SandRidge Energy

SandRidge Energy's 2016 bankruptcy demonstrates activist investor destruction of a vulnerable organism. Carl Icahn's aggressive intervention produced management chaos, asset sales at distressed prices, and strategic paralysis—all during an oil price collapse requiring nimble adaptation. Like predators weakening prey until it can't escape larger threats, activist pressure left SandRidge unable to respond to commodity crisis. $4 billion in debt converted to equity, wiping out shareholders.