Bad news!Surprised? I bought 800 @ 9.75 on May 6, 1999 for my RSP. I was sooo sure of this thing, after all it was in the TSE35 and the S&P 500, and it paid a good dividend. Then the bad news started rolling in...
July 7/99 - poor quarter/AMR restructuring charges
Sept 13/99 - AMR/SK divesture announced - this was taken positively until folks realized there were no buyers.
Oct 14/99 - more special charges
Dec 20/99 - CEO replaced. I wonder how many millions he got paid to go?
Jan 10/00 - another bad qtr 8 cents short of expectations. Bye Bye S&P 500
March 6/00 - allegations of cooked books at SK
April 8/00 - +suspension+ of dividend
April 27/00 - mega writedown of SK and AMR
May 16/00 - interest payments suspended and debt rated +D+ for default
June 9/00 - SK in chapter 11
June 12/00 - NYSE moves to delist SK
I am truly an idiot on this one :-(
Just when I thought things couldn't get worse, they do.
The market says that the common shares of LDM are worthless. The only reason the shares trade above zero is because of idiots (like myself) who willingly buy into this flamer.
Buyer beware.