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You sure about that! They have to BUY to close their short position. If they do not BUY they do not make money. Just like if you do not SELL, you do not make any money if you are long.
Well if the stock gets canceled they have made money. You would never have to cover.
fAt
most likely iit will revert back to CTDB.......This board will revert back to that too or any other symbol. I think the trading on that new symbol will be fairly exciting at first. That is if they price it where it right now.
TallRob0......Any hint of the symbol?
Here's a list of the folks buying/selling shares. See any familiar names???
http://www.otcbb.com/asp/tradeact_mv.asp?SearchBy=issue&Issue=CTDBQ&SortBy=volume&Month=5-1-2010&IMAGE1.x=16&IMAGE1.y=7
Not trying to be rude, but I need to get a project finished today… Try going to investopedia (or similar site) and search “short”. This should answer your questions…
nothing on pacer today, but it takes a few days?
So they shorted at above 0.02 and are covering in 0.01, thus almost doubling their investment, if I get this correctly. But how can they short this, if its known this stock is heading for ZERO. This is the first time I dealt with BK stock.
They have to cover to make money! Just think of it as the opposite of how you trade a stock… You buy low and sell high (hopefully): You have to sell to make money or you become a bagholder or a long in a "good" stock. Does that answer your question?
stuij... the deadline already for that already passed. Refer to one of the ealier posts.
Why would they cover? Let the shares be canceled. Covering would only create a taxable event.
fAt
Shorts… They short the stock, because there is NO buying pressure, then they cover. When they cover, “you” see buying. It is easy for them to flip this, because everyone has sold (or should have). It is mostly just shorts buying high and covering low.
Just for the sake of argument, what happens if there is an Appeal filed? I doubt that we would know anything about it.
So they could pretty much halt trading any minute now. So why is anyone actually buying this anymore? Its a huge risk, and no reward. I see $2000 orders, so why would such money be risked. I don't know, I think I might be getting back in.
People of buying a lot of shares....not sure WHY. The shares may be cancelled tomorrow or the next day.
That is an appropriate response. He did not give out any information that is not public.
I would delete this post… Even though the general public (shareholders/investors) are not supposed to be told something (insider info.) we are from time to time. However, when you are provided “privileged” information, you should not post it for everyone to read. It makes it harder to gather this information from sources if they know it could get back to them.
looked on pacer but no appeal and no effective date?
I also called Sarah Seewer but she would not release any information. She indicated that I should be looking at Citadel's website for information regarding "investor relations." There is no information posted regarding the "effective date." I called the main office phone number but there is only a recording.
ouch this was a trader for me also looks like mgt gave the boot to shareholder balls and when the expert witness wasn't expert enough for the judge was the writing on the wall...
Revenge trades? LOL
it will be interesting to see where the new stock pps starts out at.......I'll be shorting the crap out of it if they start it at 0.88
I can’t provide you with any “good” stocks to invest your money in. I have a few that I hold in anticipation of them making me some money (but nothing I would suggest) and several that I trade. I personally try to find stocks that I can get in and out of for 2-5% gains by trading $10K+ at a time. That is why I traded this one. I was getting 10-20% profits per day trading up to 300K shares at a time. It was a very good flipper for awhile (easy in and easy out), then it became more difficult towards the end. Good luck to you…
TRENDmendous.... Thanks....I had 154,706 shares pre-BK. I was hoping for something, but after speaking to Sarah Seewer she gave me the news and about the effective date, which is tomorrow.
Any good stocks that could help me recover some of my losses?
Posted by: TRENDmendous Date: Wednesday, June 02, 2010 11:17:05 AM
In reply to: My4ntoy who wrote msg# 1294 Post # of 1295
Really sorry to hear you had a Big Loss. It’s never easy losing a lot of money. You have been a shareholder since before BK?
