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Posted: 7/29/2002 1:16:58 PM EDT
[Last Edit: 7/29/2002 1:17:24 PM EDT by Aviator]
OK, so whats this mean to those of us who still have this stock? Nasdaq to Delist WorldCom, Inc. PR Newswire - July 29, 2002 17:00 NEW YORK, July 29 /PRNewswire/ -- The Nasdaq Stock Market, Inc. (Nasdaq(R)) today announced that it will delist the securities of WorldCom, Inc. (Nasdaq: WCOEQ, MCWEQ, MCPEQ). The decision was based upon the company's failure to comply with the Nasdaq listing requirement that the company remain current in its periodic filings with the SEC, and based upon concerns related to the Company's ongoing bankruptcy proceeding. The delisting will be effective upon the open of business on Tuesday, July 30, 2002. Aviator [img]www.milpubs.com/aviator.gif[/img]
Link Posted: 7/29/2002 1:19:45 PM EDT
it means, sell it now or take a loss....
Link Posted: 7/29/2002 1:20:25 PM EDT
It means what it says. Shares will no longer be on the Nasdaq. Meaning they will migrate to the "pink sheets", or illiquid markets, where they prices are only rarely updated to non-dealers and where the bid-ask spread will be huge. If you still have the shares, they are worth even less now.
Link Posted: 7/29/2002 1:25:51 PM EDT
Tough break guys...[:(!]
Link Posted: 7/29/2002 1:53:39 PM EDT
I was hoping they wouldn't delist yet. It means Worldcom will be traded under the OTC, or penny stock area. If you want to sell, make sure your account trades under OTC (some may not!!!). Because the company is highly known and has billions in assets, I hope it's still a heavy trader. OTC is a good place to re-org, and then get re-listed under NASDAQ.
Link Posted: 7/29/2002 2:00:46 PM EDT
You guys deserve what you got. Buying shares of a bankrupt company, under investigation for fraud, with sharea at $.10 a piece. And now you're surprised it gets de-listed? I could never understand you guys' interest in this dog.
Link Posted: 7/29/2002 2:05:17 PM EDT
Originally Posted By raven: You guys deserve what you got. Buying shares of a bankrupt company, under investigation for fraud, with sharea at $.10 a piece. And now you're surprised it gets de-listed? I could never understand you guys' interest in this dog.
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The hope is that the company will come out of bankruptcy. Being delisted doesn't mean they won't. Remember the Alamo, and God Bless Texas...
Link Posted: 7/29/2002 2:08:45 PM EDT
It down almost 40%, to 15 cents, in the after hours market. Sell it tomorrow. Those who purchased it at 17-18 cents, take the loss and learn your lesson.
Link Posted: 7/29/2002 2:13:03 PM EDT
doesn't mean you lose anything yet - just that the security won't be traded on an organized exchange. It will probably still be traded on the pink sheets - a dealer network. Same place Enron's now traded. [url]http://www.pinksheets.com[/url]
Link Posted: 7/29/2002 2:14:48 PM EDT
Originally Posted By raven: You guys deserve what you got. Buying shares of a bankrupt company, under investigation for fraud, with sharea at $.10 a piece. And now you're surprised it gets de-listed? I could never understand you guys' interest in this dog.
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Man a little harsh aren't you? I didn't do this because I seen something like this happen to some people here at work. They bought stock of a company that went bankrupt thinking that it would shoot back up and it did for a bit until it did a negitave split. You have half the shares at twice the cost then it really went down in price. Not too many people where happy. I was hopeing something like this wouldn't happen to you guys though. I was hopping for the best. Who knows maybe it will go back up... if you are in for the long run you might as well sit back and not even look at it. That is my thoughs anyway. [whacko]
Link Posted: 7/29/2002 2:19:02 PM EDT
Face it man,YOUR'RE FUCKED ON THIS ONE!
