RE: 2012 Q1 will surprise The common dividend has been basically cancelled last quarter and "should have" added to the earnings this quarter... But guess what, we hardly seen a difference and what was the real difference? it was the closing of lespac. basically in 6 monhts, yellow went down more than the value of cancellation of the dividends.. that is how fast the revenues are declining and expenses are increasing. Really, If things were the same 6-8 months ago, for revenues and expenses and the only thing was cancellation of dividens, you would have 1, intererest savings on 700 million, dividend savings of about .16 cents per share per quarter x500 million, the cancellation of preffered shares (savings of dividends) DO THE MATH and compare that to what is going on in the past quarter. Why do you think on the conference call tellier did not mention that the share price did not reflect the business? Why do you think they "had to hire restructuring board members" which the timing was funny, announce it the day of the earnings.. They are not positive anymore. They know things are not working as they said and now the market is saying... told you so. LOOK AT THE SHARE PRICE. The only hope they have is If they can restructure without going to protection by cutting a deal to extend to a long term debt spread out, and maybe pay back more in the long run for incentive purposes. Convert pref shares , and maybe extend the pref shares immediately (advance the date to reset, pay outstanding div) --if they can. Show the lenders that print directories are slowing the erosion and maybe slowing down, while online is slightly increasing.. then maybe they can. Or, broker a deal to lend ylo 400 mil aover long term debt behind closed doors, buy all mtns at major discounts, pay back most debt at major discounts and have essentially 3/4 or more of their debt wiped out in exchange for the new 400 mil deal. give an incentive of a higher interest rate of 8% or so.. etc.. If they could get rid of most of their debt with only about 500 mil left, that would free up alot of interest savings.. but they HAVE TO NO MATTER WHAT GET CONTROL OF THE EXPENSES. Like I said before, if they could do a deal like this, and cut down on expenses even 100 mil a year, they will be in a perfect position and if they could do all of this with tellier at the helm, he would somewhat regain some of my respect.