A couple of things happened:
1. Company ran up debt and then bad economy and hedge funds started aggressively shorting stocks. When banks were placed off limits for shorting, they just went after companies like SPectrum that had low number of shares and not much buying attention.
2. Then price goes down too low and they get delisted from NYSE. And oh guess what? Since many funds and institutions carried SPC in their portfolio as a NYSE stock, many had to sell when the delisting notice came. So price goes down more and shorters push it lower.
Now we end up with a slow push down to probably cover one last time and then buy long. The MMs and shorting groups get away with it because they push it down steadily and MOST IMPORTANTLY because the &^$R(#(!!! CEO HUSSEY sits on his arse watching it happen.
They did get a bid for the pet division a few months ago for several hundred million and some debt buydown. It would have sent the stock skyrocketing but the "lenders" nixed it. I suspect the lenders are the LBOs (leverage buyout) that convinced Hussey's predicessor to buy new companies at premium prices. Hussey has to remember he works for the shareholders not a bunch of loansharks and do what is best for the value of our shares!!!
Lets see if he's been up to anything besides shooting off his mouth in the Atlanta Journal about his car racing hobby!!!
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