The stock market has already spoken.
Citadel stock is worth four cents -- and less than a dollar for long enough to be booted off the New York Stock Exchange.
Because the market has already priced in for the worst case scenario, the situation for equity holders is no doubt a lost cause.
The market is saying Citadel stock is worthless.
The NYSE gave up on them.
Now Citadel CEO Farid "Fagreed" Suleman has departed from his earlier optimism as his mismanaged company filed an 8-K form with the SEC quietly on Monday in effect admitting the risk of violating its debt covenants.
It sounds like Fagreed knows&hellip
- Full Disclosure About Entercom “Furloughs”
- Saga Guarantees Sales Commissions
- Cumulus Furloughs Likely to be Long
- Mass Entercom Firings Starting Today
- iHeart 90-Day Furloughs Could Be Permanent
- Townsquare RIFs 65, Concerns for Digital
- iHeart Suspend Benefits, Entercom Fires Part-Timers
- Low on Money, iHeart Readies More Mass “Dislocations”
- Lee Abrams: AM/FM Slowly Destructing
- Cumulus Teetering on Another Bankruptcy