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Well I dont know what is going on but if we dont hear anything soon it is for sure over and done with. This share price decline is within the range of where it has been trading at this week so I wouldnt freak out just yet but once the 10 day allocation period to file an appeal is over, we are screwed.
No it looks so far to be 1.5 cents down.
think of it this way guys, we are back to where we were at the start of the week...or right after the judge screwed up...
Good point, I thought that was kind of weird also ...
someone else just posted on the yahoo board that the person whho posted is full of it because they also called and was told that they do not give out planning information to unknown people over the phones. I mean, hey thats akind to insider trading isnt it? That sort of info will dictate the price of the stock. No way in hell a law office would be that stupid or unethical to give out that sort of info.
starting to go back up,baby steps
i saw that..lots of others too. seems to be retail selling....its to say if thats true...cant always rely on message board rumors
at this point i always ask myself "order the cerificate
or take the pennies?
i hate a wimpy hedge fund, that must be them selling?
There's a guy on the Yahoo board that claims he spoke to the Lawyer for Aurelius and they told him they are not filing an appeal, FWIW ...
tell me about it, this is bad
how many holding in the .03's ???
nothing you can do about it, they want to off load at any price!
remeber, buying started at these prices, so who ever is selling, missed the boat in the 3's
File the Appeal question when is the last day the can?
Get ready for a nice bounce! Back to 3's real quick like!
anyone seen this?
Investors bet on equity in bankrupt US companies
5/24/2010
http://www.moneycontrol.com/news/world-news/investors-betequitybankrupt-us-companies_459768.html
Buying shares in a bankrupt company is a risky bet. But more than a handful of distressed investors are doing just that, betting the stocks will rise during the court process or that they will get a payoff from the company.
Indeed, many of these stocks — in names such as Visteon Corp, Chemtura Corp and Smurfit Stone Container Corp, among others — have soared from a few pennies to a couple of dollars in a matter of months.
The investors, including well-known names like Davidson Kempner Capital Management and Aurelius Capital, are also arguing to bankruptcy court judges that they should be paid by these companies when they exit bankruptcy, saying the companies are not nearly as broken as when they limped into Chapter 11.
"It appears to be the result of an influx of capital, coming off the drought of the last two years. For a long time there was no financing. Now there's value for lots of different companies," said Robert Stark, a lawyer at Brown Rudnick LLP, who has represented equity committees in bankruptcies such as those of Oneida Ltd and Riverstone Networks.
Timing is of the essence, though. After the equity committee in car parts maker Visteon was denied the right to form, shares — while still far from their lows -- fell more than 50%. Bankruptcy judges often deny equity committees — partly because of the cost, but also because confirmed reorganization plans with payments to stockholders are few. (The current case of General Growth Properties Inc is an exception).
But that has not stopped investors from trying to assert themselves, arguing that times are better. Shareholders have also recently asked for equity committees in the bankruptcies of Spansion Inc, Regent Communications and AbitibiBowater Inc.
Last year, the capital markets were all but closed, making it tough for companies struggling with weak sales in the down economy to make interest payments or replace maturing debt with new financing. Now, many companies are reporting stronger businesses this year and those credit markets have opened.
The equity fights are in a way an extension of the high-profile fights among debt investors this year. In the Six Flags bankruptcy, for example, the company went through several different plans, each one favoring a group further back in the priority for payouts as credit markets boomed. The company finally exited bankruptcy under the control of Stark Investments and other junior bondholders, but shareholders were beginning to jostle for a payment.
"If we were still in the depths of the recession, you wouldn't see any of this. It would just be obvious that there is no value for out-of-the-money debt holders or shareholders. In the old days we would see the bond holders doing this, and now we are seeing equity guys," said Barry Ridings, vice chairman of US investment banking at Lazard.
Visteon
Sometimes, just the mere presence of organized shareholders — depending on how loud and persuasive they are — can be enough to create a payoff in the stock price or the distribution of some warrants or equity in the company's ultimate reorganization.
"That's definitely a strategy, to buy at massively distressed levels and then fight as hard as humanly possible to be recognized and to force a recovery down into those levels of the capital structure," said Joe Stauff, an analyst with the special situations group at Susquehanna International Group. "Case in point -- Visteon."
Shares in the car parts maker took a wild ride this year as hedge funds vacuumed up shares, helping to lift its stock from around 1 cent in December to USD 2.03 earlier this month. (After a company files for bankruptcy, its shares typically trade over the counter on what are commonly called the pink sheets).
