If you look at the major shareholders, nearly all are public mutual funds or private investment funds. Their first interst is avoiding bankruptcy, as shareholders generally take a big hit. Refinancing is most attractive, and that is what the Field want, too.
Why doesn't Audacy just flat out refuse to pay the debt? They can say we can't and won't ever pay. Removing the stock value from the discussion isn't some magic wand that will make the company worth more. Field is stuck in quicksand with little hope of rescue...
But they are involved as executives. Refinancing decisions are made by operating executives, not by a shareholder vote.
The debt is not even due yet.
You seem to be talking about the worthless stock being the thorn in the Audacy's side. Going private doesn't fix their problems. "The Art Of The Deal" indeed...
Deck chairs on the Titanic, then? Or how about "yes, there's a lot of ice in the North Sea right now, but this ship is unsinkable!"
Refer to my explanation to BigA a couple days ago of how involuntary bankruptcy works. Post #82 in this thread.
Correct. Mr. Field knows better than anyone that attempting to go private would be a funeral pyre for his own cash.
www.marketbeat.com
Oh, I've played poker. And going "all in" with absolute garbage is rarely a winning strategy.
If you look at most publicly traded companies, not just Audacy, cuts are typically made in Q4. The reason is to:
Many station groups have a typical staffing model. That includes centralizing or regional departments that cover multiple stations, not per-station. Buying stations that have redundant departments/staff, are usually the first to get realigned.
Ultimately the success or failure has little to do with what format is on what station, or what songs/artists are played at which times. What makes a difference are; industry market conditions, U.S. economic environment, debt to equity ratio, and opportunity for growth.
No. You're missing the distinction between money that was already put into the company, years ago, from putting in new money.
No. According to SEC filings, David Field hasn't bought or sold any stock on the open market since August 2020, and Joseph Field has not since November 2021. Both were granted stock as part of their compensation package more recently than that.
Not quite. That can happen eventually, and does in many cases, but a bankruptcy trustee and bankruptcy judge will have something to say about it. It's not automatic, and there are times when debts actually are repaid. And there are times when equity is not wiped out. The PG&E bankruptcy is a good example of the latter.
I understand how people who are still in the business after dedicating their life to it may have difficulty being honest with themselves about the state of/future of the industry. That's normal human behavior. People have difficulty coming to grips with the fact that their marriage is falling apart, or that their loved one is not long for this world, or that the kingdom they've built and handed off to their heir might not exist forever.
