RE: PR Nightmare I can understand the frustrations expressed by the people here over YLO mishandling the PR.A retraction notices. This could have been avoided if they had made a simple announcement on or before December 1: PR.A could give the retraction notice effective December 1, YLO did not know how to accept the notice yet, but YLO would collect such notices at such and such email address in the meantime.
An announcement like that would have saved people a lot of time on (1) trying to figure out what the effective date is; (2) confirming with YLO about their retraction right; (3) going to the wrong people (brokers and CDS) for help as YLO suggested; and (4) obtaining the confirmation email from YLO for the brokers. This would have ended up exactly where we are now (i.e. by giving email notice), except for the time wasted and the anger.
lama1234 - I have to conclude that the way that Yellow Media is behaving with respect to the redemption of the Preferred A shares is a lot more than just simple bumbling as some folks seem to think. I'd speculate that the information being provided by IR has been carefully thought out and it may offer them some sort of excuse that implies that they acted in good faith if cross examined while they move behind the scenes to advance another (secret?) agenda.
The fact that folks are left wondering what to do to give notice of redemption is, IMHO, no accident. I think it is by design because Yellow Media has to know that IR is being slammed over this and I'm pretty sure that many of the brokerage houses have also been asking where is the documentation they need to start the redemption process with their clients. In fact, it seems to have paralyzed these folks as they just seem to keep stalling on getting the notices completed.
What I don't understand is exactly what Yellow's plan is. Is it possible the Safeguard Order has been expanded? Are they going to come out later and just dismiss all the activity surrounding the redemption notices with some magic wand? I really don't know.
Clearly this is has become a make work process for everyone (Yellow, Brokers, Shareholders & I hope Regulators) and it has definitely got a lot of attention on this board.
The only thing I do feel reasonably sure about is that Yellow Media knows exactly what they are up to with respect to the redemption process but they are certainly not talking about it and I bet there is a good reason, at least from their perspective. Speculating on exactly what they are up to may be worthy of some discussion here if anyone has any ideas.
As far as the way in which they are treating their shareholders, I think that pattern was established quite some time ago - BADLY.