FairPoint stock price falls after delisting [Telecom]
Joseph Singer
fallen to just over a dime a share after the company was delisted from
the New York Stock Exchange.
The ticker symbol of the North Carolina-based company was changed from
FRP to its new over-the-counter listing of FRCMQ after it filed for
Chapter 11 bankruptcy on Monday. As of Thursday morning, it was
trading for as little as 12 cents a share, down from 37 cents a share
at the end of the trading day on Friday.
FairPoint's stock was trading at more than $10 a share in the week
before the company acquired Verizon Communications' land line and
Internet properties in northern New England on April 1, 2008.
shortened URL: http://bit.ly/2ePnlK
John Levine
>PORTLAND, Maine - The stock price of FairPoint Communications Inc. has
>fallen to just over a dime a share after the company was delisted from
>the New York Stock Exchange.
Considering that they are bankrupt, which means their debts exceed
their assets, it's hard to imagine why anyone would value their stock
at more than $0.00. In situations like this, the old stock is usually
cancelled, and they issue new stock to the creditors as the company
comes out of bankruptcy.
R's,
John
PS: Too bad you can't short a penny stock.