Thanks for the link oldman. Given all of managements mistakes in not having adequate credit, cash contingency funds, and loose underwriting resulting in a lack of forsight for a rainy day,... he should find a new job. However, he also is a shrewd manager in a day to day crisis and has made a lot of good decisions post 2/07. Giving up the D2 has saved a lot of shareholder equity at the cost of $101M so it was a mixed bag but it's all he could do given accounting requirements. Hartman immediately cut 1000 jobs post cancelation and intend to survive on servicing the $15B in loans. A very plasuable scenario.
~ D2 rights offering idea ~ E preferred ~ MM/J deal ~ Reverse Split before funding obtained ~ No cash reserves on hand/warchest ~ No Divi cash/ liquidity ~ Getting punked by DB/MM/J ~ NFi not acquired by strong balance sheet co. . . . .
Interesting comments, but I don't see how punting a deal which ultimately reduces shareholder value by its very terms and conditions ranks on the "dumb-o-meter"...Old man however, ranks in the 100th percentile.