| Bob Strouse and his sign. (Steve Ueckert / Chronicle)
Bob Strouse, the retired commercial painter from Ohio who has been protesting in front of Calpine Corp.’s Houston offices for nearly three weeks, has been gathering a fan base. One of them, Ray Skaines of League City made the following tribute to him on YouTube.
Calpine emerged from Chapter 11 bankruptcy last week, and its stock resumed trading on the NYSE today.
Strouse and others who held common stock in Calpine before its Dec. 2005 bankruptcy say they’re unhappy with their treatment under the bankruptcy. Their stock will be turned into warrants — the right to buy the newly issued stock, but at a price higher than it’s currently trading — instead of getting it converted to the new stock.
This isn’t exactly unusual in bankruptcies, but Strouse and other shareholders who have contacted us say they were quite surprised. Strouse claims the company promised the old stock wouldn’t go away but would be converted. The company says it never made the promise.
As we’ve mentioned before, Strouse says he isn’t going anywhere. His home back in Ohio is paid for, he’s getting a Texas ID card and may register to vote here, too. As far as his medical needs he knows the way to the Veterans Administration hospital in the Med Center via light rail (he served in the Army’s 3rd Armored Division, 45th Medical Battalion in Germany in the 1960s, he said), so he feels pretty settled.