"The debtor has met the burden of confirmation." With those words, U.S. Bankruptcy Judge Burton Lifland made Citadel CEO Farid Suleman a happy man. Shareholders of the company didn't buy the judge's ruling, saying the company is worth more than executives and bankers say it is. The judge agreed with the bank and the executives, called Suleman "very credible in his testimony" - good night and good luck. Citadel is now out of bankruptcy and $762.5 million in bailout money richer. Holders of $2.14 billion of secured debt will gain 90% of the shares of the reorganized company, holders of unsecured claims will receive the remaining 10% of the stock and $36 million in cash. Equity holders will receive 0% or bupkus as they used to say in my old neighborhood...
This was a case where the judge sided with Suleman's people who argued that Citadel's worth was lower than the $2.6 billion shareholders testified to. "We're glad it's over and we can get on with running the company" - Farid Suleman. That company owns 224 radio stations in cities that include New York and Chicago and distributes programming to 4,000 stations. The largest radio station owner in the U.S. is Clear Channel Communications Inc. and the second-largest is CBS Corp's radio unit...
The other key to the judge's decision was not allowing opponents of the plan to have an expert witness testify on the Citadel valuation, agreeing with Citadel that the proposed witness wasn't an expert in broadcasting. When the shareholders tried to stall for time while they came up with new expert testimony, the judge had seen enough Perry Mason episodes to put an end to that. Case closed...
10 Timeline Memories:
1.1631] This I swear: John Winthrop takes the oath of office and becomes the first Governor of Massachusetts...
2.1897] The Count begins: A public reading of Bram Stoker's new novel "Dracula" or "The Un-dead" is staged in London...
3.1934] No kidding around: Congress approves the “Lindbergh Act” making kidnapping a capital offense…
4.1951] Move on: The United Nations moves out of its temporary headquarters in Lake Success (NY) for its permanent home in Manhattan. Those of us who live in Manhattan would like it to move back...
5.1980] Blowing its top: The Mount St. Helens volcano in Washington State explodes, leaving 57 dead or missing...
6.1995] ‘Happy Trails’: Elizabeth Montgomery, star of “Bewitched” passes away from colorectal cancer at 62…
7.1998] Guilty as charged: The federal government files a sweeping antitrust case against Microsoft Corporation...
8.1998] Curtains: "Murphy Brown" starring Candice Bergen ends its 10-year run...
9.2003] Miserable news: "Les Miserables", the third-longest running show in Broadway history, closes after more than 16 years and 6,680 performances. Susan Boyle revives it thanks to her hit...
10.2004] Perfecto: Arizona’s Randy Johnson becomes the oldest pitcher, at 40, to pitch a perfect game, against Atlanta…
Music Memories:
•1968] Released on this date: Formerly a #1 hit for the immortal Nick Lucas in 1929, "Tiptoe Through The Tulips" is released by Tiny Tim. It will reach the top 20...
•1959] #1 on this date: "Kansas City" - Wilbert Harrison...1960] "Cathy's Clown" - Everly Brothers... 1963] "If You Wanna Be Happy" - Jimmy Soul...1969] "Get Back" - The Beatles...
"Happy Birthday...happy birthday":
Tina Fey (40), George Strait (58), Rick Wakeman (61), Reggie Jackson (64), Albert Hammond (66), Dwayne ("Dobie Gillis") Hickman (76), Jack Whitaker (86) and Bill ("Maude") Macy (88)...
Timeline Countdown: 13 days until Memorial Day, 33 days until Father's Day & 34 days until Summer...
