They refer to it in the press release, but they haven't filed it yet.
Remember: when they tried to go private, they were going to issue new paper, in exchange for the preferred, that had a face value of like $31 (I seem to recall). Now, they are buying in that preferred for HALF of the price they were going to refinance it at, a year or more ago. This only ADDS to the remaining value for the common shareholders. Even at 23.95% interest. That's one of the reasons I'm so bullish here. (I just hope they can buy in a bunch of the preferred.) It's also puzzling why the market price of the pfd. didn't go up yesterday.
This stock, common or pfd., seems to never do what I expect it to do in the market place. I don't think anyone with any deepseated financial knowledge (with deep enough pockets to set the stock at a more appropriate market price that reflect true fair value) is paying any attention.
I believe we should be back to $1.00-1.15 right now. But I guess, in the end, it would take something even more dramatic, like an early deal to close on a sale of the LA station, to get the Street to wake up. At that point, it would be IMPOSSIBLE for the Street to ignore the value that is here.
I just really don't get it, though. The CEO's willingness to pay $2.40 for the common, last year, is a defacto PROXY for the underlying value here. With that in mind, I'm leaving it on strong buy, until we at least trade up to the low $1's.
Think you are wrong when you say "I don't think anyone with any deepseated financial knowledge (with deep enough pockets to set the stock at a more appropriate market price that reflect true fair value) is paying any attention."