Airdale,
Here's some grist for your discussion - a stock that voluntarily left Amex for the new pink sheets listing - I mentioned this in an earlier post:
Meritage MHGU.PK
From a PR in February
Meritage Hospitality Group Inc. (Other OTC:MHGU.PK - News), one of the nation's premier hospitality companies and only publicly traded Wendy's and O'Charley's restaurant franchisee, has been assigned a new trading symbol, MHGU, effective February 14, 2007. Meritage, which has quoted on the Pink Sheets after voluntarily delisting from the American Stock Exchange effective January 23, 2007, was previously quoted under the symbol MHGP. The Company has approximately 5,400,000 common shares issued and outstanding with an estimated public float of 3,000,000 common shares (i.e. shares held by those other than officers, directors or 10% shareholders). In addition, the Company had made application to the OTCQX -- a new premium listing service offered by Pink Sheets that is intended to provide a premier trading, quotation and disclosure market for Meritage's securities. This new premium tier listing will commence trading on March 5, 2007.
Meritage is one of the nation's premier franchise operators, currently operating 53 restaurants in two brands; Wendy's in the QSR Segment and O'Charley's in the Casual Dining Segment. Headquartered in Grand Rapids, Michigan, Meritage has approximately 2,000 employees. In addition, the Company has announced plans to engage in the development of waterfront hospitality development opportunities on the island of Eleuthera, Bahamas. The development is subject to permits, the economic feasibility of the project and various conditions.
Stock fell from 5.00 to 2.50 after the voluntary de-listing news above posted, and then climbed back to 5.00 by end of February, since it has stepped down to 3.50.
They also reduced the number of shareholders below 300 (through a reverse split followed by a forward split and cashing out those share holders holding less than 300 shares) allowing them to terminate registration of common shares with the SEC.
I happen to a fan of sarb-ox in general (intent, CEO accountability - more CEO accountability is always a good thing). However, like all govt regs, they are difficult to comply with, costly, and companies tend to manage such regulatory items poorly, further exacerbating the cost. Companies can comply with sarb ox with less cost through better management of their operational business model. But in corporate america, I'm seeing less effective management rather than more expert management in general. C'est la vie.