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.
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.
In article <579321.1066...@web52701.mail.re2.yahoo.com> you write:
>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.
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