24 Hours of Le Mans Tracy Krohn Huge Crash

Tracy Krohn has a massive shunt in the esses at Le Mans today. Car became airborne!

Link: 24 Hours of Le Mans Tracy Krohn Huge Crash | Main gallery | Videos | Motorsport.com

 

I trust he is okay.

 

Barrier absorbed a lot of energy, as did the crush zone in the car.

 

When is/was Le Mans

 

LeMans is this coming Saturday. He was ok, the car was badly damaged but should be back on track today.

Sent from R2D2

 

the race is scheduled this weekend 22/23 June

 

Anyone know the cause of his off? Too hot into the corner or something broke?

 

Good to hear. Amazing that they can put a car back together that quickly.

 

Looks like they are trying to get a replacement car.

News from Krohn Racing | The official website of 24 Heures du Mans

 

That exactly i was thinking.!!

 

They got a different chassis and bolted everything to it, sucks that they did all that work and did not end up finishing the race

Sent from R2D2

 

Does he run an oil company or does he race? Maybe a little of both? I'm surprised the board of W&T allows the chairman and CEO to engage in risky activities like this. I guess you make all the rules when you own 53% of the company... Regardless, glad to see he was ok.

 

Or perhaps a lot of neither.

 

Good to see the safety systems doing their job. Good runoff area, tire barriers, crumple zones, proper restraints all add up.

I had a shunt last week in my race car, hit a stream of water (on slicks) and left the track. Car ended up in a tire barrier, and I walked out of it.

Car is repairable (I got lucky in that I hit parallel to the side and nothing was really bent) and I was uninjured. The in car video clearly shows the tire barrier deforming and then releasing the energy.

 

Perhaps neither?

Considering he started W&T with a 13k dollar loan, and became a multi-billionaire with it, and has raced at LeMans eight times (twice on the podium), I'd say he does both quite well.

 

Your point is well taken but to be fair, W&T stock has grossly underperformed its peers. Tracy has certainly done well for himself but shareholders? You be the judge: in the last five years, stock is down 74% compared to the S&P Exploration and Production Index down 17%. In the last year, stock is down 4% vs. the index up 26%. Since the company's IPO in late January of '05, the stock is down almost 20% vs. the index up 150%.

If I were a shareholder, I might be asking myself where he spends most of his time and efforts. But again, he owns like 53% of the shares outstanding so guess it doesn't matter.

 

isn't that just the nature of offshore exploration?

 

Which part is just the nature of the biz? Risk? Offshore exploration is certainly a risky biz but one should be compared to his or her peers who all face the same risk factors and on that basis, W&T has grossly underperformed. No opinion here either way, just the facts

 

He certainly doesn't have to "ask anyone" about it (except his wife I guess)...he does keep the crews busy (compared to the smoother dirvers Risi has fielded) but "he's the boss"

I'm very glad he's okay, he's very tall, compared to some international drivers.
Nice guy...never too busy to support a show for a cuase, and meet the public..

 

I think he's retired...after the IPO?

I dunno......

 

I'm thinking this governance thing has gone too far. What ever happened to buyer beware? If you buy stock in Mr. Krohn's company, and it doesn't do well for you. Who is to blame? You or Mr. Krohn? Frankly, I don't own any stock in his company and have no intention of buying any. But if I did buy some stock, I would be doing so knowing that he enjoys racing. As long as he has not tried to hide his outside passions, I don't see any problems with him devoting as much time as he wants to racing.

Sorry, didn't mean to rant, but I study this stuff for a living and the nit picking is getting out of hand. If you think a company is poorly run, don't buy the stock. It is as simple as that.

 

I agree with you to some degree. Caveat emptor is something I do believe in. Gotta do your analysis and due diligence. In Mr. Krohn's case, he is the majority shareholder so he's eating his own cooking. Now if he owned a tiny sliver of stock and was spending most of his time on outside endeavors, I would have a problem with that as a shareholder, especially given the relative stock price performance. Let's face it, corner office guys get paid a LOT of $$$ so they have a real obligation to shareholders.

Now I think you're talking about the increase in shareholder activism we've witnessed over the last few years. We might differ on this front. Corner office guys who essentially rape the company for personal gain - I have zero tolerance for that kind of business - those guys should not be running public companies. But I believe you're referring more to those investors who come in and propose all sorts of sweeping changes, many of which are very short-term in nature. From what I've seen so far, it's a mixed bag. In some cases it has been very good for shareholders but in other cases, not so much. Either way, shareholders do have rights and some of these corner office guys forget they're running a public company, not their own little empire. Sometimes rattling the cage a little is a very good thing for all shareholders.

Sorry for my own rant...

 

We need to keep this on the down low to avoid being busted for getting into B&I. But my professional opinion is that Milton Friedman was wrong. A corporation's goal is not to maximize shareholder profits. Actually, the goal of any business is to stay in business, and the only way to stay in business is to keep customers happy. Therefore, the goal of any business is to keep customers happy. Everything else is just bull****.

Dale

 

Haha, I like it! Survival, the most basic of instincts. Followed by my favorite - reproduction