Link Posted: 7/29/2002 3:06:00 PM EDT
Related Quotes Sym. Price Chg. WCOEQ Trade News 0.245 0.055 WorldCom shares battered upon Nasdaq`s delisting July 29, 2002 17:47:00 (ET) CLINTON, Miss. (CBS.MW) - Shares of WorldCom fell nearly 40 percent in Monday's extended session after the Nasdaq hammered yet another nail in the coffin of the bankrupt telecom firm. After the close, the Nasdaq announced that it would delist WorldCom upon Tuesday's market open. The Nasdaq said its decision was based upon WorldCom's failure to comply with the listing requirement that the company keep up-to-date in its filings with the Securities and Exchange Commission. The Nasdaq also cited concerns regarding WorldCom's ongoing bankruptcy proceeding. WorldCom said that it expects its securities will be traded on the Pink Sheets under the following symbols: WCOEQ, MCWEQ, and MCPEQ. WorldCom shares (WCOEQ, Trade) closed up 5 cents, or 29 percent, at 25 cents before losing 10 cents in the after-hours session. For late-breaking market news you can't afford to miss, go to http://CBS.MarketWatch.com
Link Posted: 7/29/2002 3:15:04 PM EDT
I posted in the other 2 current WC threads. Don't listen to naysayers at the moment. Remember, there's a huge motivation to create panic for a freefall selloff. There are a lot of guys out there with a lot of stock at a higher strike price. They would be happy to dollar cost average some more in the ensuing freefall tomorrow. It will definately fall. Don't panic. Hang on to your position though because it will surely bounce back at least one more time on more restructuring announcements. In fact, play the game and buy some more if it drops below $.10 again. Dollar cost average your initial buys that were probably all in the teens. You will have at least one more opportunity to make some coin on this before it is declared a true dog. I've made money 3 separate times on WCOM/WCOEQ SINCE THE BANKRUPTCY ANNOUNCEMENT. No, it's not a stock you are going to pass the certificates on to your kids like a GE or PG. BUT... there's still some money in it if you are already in. If you got balls, there might be money in it if you haven't got in. But you really have to be quick now. You almost definately need a Level 2 screen to watch the interday trading at this point. Buck the system. Think contrarian. Buffet does.
Link Posted: 7/29/2002 3:29:26 PM EDT
Originally Posted By araddict: Face it man,YOUR'RE FUCKED ON THIS ONE!
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Yeah, and it felt good too, I bought at .17, sold at .24. Did ok. When it drops again, I was planning on getting aboard for another run. I agree with BenDover......
Link Posted: 7/29/2002 3:34:18 PM EDT
Originally Posted By raven: You guys deserve what you got. Buying shares of a bankrupt company, under investigation for fraud, with sharea at $.10 a piece. And now you're surprised it gets de-listed? I could never understand you guys' interest in this dog.
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Yer right, I deserve what I got. That doggie wagged his tail for me today!!!![:D]
Link Posted: 7/29/2002 3:43:07 PM EDT
Personally, I have much more fun investing "crazy money" in ventures like WorldCom than going to Reno. I like gambling, but I hate casinos. But I do like the stock market. IMO, when you're dealing with stocks like WCOEQ, you shouldn't invest money that you can't afford to lose. (Same as going to casinos in that regard.) In any case, diversify! Even if WCOEQ is worth zilch in a couple of months, you can use the cap. loss against your cap gains for the year. (Admittedly, my cap gains are thin this year. [BD] ) Enjoy the ride. Kevin
Link Posted: 7/29/2002 3:43:39 PM EDT
Link Posted: 7/29/2002 3:54:46 PM EDT
Now, if you want to make REAL money... try to get in on the forthcoming cumulative convertible preferred basis refinance for WorldCom or any of its subsidiaries. Better yet, do it with other people's money. Better yet, get $10 to $12 million together with some friends in an LLC and become declared an SBIC (Small Business Investment Corp) by the govt. Then your investment basis is seventy cents on the dollar with beneift. You instantly make 30% (well... minus some for management). With interest at 8%, you could borrow the money and still clear a profit. Then you leverage all the cash 3:1 and go on a major balls acquisition shopping spree.
Link Posted: 7/29/2002 4:08:17 PM EDT
Originally Posted By BenDover: Buck the system. Think contrarian. Buffet does.
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Contrarian, sure - but he doesn't buy equity when the bondholders hold all the cards. Look at how he structured his $100 million investment in LVLT 2 weeks ago - it's reportedly being used to make plays for some assets of Global Crossing and Williams Communications (in whose proposed reorg the existing shareholders BTW will get NOTHING).
