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NYSE: Citadel A Penny Stock

N

naughtytalker

The Radio Equalizer reports:

Citadel stock falls to one cent per share, trading on NYSE is halted. Total corporate market capitalization down to $3 million dollars. Citadel owns and operates heritage stations WABC New York, KABC Los Angeles, KGO San Francisco, WMAL Washington D.C., WBAP Dallas, WJR Detroit and many others from Albuquerque to Providence. They also hold the licensing agreements to operate ABC radio news and networks.

My friend, the news is not good.
 
When Carl Icahn bought TWA years ago his premise was that the assets (planes, landing slots, gate leases, etc) where worth more individually than the total stock value of the company. So he sold them.

Granted that the current situation in the financial markets makes it near impossible to sell off big assets right now, but maybe the time has come to break this all the way down and sell the stations off one at a time instead of by market cluster.

This model is beyond broken, maybe it has to go all the way back to a 7-7-7 (AM-FM-TV) ownership limit... and not for one market, but total ownership limit. (Then you'll get holding companies that own 20 smaller companies,I know...).
 
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