Yah, from what I understand, they had close to an 8-10% dividend, which got cut for several reasons.
1. They have a lot of debt to pay down, which they are doing.
2. They wanted to build infrastructure for their broadband and expand service and marketing for that. Because of that building, their expenses went up and div was cut, and profits went down.
3. Complete removal of divident, high debt, and lower profitability made the stock look pretty bad. Earnings wise, they were still good, but as the stock crashed and people sold out, it was a cascade effect. I bought in around 2.17, which was the all time low after I looked at their numbers and what they were working on. I guess it was too early because it went down a lot more. I'm still in, just waiting. I think they are doing good things now. I consider it a buy, but I'm curious what beefstu57 thinks about it currently.
It crashed because of the "countdown to bankruptcy" that I placed on the stock. I called the decent back when the stock traded between $10 and $11 per share. If you doubt this go back and check the message board for yourself...it was an unbelievable prediction that indeed came to fruition.
My "countdown" has been imitated several times over the last four years.
All the other answers given here are unfounded, mine is the ONLY one of substance.