Just caught something interesting - Cooper Creek Partners completely dumped their entire position in Sable Offshore (SOC) last quarter. We're talking 4.1M shares worth roughly $71.6M gone. Not exactly a vote of confidence when a fund bails that hard.

The company's having a rough go of it honestly. Sable posted a $410M loss in 2025, sitting on nearly $922M in debt while holding just under $98M in cash. Their main offshore assets haven't actually produced anything commercial since 2015, so this whole thing is basically a turnaround bet on regulatory approvals and getting operations restarted. Stock's down about 70% over the past year - tells you how that bet's playing out.

When you look at their top holdings now - stuff like Corrective Services, logistics operators, consumer plays - Sable was clearly the speculative swing in their portfolio. Honestly, watching a fund walk away from this kind of position makes sense. Heavy balance sheet, fixed timeline, permitting risk all stacked together. Sometimes the smartest move is just stepping back and letting someone else take that risk.