Just saw that Cooper Creek Partners completely bailed on Sable Offshore in Q4 - dumped all 4.1 million shares, taking a $71.6 million hit. That's wild. The fund had been holding this energy play but clearly decided enough was enough.

So here's the thing with Sable - it's this offshore oil and gas company operating platforms off California, but it's been a disaster. Posted a $410 million loss last year, sitting on nearly $922 million in debt with only $97.7 million in cash. The stock tanked 70% over the past year. Their main assets haven't produced anything commercially since 2015, so basically they're betting on regulatory approvals and some kind of turnaround that... honestly doesn't look close.

When you look at what went down, it makes sense why Cooper Creek walked. Sable's not really an operating producer anymore - it's a speculative restart story with a bloated balance sheet and execution risk. The company's trying to get permits, restart operations, fix the balance sheet math. But with that debt load and no clear timeline? That's the kind of situation where you have to ask if the upside is even worth the downside risk.

The real lesson here isn't about Sable specifically. It's that turnaround energy plays live or die on three things: can they execute, can they fix the capital structure, and will regulators actually cooperate. When the balance sheet is this heavy and you're waiting on permits, sometimes the smartest move is just walking away before the whole thing dilutes existing shareholders into oblivion. Cooper Creek clearly decided that point had arrived.