ONE RED CENT ABC Radio Owner Finishes Trading At One Penny

radioequalizer.blogspot.com ^ | 3-5-09 | Radio Equalizer

[dynachrome]

Even for the most jaded industry professionals, it's stunning to believe shares of one of the nation's largest radio station owners might trade for a single penny.

And yet that's exactly what has happened to ABC Radio owner Citadel Communications, a once-proud group operator destroyed by massive debt, epic mismanagement and a liberal political ideology often at odds with the company's still-successful and profitable conservative talk radio programming.

Booted off of the New York Stock Exchange after it failed to make a convincing case for its future viability, Citadel will cease trading there tomorrow, moving to the illiquid and sometimes shady world of the "pink sheets". That's despite a recent move by the NYSE to relax listing requirements.

[dynachrome]

I am saddened.

:)

[ConservativeMind]

Why don’t they do a Chapter 11?

I listen to Rush off of one of their stations. This is just sad.

[Tarpon]

Just because you are de-listed does not mean that you are bankrupt. You can still be a going concern as a private company.

I think with what is happening with Obama, investors see that talk radio is going to cease.

[muawiyah]

Think of it this way, here's an opportunity for FR to reach out and take over a radio network.

I don't know about the "debt part" ~ maybe we need to just BUY the network equipment and studios, without the debt, and that might be a few dollars more.

[skeeter]

...liberal political ideology often at odds with the company's still-successful and profitable conservative talk radio programming.

Yeah, baby.

[paulycy]

maybe we need to just BUY the network equipment and studios, without the debt, and that might be a few dollars more.

That will be one heck of a FReepathon!

[ETL]

SPECIAL REQUEST: PLEASE CALL ABC TALK RADIO’S NEW PROGRAM DIRECTOR AT (212) 613-3804 AND ASK THAT BOB GRANT BE PUT BACK ON THE AIR. (her name is Lauri Cantillo)

Grant has been around for a long time and knows a great deal more about what’s going on today than people like Curtis Sliwa. Plus he has some fantastic callers like “Jimmy From Brooklyn”. :)

AND/OR E-MAIL: abcradio@abc.com (Lauri Cantillo)

http://wabcradio.com/showdj.asp?DJID=48809

THANKS!

[abigailsmybaby]