Citadel hangs onto ‘bottom rung’
Don @ IdahoRadioNews | March 11, 2009Citadel Communications joins some big national brands like Arby’s and Krispy Kreme on a new list provided by credit rating agency Moody’s.
Unfortunately, it’s a list no one wants to be on. Moddy’s says Citadel is on the “bottom rung” — a list of about 280 companies most likely to default on their debt in the coming year.
Moody’s thinks about 45% of the companies on the list could default within a year.
On the stock watch – Citadel (CTDB.PK) is hanging at four cents.
This is not news and is not worthy of a thread here on IRN. There can be nothing said positive about such a posting so why post it. Let’s all TRY to see the glass as half full!
Only my opinion, your milage may vary!
Well – I don’t really see your logic Elliot. Quite a few people who read this site have 401k investment in Citadel — and if the company defaults on debt, those investments are probably worthless.
The world isn’t all sunshine and roses — especially right now — so not everything is going to be “positive” unfortunately. But closing our eyes and pretending its not happening and just seeing the glass half full is doing no one any favors… we need to see the glass FOR WHAT IT IS — full, empty or in between.
This is another story, in the on-going “saga” of radio and…, businesses/companies far and wide recently. But hey! If the government continues to just throw money at the problem, everything will be just fine….right!?
The world of media is changing fast. The Seattle PI and the San Francisco Chronicle may soon be online only entities. Citadel has been delisted, which means potential investors don’t believe in the value of the company and its ability to pay its debts, let alone provide an effective on air product that will build an audience. Seeing the world with a rosy glow doesn’t make any sense in this case. I great many people will be hurt if Citadel fails.
“This is not news and is not worthy of a thread here on IRN.”
I have to agree with Don on this one. I do NOT understand the “if we just ignore the bad news, it will go away” mentality.
You REALLY think it “isn’t news” worthy of coverage by a website devoted to the radio industry when a large station-owning corporation is expected to default on its debt?
Has it not occurred to you that this would likely have a negative effect on Citadel’s employees (as in “many of them are possibly going to be out of work soon”)?
I agree with Don. As a stock Citadel is spiraling with much momentum. Moody’s report, be it accurate or not is very logical. As a fan of radio I support it via stock. I have never worked inside the doors so I don’t have the insight most do. I fear for all the loss this media giant will have to endure. If it endures at all. I expect Peak and Journal are in the same boat.
Not sure what you are smokin…
Look…Citadel had the big push for managers/staff to buy stock at the IPO…19 bucks a share…LOTS of people bought…and then it started dropping like a rock. Then it falls to 1 cent…the trading was huge that day. Reason? Have to sell at a loss to claim the loss INSTEAD of letting company go bankrupt and then forget the write off.
Heck I remember when the stock fell to 8 a share when Larry had it…and we KNEW that a sale was int he works. Wat did Teddy buy us at? 26!!!!! 3x the money…too bad i had NO extra cash at the time…but some people made out like bandits.
These are the time and I appreciate Don reporting the news…good bad or ugly…my 401k match is in the toilet…
Thanks Don. This is VERY newsworthy. Not all of us have time to follow this kind of news -so putting it here where those of us who are interested can see it is a very valuable service.
Speaking of which, is there anyone out there in cyberland who has a webpage devoted to following only radio groups and their stock performance…That would surely be interesting as well!
I just can’t believe Krispy Kreme is on the list. I’ve single-handedly tried to keep them in business! Ok, that’s not true…I had a donut in both hands.
Dear Don,
I have several thousand shares of Citadel in a 401K plan. Oh excuse me….its now a 201K Plan. Don, I get the point but I think the more negative we get here the worse things seem, maybe worse than they really are and that’s why I thought it would be a positive step to focus on the positive things and not dwell on the negative. I’m sure everyone here that has Citadel stock is well aware of the delisting from the NYSE and the current price, $0.04/share. So why keep beating us up with it?
On a positive note, I think lately there have been a much larger number of constructive comments than in past months or years on IRN.
Wishing Everyone’s 401K a return to health!
Elliott Klein
Managing Partner,SrVP
Impact Radio Group
“Don, I get the point but I think the more negative we get here the worse things seem, maybe worse than they really are and that’s why I thought it would be a positive step to focus on the positive things and not dwell on the negative.”
OK, why don’t you lead the way? What do you see in the current economy that’s positive?