[ex-VZ] FRP burning cash - may be required to delist from NYSE
FRP cut the dividend in a last ditch effort to save cash. If the stock continues to flounder around $1 or less it will be delisted from the New York Stock Exchange.
As customers you should know such delisting will almost certainly impact service levels since delisting entails lower corporate credit rating. As you may recall DPU officials were upset at the higher interest rate FRP had to pay before the bond issue was able to be issued.
Regulators had better open their eyes to FRP's viability as a going concern.
I would not want to imagine waking up to no dial tone or DSL one day soon.
Re: [ex-VZ] FRP burning cash - may be required to delist from NY
Is it true that FRP is running out of money, if so how can they plan to launch IPTV. Rumor that they gave IOU to VZ employees, true ?
|reply to lineman |
The NYSE has temporarily waived their rule about delisting common stock that trades for less than a buck. Also the Feb. bills were substantially delayed due to transition problems, so FairPoint said they faced a potential liquidity shortage. However it appears they are sending out bills now.
|reply to lineman |
Here's a very interesting story on Yahoo finance regarding the exodus of customers from FairPoint: »finance.yahoo.com/news/Fleeing-c···667.html
mouseferatuToo many cats, Too many micePremium,MVM
Im not sure
I found this statement particularly interesting and unrealistically optimistic:
" Johnson said he expects to win back some customers in the months ahead when the transition is complete."
That would be contrary to most business models. Generally, if you make the customer annoyed enough to jump ship, you have to present a really stellar product to get them back on board. I can't see that on the horizon as it stands.
The key word, I suppose, is "some", as that could be loosely interpreted to mean two or three, if one is cynical. My cable company may have their issues, but (at least anytime that I have called) excessive hold time has not been one of them, and they are generally able to answer routine questions with ease...
"Do not meddle in the affairs of dragons, for thou art crispy and good with catsup."
I would have to agree with that. Fairpoint is getting to the point of no return.