Posted by: My4ntoy
Date: Wednesday, June 02, 2010 11:12:10 AM
In reply to: TRENDmendous who wrote msg# 1293
Posted by: My4ntoy
Date: Wednesday, June 02, 2010 11:12:10 AM
In reply to: TRENDmendous who wrote msg# 1293
TRENDmendous... I spoke to Sarah Seewer. She said, ALL SHARES WILL BE CANCELED TOMORROW. I SOLD everyhting that I had at a BIG LOSS.
Counsel to the Debtors
Jonathan S. Henes, Esq.
Joshua A. Sussberg, Esq.
Sarah Hiltz Seewer, Esq.
Kirkland & Ellis LLP
601 Lexington Avenue
New York, NY 10022
T: (212) 446-4800
F: (212) 446-4900
http://www.kirkland.com
Really sorry to hear you had a Big Loss. It’s never easy losing a lot of money. You have been a shareholder since before BK?
TRENDmendous... I spoke to Sarah Seewer. She said, ALL SHARES WILL BE CANCELED TOMORROW. I SOLD everyhting that I had at a BIG LOSS.
Counsel to the Debtors
Jonathan S. Henes, Esq.
Joshua A. Sussberg, Esq.
Sarah Hiltz Seewer, Esq.
Kirkland & Ellis LLP
601 Lexington Avenue
New York, NY 10022
T: (212) 446-4800
F: (212) 446-4900
http://www.kirkland.com
If you are thinking the shares you have will be worth something, then by all means hold onto them (or even a few) and watch your account. I am pretty sure when you log onto your account (after they are canceled)you will understand better.
If you plan on purchasing new shares of their common stock that is good info to have. However, for the shares that are being traded right now, this is all you need to know: As of March 19, 2010, there were 265,776,874 shares of common stock, $0.01 par value per share, outstanding. All of the outstanding shares of the Company’s common will be canceled as of the Effective Date.
TRENDmendous.... I found this.
Exhibit A
Equity Allocation Mechanism
--------------------------------------------------------------------------------
The allocation of New Common Stock and Special Warrants among the Lenders and Holders of Unsecured Claims on the Effective Date shall be based on the results of the following exercise:
1. First, the Secured Claim Equity Distribution shall be deemed made pro rata among the Holders of Senior Secured Obligations and the Unsecured Claim Equity Distribution shall be deemed made pro rata among Holders of General Unsecured Claims; provided, however, that each Equity Distribution shall be deemed to have been made initially in the form of Special Warrants.
2. Second, all deemed holders of Special Warrants that (i) have timely provided an Ownership Certification, and (ii) have provided therewith certification to the Debtors and the Senior Agent that their respective alien ownership, as calculated in accordance with FCC rules, is at or below 20% (“Group 1”) shall be deemed to have exercised their Special Warrants to the fullest extent possible for the corresponding number of shares of Class B Common Stock; provided that any holder who has not requested in writing at least 30 days prior to the Effective Date to receive Class B Common Stock (the “Class B Election Notice”) shall be further deemed to have immediately exchanged such shares of Class B Common Stock for a like number of shares of Class A Common Stock, and provided, further, that, for any holder that would be entitled to shares constituting more than 4.99% of the outstanding Class A Common Stock, the number of shares exchanged by such holder shall be limited so that such holder receives shares of Class A Common Stock constituting no more than 4.99% of the outstanding Class A Common Stock. The alien ownership certification requirement may result in a non-pro rata distribution of New Common Stock.
3. Third, the aggregate alien ownership percentage of New Common Stock after such deemed exercises shall be determined by the Debtors and the Senior Agent. To the extent such percentage is less than 20%, all holders of Special Warrants not in Group 1 (“Group 2”) who timely provided an Ownership Certification (“Eligible Group 2 Holders”) shall be deemed to exercise their Special Warrants, pro rata among all such Eligible Group 2 Holders, to receive Class B Common Stock, up to the number of shares that causes the aggregate alien ownership percentage of New Common Stock to equal 20%; provided that any holder who has not timely provided a Class B Election Notice shall be further deemed to have immediately exchanged such shares of Class B Common Stock for a like number of shares of Class A Common Stock, and provided, further, that, for any holder that would be entitled to shares constituting more than 4.99% of the outstanding Class A Common Stock, the number of shares exchanged by such holder shall be limited so that such holder receives shares of Class A Common Stock constituting no more than 4.99% of the outstanding Class A Common Stock. Each member of Group 2 shall provide to Citadel and the Agent such information as requested by Citadel or the Agent in order to evaluate alien ownership.
