My personal take on this is that it may be too late for that or any other ways to repair the damage.
My main concern is why did Huff resign right after the SEC investigation started. In the NR, it doesn't say WHY he resigned. Was it because he was told to by the SEC? Could it be that the company was told to perform these changes right away? When you see that type of resignation, normaly it comes with a "I have to spend time with the family" type of a buffer. This is not the case here.
If there was any positive news in the horizon, wouldn't the company at least mention it? GTE did not have any real good news in months.
The one question I have, if anyone can answer, is why has everyone been so quiet? If the reason for the SEC to investigate is specific to only a few minor issues, it would have been mentionned by now in my opinion.
Did the SEC tell GTE to keep their mouth shut until the investigation is over? If so, why?
I personally don't see a good buying opportunity until at least the 3rd quarter numbers are released. I think that we can assume that these numbers will be a lot closer to reality.
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