CEO Mary Berner was in San Francisco last week meeting with employees and management.
The market is reportedly trending down 13% in the fourth quarter.
Dave Milner, the major market VP who is usually by her side on these visits was not with her.
Instead what followed according to employees who were there and talked on the condition of anonymity because they fear for their jobs was almost an acceptance on the part of Berner that anything could happen in the future.
This is in marked contrast to the public Mary Berner who speaks with the intensity of a motivational speaker as she assures and reassures employees that the future of Cumulus is secure.
The facts are closing in on Berner.
Just Friday Cumulus stock, which is outrageously high priced at $11, was being shorted by investors – 40,000 trades were conducted that day on a stock that usually trades only 13,000 shares on average.
A second bankruptcy is apparently baked in so that is probably not the reason investors are betting against Cumulus.
Berner’s admissions to some San Francisco employees suddenly took on new meaning because they were scary and revealing.