Link Posted: 7/29/2002 4:23:51 PM EDT
Originally Posted By larry_b:
Originally Posted By BenDover: Buck the system. Think contrarian. Buffet does.
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Contrarian, sure - but he doesn't buy equity when the bondholders hold all the cards. Look at how he structured his $100 million investment in LVLT 2 weeks ago - it's reportedly being used to make plays for some assets of Global Crossing and Williams Communications (in whose proposed reorg the existing shareholders BTW will get NOTHING).
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[url]http://finance.yahoo.com/q?s=WCGRQ.OB&d=t[/url] They were able to escape from the parent.
Link Posted: 7/29/2002 4:33:06 PM EDT
You now have a penny stock. Get your stock certificates and put them on EBay for $1.00 apiece.
Link Posted: 7/29/2002 4:39:27 PM EDT
Oh by the way I got Whacked from Williams Communications. I had lots o options (not worth dic# now. Plus with the money I put on this dog and lost I could have armed a third world country with AR-15.com LEGP rifles. I will now have to work till I'm 80 to retire. Or if this Illinois lotto ticket pans out maybe in a year.
Link Posted: 7/29/2002 4:42:44 PM EDT
Pink sheets it is. Ride 'em cowboys. Panic selling to come.[B)] Then it's time for the daytraders.[}:)] Those OTC bb Market Makers are lawless[X]. Expect a lot of dips and spikes. If you're long then turn off the computer and check it in 6 months to a year to see if you have any money left. Otherwise you're going to have a coronary. If you like the roller coaster rides then here it comes. [;)] Never speculate on a high risk company with more than you can afford to lose. Oh where, oh where are those 2001 financials, oh where, oh where can they be.[:|] Good luck folks.
Link Posted: 7/29/2002 4:57:36 PM EDT
Link Posted: 7/29/2002 5:15:29 PM EDT
if youre going to play with dying stocks you gotta watch it ALL DAY, i bought it at .06c and sold 2 days later at .29c nice profit on my $200 one more day and i would have gotten hosed
Link Posted: 7/29/2002 5:21:51 PM EDT
I don't give a [b]shit[/b] about any of this - I just hope my paycheck clears on Friday...I have little mouths to feed and a mortgage to meet...[rolleyes]
Link Posted: 7/29/2002 5:41:23 PM EDT
Link Posted: 7/29/2002 5:41:33 PM EDT
Originally Posted By BenDover: Buck the system. Think contrarian. Buffet does.
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Buffet would probably laugh in your face if he heard you claim that his strategies would recommend a Worldcom purchase. Think I'm wrong? Let me know when Berkshire Hathaway picks up a stake in World Com.
Link Posted: 7/29/2002 5:57:22 PM EDT
Originally Posted By N_Viejo:
Originally Posted By BenDover: Buck the system. Think contrarian. Buffet does.
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Buffet would probably laugh in your face if he heard you claim that his strategies would recommend a Worldcom purchase. Think I'm wrong? Let me know when Berkshire Hathaway picks up a stake in World Com.
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Buffet buys infrastructure. Buffet finances infrastructure. When did I ever say buy WorldCom for someone who doesn't already have a position. I only said dollar cost average. I haven't stayed in WorldCom overnight since the beginning. The longest I was in WorldCom was for 5 hours.
Link Posted: 7/29/2002 6:16:53 PM EDT
[Last Edit: 7/29/2002 6:19:27 PM EDT by cgwahl]
Well, if/when it comes back and its below 10 cents I wouldn't mind getting about 5k shares. And just hold on to it...I don't know, odds are I'll just put the money into a CD, probably do better interest wise... Ben...how or where did you acquire your stock knowledge? I know you're not an expert (or at least I think you said you weren't in a post somewhere) but you appear to have a good understanding of the stock market. Trying to learn for at the very least to get a basic understanding, but not sure where to start.
Link Posted: 7/29/2002 6:24:20 PM EDT
Originally Posted By BenDover: Buck the system. Think contrarian. Buffet does.
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Buffet isn't buying anyWCOM. He was on the StockBabe, Maria Bartiromo's show Friday. He was not a fan of the former managers and thinks it will be "a while" before WCOM makes any sort of turnaround.
