R.H. Donnelley Corp. (fka RHDCQ)

[FORDGT]

BAD JUDGE BAD JUDGE !!!!! COMPANY SCREWED SHAREHOLDERS BIG TIME AND NOW BUYING COMPANYS IN CASH... WHAT A SYSTEM.. This is not to say the Company did not have problems. R.H. Donnelley had a lot of debt because of a slew of acquisitions it made over the last decade. David Swanson orchestrated the acquisitions and the board of directors, Barry Williams, Edwina Woodbury, Thayer Bigelow, Robert Kamerschen, Alan Schultz, Michael Connors, Ronald Rittenmeyer, David Veit, Thomas Reddin and Nancy Cooper, approved of the Company's business strategy and acquisition binge. The problems that the Company had were the direct result of inept management. Management should be removed as a consequence of poor decision-making, not rewarded and supported by U.S. bankruptcy courts. The current corporate governance system rewards failure. R.H. Donnelley sold a billion dollars in bonds last year and made only one interest payment before voluntarily defaulting on its debt. One can only wonder what would happen if a homeowner walked away from their mortgage after one payment. Would the homeowner be rewarded in the same manner? The Company's actions not only negatively impacted the equity holders and bond holders, but also Company employees who put in years of sacrifice to make the Company a success and the retirees counting on a pension. Many stockholders were also the Company's employees and retirees. These people were doubly hurt by the bankruptcy. The CEO and board of directors must be removed upon the failure of a company rather than be rewarded with hundreds of millions of dollars. This is what happens when banking institutions are taken over by the FDIC, and it should be what happens when any public company fails. Management must be held accountable for its actions