Cherif Souki’s Tellurian LNG IPO Flames Out, Withdrawn Day Later

As we pointed out last December, evil corporate raider Carl Icahn (invests in companies so he can fire a bunch of people, boost the stock and pocket the profit) had fired Cheniere Energy CEO Charif Souki (see Evil Corporate Raider Carl Icahn Claims Another CEO Scalp). Souki didn’t let it slow him down. He started a new LNG export company–Tellurian Inc.–to compete with his old company (see Revenge: Fired Cheniere CEO Starts Competing LNG Company). We kind of had (past tense) a soft spot for Souki, getting tossed from the company he started. But then we read comments he made about Donald Trump a few weeks before the election last November. Souki thought (like many) that Trump had no chance of winning, but if by some miracle Trump did win, Souki said he would “reconsider my nationality.” He was born in Egypt but is an American citizen now. After Trump’s victory, Souki seems to have forgotten about his threat to leave the country and change his citizenship. Can anybody say “two-faced”? Tellurian has a subsidiary called Driftwood LNG that we track. Even though Driftwood (when built) will be located along the Gulf Coast, it’s quite likely some–even a lot–of Marcellus/Utica gas will feed it. Hence our interest. So we’re always conflicted when it comes to news about Tellurian. Should we cheer or should we mourn when something negative happens to the company. This time we’ll cheer. On Wednesday, Tellurian announced it would float 10 million shares of new stock in an initial public offering (IPO). A day later, the company withdrew the offering due to “adverse market conditions.” That is, due to lack of interest…

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