedge fund Third Point LLC and its CEO, Daniel Loeb, have had enough of the company's lackluster performance. And now, Loeb's firm is calling...

  • Star Gas acquires Rhode Island propane distributor.  // LP/Gas;Dec2001, Vol. 61 Issue 12, p29 

    Reports on the acquisition of Valley Propane Inc. from Southern Union Co. by Star Gas Partners. Number of customers served by Valley Propane; Estimation on the propane sales of Valley Propane in a year.

  • Star Gas expands heating oil business with acquisition.  // LP/Gas;Sep2001, Vol. 61 Issue 9, p31 

    Reports on a definitive agreement signed by Star Gas to purchase Meenan Oil Incorporated. Value of the acquisition; Information on Meenan Oil; Other businesses acquired by Star Gas.


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics