This week pastThanks for the informative posts, Darbygirl. An informative interlude while we are all waiting.
I've been mulling over the events of the past week. First, a little shock at the March 9 release about suspended trading....until I realized that it was a computer generated announcement...a little glitch in the system.
Then I read on March 11 about Wallace's resignation from the board. I called IR to ask the reason. I understand that he's in the boat that many directors are in...dealing with overall market conditions that are causing them to pull back and focus on their own businesses. Checking out the Second City website, the business says that it is "a $100 Million private equity fund" and "one of NorthAmerica's leading providers of mezzanine debt and equityfinance to mid-market companies". Given that they are involved in restructuring and recapitalizations, I can see why he might have to focus his energies elsewhere. Pick the industry you would LEAST like to work in right now: 1) merchant/investment banking 2) real estate or 3) auto manufacturing.
I see that trading was not resumed on Friday so there will likely be another release soon. I expect there will be a fair amount of news following the re-open of trading. The stock may not be moving, but the market is. At least this past week, it's been heading in a more positive direction.
G7