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Investors say Citadel's CEO and Board are thieves
* October 11th, 2010 6:19 am PT
* By Brad Kava, SF Radio Examiner
Citadel, which emerged from bankruptcy with its CEO Farid Sulemann $55 million richer and investors completely unfunded and broke, has been sued by some of those who put in their hard earned cash.
For those who think business is the way to run a state, or a business, take a lesson in this. Most business is run for the people on top, at least that's what's demonstrated in this case. If grassroots investors happen to make some money too, well, good for them. But when sacrifices are needed, they are the first to go.
Let those who claim our governments should be run as businesses take heed.
Here are some paragraphs written by Radio-Info's sage Tom Taylor about the suit filed by Citadel victims.
Citadel investor R2 claims Farid and the board perpetrated “one of the most egregious frauds.”A “shocking display of corporate greed and dishonesty” is just one of the many slams against the Citadel CEO and the board, in a U.S. Bankruptcy Court filing.
R2 (like “R Squared”) Investments alleges that Citadel management was in cahoots with the board as it came out of Chapter 11 bankruptcy protection. It says the result – a claimed eventual “$55 million in value for Farid Suleman himself and more than $1.35 million in value for each of the board members” – directly contradicts what Suleman promised during the re-organization.
R2 says “Despite having just emerged from bankruptcy (with substantially the same management that caused the company to file bankruptcy), Citadel now has the highest-paid management in the terrestrial radio broadcasting industry.” R2 says that's not only wrong, it robs the creditors – “the consequences of the actions of Citadel and its management are devastating to R2 and the debtors’ other creditors.”
It claims that Suleman’s actions “are the equivalent of each new shareholder writing a check for approximately 7.5% of the value of its shares and sending it directly to the management team and the board.” How did this happen? Simple. R2 says that instead of getting the expected stock options, management received restricted stock – hardly an incentive to manage for excellence. R2 asks the court to order Citadel to revoke its grants of restricted stock, and to issue stock options, instead. There’s a court hearing on November 3.
San Franciscans: Keep all this in mind as we watch the company dismantle the great local talk station, KGO-AM. I think CItadel realizes it can make more money from a 15th ranked station with low salaries, than a top community-minded station with big expenses for talent and quality.
Sad days indeed. But once again we see that the dollar speaks louder than community concerns.
22.875,,,,,,,ha! in a few months. .22875
Corporate sure as hell aint bagholders..
Not to bad a reward for running it into the ground..
Citadel Registers Stock, Makes Grants To Suleman, Other Execs
August 21, 2010: Citadel Broadcasting, which emerged from Chapter 11 in June, has filed its registration with the Securities and Exchange Commission for 10 million shares of new class A stock, and has issued grants of the stock to top management.
Citadel estimates the value of the as-yet-untraded stock for filing purposes at a maximum offer price of $22.875 per share. Based on that estimate, CEO Farid Suleman's grant of 1.9 million shares is worth approximately $43.5 million.
Also receiving stock grants are Citadel COO Judy Ellis, with a grant of 100,000 shares; CFO Randy Taylor, 80,000 shares; SVP/General Counsel Jacquelyn Orr, also at 80,000 shares; and SVP/Finance & Administration Patricia Stratford, 56,250 shares.
Smaller grants were reported for members of the Citadel board
When is Jamie Dimon gonna fire up his new free speech suppression machine? Any news on a new ticker yet?.
ya what happned here? is the company gone???
I guess the fat lady has sung...this does
not even show up as a stock on my TDA account...
it's up there, has a market value, but when
I click on the stock that's as far as it goes.
Move on time I guess
This is the risk we bear, but just in case:
Thanks a lot CTDB
All I need to do is look at the IBOX:
GAME OVER! TRADING STOPPED FOR CTDBQ BEFORE MARKET OPENING ON 6/04/10
Lots of bagholders from the fifty cent run.
Hate to see this one go..Many good trades here over the last year.
Wellll, do you still have cloths on your body?
if you did own them on Friday. You did lose everything.
So what is happening with all our shares? Did we lose everything?
Who is hypeing? The company bellied up and quit trading 4 days ago. It's almost like the companys you've run.
fAt
Hype away slugger.
yep, i took a whoopin on this one, these canned BKs
are no fun and this company should of had someting left for
equity? spin off the comany with lots of debt and some bonds
and screw the equity holders
Shares are worthless isn't that what they said?
I just don't see how this stock tanked.
For one, it's a real company, and at one point
the share price was outstanding. My God there
must have been some poor management along the
way. Don't have a lot of shares on this one
since most of it was a spin off, so did not
keep up with it that much,
appears to be another casualty of this age!
By God there will come a day when we can re-use
soiled toilet paper. Maybe when that day comes
they won't scuttle my old share.
Will use as tax write off, always keep a few
each year to balance the scales.
What happened? No more trading? WTH????
I should be. If I shorted everything I bought I'd be rich. :0)
fAt
Expert on Shorting I see?
This company is over..sorry for all your losses :(
How much did you buy ?
oh darn, well live and learn.....Gotta read the boards and PR's before you ever buy a Q stock.
wow I just bought the stock yesterday boy am I a dummy! I just got off the phone with my broker and he told me all existing shares are completly worthless! arghhhh!
yep, that was a slam dunk
canned bankruptcies suck
well the stock looks halted.....10 minutes into market and no trades. Zero volume.
well its been fun, maybe next one will be better?
The effective date was June 3 ,2010.. see link below
http://www.kccllc.net/Citadel
TallRob0 & everyone. I think the senior members may be buying, because they will get some value in the new stock, if my interpretation is correct. The new shares will be available on or about the effective date (June 3), same time the others expire. I contacted Citadel, they don’t know the new share symbol, nor does anyone involved with their BK proceedings.
most likely it will revert to CTDB
glad i am on the side this time,this is done. they are going to print new shares. old shares worthless as soiled toilet papers
yeah, people selling. morons buying. thats pretty much it.
Not out, but my shares are f'ed aren't they
they aren't going to roll over into the new stock.
Lots of shares still being traded?
hosed is a good word.
if your out. wait for the new stock
Am very disappointed with CTDB, thought it was
going to make a comeback. Now what? Are we hosed?
yep,,,,,that small news bit pretty much says that the fat lady has already sung and is leaving the stage.
I'm wondering the same thing. Just noticed that you updated the iBox info.
got it, but someone's standing buy orders are getting filled ... over 23 Million shares so far ...
rsr2004us.. See mostly sells... (lots of them), not sure who bought early in the day.
fundamentally it's game over... there are better opportunities out there
Looks like it's down to 1/2 cent now , pretty shocking to see. Does anyone know who is still buying this ??
glad I got out of this pos at .03
Here's more detail on the soon to be canceled stock. Look at section # 9 (STOCKHOLDERS’ EQUITY) which was field on 5/7/10.
http://www.sec.gov/Archives/edgar/data/1174527/000119312510113038/d10q.htm
Aurelius gives up the battle for Citadel..see link for details.
http://www.rbr.com/radio/24715.html
Prob'bly not. Have you heard of the blissfully ignorant? You could be trading notes with one, or he could make Big Money on a tenth of a cent gain.
Please tell me you are just kidding!
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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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| 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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