Who did Elliot actually help ? Thousands of employees laidoff, fiber assets sold for pennies on dollar, and tower company left with negative equity and no future growth. Sure wasnt Crown shareholders or employees
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Once the sale is done and they off load the exorbitant manager and and director salaries and bloated head count in sales, property, real estate, land under, accounting, finance etc, well be fine and maybe even bought. Its a simple rental company. It really shouldn't be that difficult to bill, collect and pay. It never was. It was made to sound so by self important people trying to justify their pay.
JB laughed about debt. Said it increased our enterprise value. Why pay it back. What a joke. It caught up. Elliot pointed out it would eventually. He shoulda been listening but his hubris, and Dan's, let six years slip by. There's a lot of things that tanked crown but Elliot wasn't one of them.
Thats just it Elliot didn't improve shareholder value or improve operations. They stripped what ever value Crown had and put it in the hands of private equity. Crown is left with declining bussiness and a mountain of debt
Gd I can't wait until all the d-mbss managers and directors trying to relive their glory days of tower only are gone so we can actually grow and thrive. Being acquired may be the best thing. Crown is a casestudy in how NOT to manage a workforce.
Elliot, as an investor, has every right to improve operations and create/improve shareholder value. They saw where crown was headed 6/7 years ago and rang the bell. Crown was caught with unmanageable debt and poorly run operations. That would've happened w or w/o Elliot. Stop living in 2012. You're part of the problem.
What was elliotts job ? Laying off thousands of people and stripping assets away ? Yes JB &DS strategy was flawed going all in on fiber specifically small cells was a mistake. However Crown as a pure play tower company is in a worse position now than before the fiber sale. The financials don't lie. Negative equity, Negative earnings per share, 32B in liabilities. and a declining dividend. Fix income assets pay a similar dividend rate without the risk. So keep crying about nepo mangers and praising Elliot because you think they saved your job in Cannonsburg. Crown will either go bankrupt or be acquired
Blame Elliot all you want they did their job. If they were wrong we wouldn't be in the condition we're in. Blaming them just shows everyone you shouldn't be in the position you are in - most likely one of the nepo managers with zero business acumen.
@ax+1jvw6mr2z such BS
@OP
It has been known since the fiber review that this dividend cut was coming. So nothing new today when it was formalized.
In the short term Elliott didn't help anyone but Elliott. In the long term they were the ones who finally revealed the emperor has no clothes, that CCI overpaid for its fiber assets, and the moonshot of 50k small cells deployed per year was just purple kool-aid. So be grateful if you still have a job that now you work for a company that is paying a sustainable dividend.