That rally provided a potential windfall to Davidson Kempner Partners, Brigade Capital, Plainfield Asset Management and Aurelius Capital Management, regulatory filings show. They started buying stock for as little as 14 cents in February.
Visteon shares rose 71.8% to USD 1.22 on Friday after Johnson Controls Inc offered USD 1.25 billion for Visteon's interiors and electronics business.
A trading tactic?
In another case, Caspian Capital Advisors, which holds the preferred stock of cardboard packaging maker Smurfit Stone Container, began agitating for a shareholder committee in that bankruptcy in December.
That set off a buying spree in the common stock by funds associated with P. Schoenfield Asset Management, Fir Tree and Venor Capital Management, which spent as little as 9 cents per share and as much as 43 cents. The stock is trading at 16.5 cents, up 22.2%, in Friday afternoon dealings.
One lawyer in that case dismissed suggestions that shareholders use committee requests as a speculative trading strategy to drive up share prices.
"It's not a tactic," said Rachel Strickland, an attorney with Willkie Farr & Gallagher LLP, which represents preferred shareholders. "The implied trading price of the bonds is almost a billion dollars higher than what the company is saying this company is worth. It is not a handful of greenmailing hedge funds saying what it thinks this is worth."
pps is falling, not happy.going to have to make a decision soon.
Trading like this is a good sign. There may be some substance to this appeal thing then. I hope we beat yesterday's volume. It looks promising that we will do that.
Good morning all. Some decent trading going on this morning. I got a great feeling we are going to get the appeal today. glta.
I certainly hope you are right. We need that appeal news though and I think we are going to get it extremely soon. The way the news release about the approval of the plan worked out it seems that more than one large investment group feel that the company is undervalued and would support an appeal. I just got a feeling this is going to get the news it needs to move back up to higher levels. Hope your right man...glty!
just have a feeling its going to pop! just a feeling..
why do you say this?
going to be buying huge in the morning! we should run hard to .04!
Sorry I should have said court documents. Not filings. It definately isnt the appeal. Look at citadelbroadcasting.com or use the link in the stickies.
How do you know?
IS it the appeal?
If so, Weeeeeeeeeeeeeeeeeeeee!
thats why i'm still here!!!
For a stock like this, that may not be true. haha. Anyway, i expect that the fortune of this stock will be revealed here soon. This could be a nice 2-3 bagger here with appeal news. glty.
VERY BORING!!! Lot's of consolidation around .03 today! Always tomorrow...
Yes I agree. Still though this could be great for one last squeze if they file that appeal. It could bolster this stock for a while, or enough time for us to turn a very nice profit if things work out. Still though the risk here is huge undoubtably. As I said before, it makes sense for Aurelius to file an appeal since they have the grounds to do so. If I read things correctly, the judge didnt admit some of the testimony that Aurelius had that was crucial to their side of the issue. As long as there arent any rules that go against what was said in the court then there should be an appeal but that can take some time which is why I think that there are a lot of people who are nervous that this will plummet completely since it is close to that ending date to file for the appeal. I bought today at .03 so if need be I will exit before much longer. No sense on playing the role of captain on a sinking ship.
it hasnt but you can tell alot of the day trading mojo has left or is on the sidelines right now.
An appeal would sure be great. Id think that they would definately try to get one since they have a lot of money riding on this and would like to get some back. Makes sense to me. Come on Aurelius! At least this hasnt plummeted yet.
I think they can still file even on a saturday. However, they actually may be able to file even at the end of tuesdau. Due tothe holiday. I'm not sure about that though.
I am pretty sure Friday the 28th is the last workday they can file an appeal. Sure would be nice to know what their plans are!!!
ah yeah! bring on that appeal applications!
New filing on Kccllc.com docket #387 says these guys need to step up collections.imo.Payables are 3,064,319 ending 4/30/10, Receivables are 128,891,493 ending 4/30/10. With May sweeps and Election money coming in...hmmm
it would be grounds for appeal to not allow
time to get a witness, we are talking billions
and we get an hour?
Are the natives getting restless? Wondering when that appeal letter will come out? Maybe.
Late afternoon dive! yippy and I get to pick up the rest of my .030's! woooohooooooo!
