I agree. The common is going to be worthless. The leverage is just downright OBSCENE. Poster child for the excesses of the previous credit boom. It's amazing this deal actually went through, in the end. It was so "late cycle."
They would have been bankrupt already if the common shares were widely held. However, Thomas Lee will resist filing for bankruptcy as long a possible since wiping out the common shareholders wipes them out also. see below.
"...Unfortunately for investors, many public companies’ management is not particularly averse to bankruptcy. Many managements, for example that of many airlines and steel companies, treat chapter 11 as a “spa” where they can rid themselves of pesky union contracts, common shareholders and leases while senior management basks in retention bonuses while plotting to maximize their take in new stock when the company emerges from chapter 11 or their personal rewards when the bankrupt company sells assets to vulture investors at unfair prices. (See Polaroid and Bethlehem Steel for egregious examples.)..." http://investorsresources.bravehost.com
I have been trying to get any information after the buyout; found the information when CCMO stated that they were donating radio stations to minorities! If they can donate radio stations and yet not pay full price for bonds and debt...something is not right!