So what made the sale stall or the talks break down?
There hasn’t been a peep since the 12-19 news articles ?
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Smart move by TPG now they can get rid of EA, purple park and RAPID and all the other waste of money that fell under KB.
CL squashed the sale because he would let KB get cut. This all makes sense actually.
Good news is no riff coming because she hasn't been promoted again.
Wonder if KBs departure is part of the sale. Rumor was TPG was wanting to make changes to those at her level during the negotiations
Makes you think something is going on, that's for sure. Where is the earnings call???
No earnings or call scheduled yet makes you think there is a deal in the works still.
Yeah Crown is in a bad fiscal position. I would love to know how the blew the deal too. But don’t worry all the executives and c suite will remain. It’s not their fault.
I just assume everything fell through and we can’t estimate how much to cut dividend until 2024 books are fully closed. Likely a rough year ahead
“Renewed interest” meaning we overpaid so we are stuck and have to figure it out. How about stop over paying execs and shareholders. Sell the Houston building. Go fully remote and sell every building. He-l sell the company off in pieces. Jay might buy fiber back since it is so amazing.
I think DS’s departure is telling. Plus there has been a lot more interest in how to grow fiber revenue - a question that one would want to have WAY before discussions are finalizing, not at the very end; and especially when seeking the amount Crown is seeking.
My bet is the sale has fallen through with a PE buyer. SM doesn’t have an answer for The Street and that’s why our earnings call hasn’t been scheduled. DS funded this last year’s dividend with a loan, but Crown can’t do that again - and probably hasn’t even spoken to lenders given the assumption that fiber would be sold by now. Dividen cuts would trigger an automatic sale of shares by institutional investors, which would plummet the stock even more. Will be hard for Crown to cut more as SM has already acknowledged he cut too deep and it has impacted commercial operations. This is a rock and a hard place for Crown.
They are still working on it. Radio silence is a good sign that they are working on things and getting closer.
Savings come from reducing the dividend
So where does the savings come from? More workforce reduction?
No one wants to pay what crown needs. There is no more sale. The savings will have to come elsewhere.
Because they can’t sell it for so little.