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GAME OVER! TRADING STOPPED FOR CTDBQ BEFORE MARKET OPENING ON 6/04/10
BREAKING NEWS!!! (6/03/10)
After losing its battle to have a federal bankruptcy judge rework the Chapter 11 reorganization plan for Citadel Broadcasting, Aurelius Capital Partners has thrown in the towel and sold its shares. It says in an SEC filing submitted late Wednesday that it now owns no shares of Citadel.
Aurelius took a financial loss on its gamble that Citadel’s shares would be worth something. As previously reported, the investment funds managed by Aurelius paid over $1.2 million to acquire their 16.7 million shares of Citadel’s common stock – an average of just under 7.3 cents per share. The latest SEC filing did not provide a total for the recent stock sales, but indicated that the bulk of the shares were sold in a range of one to two cents each.
That’s still more than the theoretical value of the Citadel shares, which are to be worthless as soon as the company emerges from Chapter 11. The reorg plan is already approved and the emergence from bankruptcy court protection is expected any day now.
RBR-TVBR observation: Aurelius apparently had the financial wherewithal to take a gamble of over a million bucks and write the whole thing off when it lost the gamble. We wonder who was still out there buying millions of Citadel’s shares for even a penny, when their value is almost certain to become zero any day now.
http://www.rbr.com/radio/24715.html
BREAKING NEWS!!! (4/13/10)
" A bankruptcy judge extended Citadel Broadcasting Corp.'s (CTDBQ) exclusive
control of its Chapter 11 case through July 19.
The extension approved Monday by Judge Burton R. Lifland of the U.S.
Bankruptcy Court in Manhattan gives the radio-station owner a safety net if it
fails to obtain approval of its Chapter 11 plan at a confirmation hearing
scheduled for May 12.
The company's exclusive right to file a restructuring plan was set to expire
on April 19. Without the extension, creditors or other parties could have
offered rival plans as Citadel worked to win court approval of its own.
Citadel warned that a lapse in its exclusive plan-filing period could result
in chaos.
If that were to happen, the company would be "assessing competing plans if
filed and contending with the destabilizing effect that such events would have
on their businesses, employees, vendors and customers," Citadel said in court
papers.
The company the extension "merely accounts for the situation where the plan
is not confirmed and additional time to submit an alternative Chapter 11 plan
of reorganization is necessitated."
Citadel is currently seeking creditor approval for a bankruptcy-exit plan
that would see senior lenders, led by J.P. Morgan Chase & Co. (JPM) and owed
about $2.1 billion, receive 90% of Citadel's new equity plus a $762 million
loan.
Under the plan, unsecured creditors, owed $343 million, will receive 10% of
the company's new stock plus a share of $36 million in cash.
Unsecured creditors' recoveries under the plan improved substantially after
they consented to a settlement agreement with the company.
Citadel said that settlement and the filing of the plan shows that it is
"working extremely hard to ensure their swift emergence from Chapter 11" and
that progress "more than warrants" an extension of exclusive control of the
case.
Citadel, which operates 224 radio stations across the U.S., filed for
bankruptcy protection last December, squeezed by a heavy debt load and a drop
in advertising revenue."
...............................................................................................................................................................
Citidel declares Bankruptcy(12/21/09)
http://apnews.myway.com/article/20091220/D9CNAPIG1.html
Citadel broadcasting was removed from the NYSE on3/5/09
At one time Citadel was a $25 dollar stock. Last years high was $2. It is seriously due for a major comeback. They operate the ABC radio network in all of the major radio markets. Don Imus is just one of their well known personalities. Also, their conservative radio shows routinely bring in stellar profits. This stock is a bargain right now. It's a gift. Discuss. Have fun. But play nice boys and girls.
http://www.citadelbroadcasting.com/
http://www.abcradionetworks.com/
Outstanding Shares
269,944,781 as of Oct 31, 2008
Authorized Shares
500,000,000 as of September 30, 2008
........................................................................................................................................................................................................................................................................................................................................................................................
CITADEL BROADCASTING CORPORATION
COMMON
Las Vegas, NV – March 5, 2009 — Citadel Broadcasting Corporation announced today that it expects its common stock to trade in the OTC
Citadel Broadcasting Corporation is the third largest radio group in the United States, with a national footprint reaching more than 50 markets. Citadel is comprised of 165 FM stations and 58 AM stations in the nation’s leading markets, in addition to the ABC Radio Network business, which is one of the three largest radio networks in the United States. For more information visit www.citadelbroadcasting.com.