Link Posted: 7/29/2002 8:09:03 PM EDT
Originally Posted By Grock: I don't give a [b]shit[/b] about any of this - I just hope my paycheck clears on Friday...I have little mouths to feed and a mortgage to meet...[rolleyes]
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Why even read the message? THEN post a response?
Link Posted: 7/30/2002 12:35:28 AM EDT
Originally Posted By 5isalive:
Originally Posted By raven: You guys deserve what you got. Buying shares of a bankrupt company, under investigation for fraud, with sharea at $.10 a piece. And now you're surprised it gets de-listed? I could never understand you guys' interest in this dog.
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Man a little harsh aren't you?
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Maybe. But when talk of trading WCOM when it ws at $.80 arose a month ago I was there saying it was a bad idea. It makes no sense buying this company when it has lost more than 99% of its higest valuation. There's no comapny on the market I would be buying for long term, but telecoms like WCOM are my 2nd to last choice, after internet websites and dotcoms.
Link Posted: 7/30/2002 1:42:52 AM EDT
[Last Edit: 7/30/2002 1:46:02 AM EDT by urodoji]
Originally Posted By thedave1164: Grock, I am sorry, sometimes we forget that there are those whose livelyhoods depend on these companies. If I can be of any help, please let me know. I don't know what I could do, you are deeper in the business than I but I do have a couple contacts in New England. dave
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He ain't the only one. I've been without a job for a month now... Edited to point out that while Wcom is a multi billion dollar company, all expenses are charged to AMEX cards in the employees name, on the employees credit. My friends that are still working there have 3 weeks or so of unpaid expenses, and AMEX wants their money. Bad enough the company has ruined its credit, but it is screwing up the credit of its employees as well.
Link Posted: 7/30/2002 6:52:43 AM EDT
Why does it say that it's still trading on NSDQ?
Link Posted: 7/30/2002 6:59:37 AM EDT
I got zero activity. The ticker will change again probably to WCOEQ.OB
Link Posted: 7/30/2002 7:12:08 AM EDT
Once its off the NASDAQ, how do you track the stock?
Link Posted: 7/30/2002 7:20:45 AM EDT
Originally Posted By MGNiko: Once its off the NASDAQ, how do you track the stock?
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[url=http://investor.stockpoint.com/quote.asp]http://investor.stockpoint.com/quote.asp[/url] the_reject
Link Posted: 7/30/2002 7:32:41 AM EDT
Can't find the stock listed anywhere, must take a day to relist under OTC.
Link Posted: 7/30/2002 7:34:57 AM EDT
No, its there. Still under WCOEQ
Link Posted: 7/30/2002 7:39:18 AM EDT
Link Posted: 7/30/2002 8:00:15 AM EDT
Link Posted: 7/30/2002 8:30:13 AM EDT
Originally Posted By urodoji: He ain't the only one. I've been without a job for a month now... Edited to point out that while Wcom is a multi billion dollar company, all expenses are charged to AMEX cards in the employees name, on the employees credit. My friends that are still working there have 3 weeks or so of unpaid expenses, and AMEX wants their money. Bad enough the company has ruined its credit, but it is screwing up the credit of its employees as well.
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The list of those types of treatments is quite large. Anyone that signed for stock options last year waived their right to sue the company. Guess how much the options are worth now. I didn't sign it. While everyone was busy dumping 30-100% of their 401k money into stock when it fell to $15, I was recommending short selling it. If I had the money at that time, I'd be a happy man now. Very sorry to hear about you guys being out. Our group is teetering at the moment. The whole situation has given me a new respect for the way businesses treat their employees.
Link Posted: 7/30/2002 8:35:05 AM EDT
Sell what you bought now... Then rebuy it when it goes a lot lower, so you get more shares!! Ever thought of doing that??
Link Posted: 7/30/2002 8:46:49 AM EDT
Hell, I only bought 1000 shares. If it all a loss, I am only out $170 or so. Worth it to me to get me off my ass and buying stock like I have been talking about doing for years. I'll hand on to it and see what comes of it. Aviator [img]www.milpubs.com/aviator.gif[/img]
Link Posted: 7/30/2002 9:44:42 AM EDT
Originally Posted By MGNiko: No, its there. Still under WCOEQ
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I see it too. I'm not going to buy yet though. I'm thinking of buying some ABP.
Link Posted: 7/30/2002 10:39:14 AM EDT
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