On April 26, 2019 troubled oil exploration company Templar Energy, LLC announced the resignation of its long time CEO and founder David D. Le Norman. He is to be replaced by Chief Operating Officer of Le Norman Operating, LLC Brian Simmons. Mr Le Norman remains Chairman of Templar Energy. That sounds like bad news for the $12.8mn still invested at cost by two non-traded BDCs owned by FS investment & KKR: FSIC II and FSIC III. The exposure appears to be in the form of preferred and equity received as part of a massive debt for equity swap entered into in 2016 that saw $128mn of BDC second lien debt converted. However, judging by the valuation of the BDC stakes at 12/31/2018 – discounted by as much as (93%) the company’s performance remains problematic. Mr Le Norman’s departure cannot help.