CONTACT INFORMATION:
Citadel Broadcasting Corporation
Patricia Stratford (212) 887-1670
......................................................................................................................................................................................................................................................................................................................................................................................
COMPANY MANAGEMENT
Farid Suleman
Chairman and CEO
Judy Ellis
Chief Operating Officer
Matt Hanlon
Regional President
Kevin LeGrett
Regional President
Wayne Leland
Regional President
Paul O' Malley
Regional President
Dave Marchette
Chief Technology Officer
Jacquelyn Orr
General Counsel and Vice President
Mike Pallad
Vice President of Sales
James M. Robinson
President ABC Networks
John Rosso
Senior Vice President of Digital Media
BOARD OF DIRECTORS
......................................................................................................................................................................................................................................................................................................................................................................................
Owned and Operated Stations
Citadel Broadcasting is the third largest radio group in the United States, with a strong national footprint reaching more than 50 markets. We have a well-clustered station portfolio with leading positions in attractive markets including coverage in eight of the top ten. Our company is comprised of 165 FM stations and 58 AM stations in the nation's leading markets. As a company focused exclusively on the radio business, Citadel Broadcasting has the benefit of scale in an increasingly competitive industry.
Networks
The ABC Radio Networks has nearly 4,400 affiliate radio stations reaching nearly 105 million people age 12 and over each week. Programs and services include ABC News Radio, Paul Harvey News and Comment, The Sean Hannity Show, The Tom Joyner Morning Show, The Doug Banks Morning Show, MoneyTalk with Bob Brinker, The Mark Levin Show, The Mark Davis Show, The Larry Elder Show, American Country Countdown with Kix Brooks, The Dan Patrick Show, The Herd with Colin Cowherd, Mike and Mike in the Morning, The Michael Baisden Show, Dick Bartley's Rock & Roll's Greatest Hits, Renán Almendárez Coello—El Vacilón de la Mañana with Juan Carlos Alonso and Jorge L. Quiles Morales, ESPN Deportes Radio. Other ABC services include advanced digital media platforms including online interactive advertising, streaming audio and podcasts, ABC Sports Radio, syndicated music and talk programs including Flashback, format-specific ePREP and production libraries, ABC's Jack FM™ and nine other 24-Hour Formats, including Scott Shannon's True Oldies Channel and ESPN Radio, which is the exclusive network radio home of Major League Baseball, the NBA and the Bowl Championship Series. Today, ABC Radio Network is one of the largest radio program syndicators in the United States, with significant resources invested in Programming, Engineering, ABC News Radio, Marketing, Radio Station Affiliation, Advertising Sales and New Media.
Digital Media
Citadel Interactive in focused on operating an expansive digital platform that provides our listeners an unique and rich on-line experience. Currently, Citadel Interactive hosts over 250 websites that receive over 100 million monthly page views and one of the nations largest streaming networks for on-line radio, with over 170 radio stations streaming live on-line. Our digital platform provides advertisers the opportunity to connect with our listeners via the web on a local, regional and national level. Advertising opportunities include streaming audio ads, Video gateways, display, podcasting, on-line contesting, and mobile marketing opportunities
.......................................................................................................................................................................................................................................................................................................................................................................................
Net revenues for the quarter ended September 30, 2008 were $213.9 million
• Segment Operating
• Free cash flow was $33.8 million for the quarter ended September 30, 2008
• Net income for the quarter ended September 30, 2008 was $28.0 million
• Free cash flow was $93.9 million for the nine months
• During the nine months ended September 30, 2008, the Company reduced its long-term debt by approximately
$363.8 million, resulting in a gain on extinguishment of debt of $85.7 million
Corporate Profile
Citadel Broadcasting is the largest pure play radio company in the United States, with a strong national footprint reaching more than 50 markets. Our company is comprised of 165 FM stations and 58 AM stations in the nation's leading markets. In addition to our strong national footprint, Citadel Broadcasting also owns and operates ABC Radio Networks, which creates and distributes programming to more than 4,000 affiliates. The programming includes popular syndicated radio programs such as Paul Harvey News and commentary and The Tom Joyner Morning Show, as well as 24/7 music formats. As a company focused exclusively on the radio business, Citadel Broadcasting has the benefit of scale in an increasingly competitive industry.
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