4. Steps 2 and 3 shall be repeated until the number of shares being issued becomes de minimis in the judgment of Citadel and the Senior Agent. Notwithstanding anything to the contrary herein, a creditor may, by written notice to the Company and the Senior Agent at least 30 days prior to the Effective Date, receive its Equity Distribution entirely in the form of Special Warrants and shall not be deemed to have exercised any Special Warrants. Any such notice shall be binding upon any transferee of the claims held by such creditor.
5. The distribution of Class A Common Stock, Class B Common Stock and Special Warrants that results from the foregoing steps shall be the distribution made on and as of the Effective Date.
6. Nothing in the above shall permit any holder to acquire more than 4.99% of the outstanding Class A Common Stock nor shall cause Reorganized Citadel to exceed an aggregate alien ownership percentage of 20% in either the Class A Common Stock or in the New Common Stock. Any distribution in contravention of the preceding sentence shall be adjusted to the minimum extent necessary to comply with these limitations; such adjustments shall be pro rata among Eligible Group 2 Holders to the extent legally permissible. In determining whether any holder would hold more than 4.99% of the outstanding Class A Common Stock, such holder will be attributed with any stock held by another holder under common management or that otherwise would be aggregated under the FCC’s ownership attribution rules.
Read more: http://www.faqs.org/sec-filings/100601/CITADEL-BROADCASTING-CORP_8-K/dex22.htm#ixzz0phtkK0tg
Yes, I believe the effective date was yesterday; therefore trading will be halted anytime. However, since it is still trading, who really knows…
TRENDmendous.. I looked at the FORM 8-K. It refers to the effective date.
http://www.faqs.org/sec-filings/100601/CITADEL-BROADCASTING-CORP_8-K/
Same thing if you purchased/owned them after BK… Cancelled and worthless, unless you sell them before they are cancelled which I do not know the date that will happen.
Question....What happens if you owned shares before BK?...
I would not recommend getting in this at all to hold!!!
really nice dead cat bounce happening right now.
judging by some news reports.The new CTDB stock could come as soon as the end of this week to early next.
Even if they made an appeal, we wouldn't know about it right away.
they missed the appeal deadline........its done
What do you think about getting in at this level....it seems like its at the bottom with nowhere to go but up....How big is the possibility of this thing going completely under?
I would recommend you put your money elsewhere, unless you are an extremely savvy trader and even then, be ready to lose everything at any minute if they halt the stock. As far as I am concerned this "play" is over, bounce or no bounce... TOO RISKY and way better trades out there. With that being said (LOL) I may trade 100K blocks for quickies!
Does anyone have any idea on where this stock price is heading over the next few weeks? CTDBQ?
my vision of appeal/white knight buyer was
wishful thinking, lol, might as well order the certificate
on this one to add to my wall of shame. oh well at least mesaq
was up stong today
Technical Analysis Video Update for CTDBQ
CTDBQ is way oversold here IMHO, and due for a releif rally. The last time the price action hit around the 1 cent level, there was a nice bounce into the 3 handle territory. There should be therefore a nice risk/reward trade set up here, as longs can stop out below 1 penny, but play for a bounce back up to resistance at 6 cents, all IMHO.
Check out the CTDBQ video chart here:
www.itsallbull.net/iabtv.php?id=301
U have some brassies!
Starting to catch a bid.
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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.
Headquarters: | Independent Auditors: | ||||||||||
| FCC Legal Counsel: Leventhal, Senter & Lerman 2000 K Street, N.W. Suite 600 Washington, D.C. 20006-1809 202-429-8970 | ||||||||||
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