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Ever worked for a company that was delisted? All's well that ends well. Accepted a new job today. (1 Viewer)
- Thread starter KCitons
- Start date
Mister CIA
Footballguy
It was a long time ago. Long story short, the company was carved up into pieces and the piece I was stuck in got bought by a private interest, and about 6 months later about half the employees were let go (with two weeks severance).
Fun times! I remember a lot of water cooler talk about anonymous users airing dirty laundry about the company on Yahoo's financial message boards.
TheWalkmen
Footballguy
Get out now unless you can get a large retention bonus or other package.
beer 30
Footballguy
You sleep well with that thought.
Worked for a company that got delisted and almost immediately filed bankruptcy. We came out of it and went on to be a very successful company that was purchased 3 years later for over a $1b. After all the dust settled I was talking to the old controller who said we were 7 days away from selling everything but an investor came in, bought all the debt & resurrected the company.
I'd update the resume, get recommendation letters in line and start looking with intent but that's me.
Yeah, start looking now.
Look at it this way, at least you are getting a heads up that the company is in trouble and you could be out of a job in the near future.
I was with a company that filed bankruptcy and it dragged on for about one and half years. They eventually got new ownership and a bunch of the employees stayed but I bounced (along with all management).
TheWalkmen
Footballguy
Yeah it takes a while for deals to happen, but something could already be 6 months or so in the works. Are you aware of potential buyers? I worked for a public company that hovered in the $3-$10 range, then when it fell under $1 things moved really quickly. I got out a year or so before it dropped under a buck because the writing was on the wall for a long time.
KCitons
Footballguy
As I understand it, the majority owners are a private equity firm. Their track record is to buy companies to create 10 year funds. At the end they sell and move on. From what I was told, they rarely keep a business like ours outside of the 10 year term. (we are 8 years into the 10 year term) Rumors are the CEO has been looking for potential buyers.TheWalkmen said:
Curious how they value a company once it's been delisted. It would seem to me the evaluation would be somewhere between $1 and zero. Probably closer to zero.
BowieMercs
Footballguy
James Daulton
Footballguy
Well, at least you had plenty of notice.
Osaurus
Footballguy
Arizona Ron
Footballguy
James Daulton
Footballguy
shadyridr
Footballguy
KCitons
Footballguy
beer 30
Footballguy
This beer 30 guy is freaking prophetic!
Seriously, hope it works out. If you are offered a severance I'd jump on it and not look back. Unless you are high up in the food chain it's been my experience that the only people who benefit from sticking it out to the end are the ones that usually have an extra 0 in their paycheck to start with. Workerbee's don't tend to fair well.
Jobber
Footballguy
I had the same experience many years ago. To make it even more awesome was the fact that I was the guy who got HR coming over every few weeks to disable accounts as they were laying off employees.
Get your resume updated PRONTO. The company can and will update their severence policy to whack any bennies you think you may have coming to you.
Jobber
Footballguy
KCitons
Footballguy
Almost lunchtime. My boss is gone. My bosses boss is gone. They rolled the 3 remaining people in our dept into another dept.
I've been looking for another job and had a job offer, but it was a pay cut. Financially, I'm not worried about losing this job, or finding another. As I mentioned in a different thread, our monthly expenses are cheap and I don't have health insurance through this job. Basically, my pay goes towards retirement.
I do feel bad for the people that were living paycheck to paycheck.
I've been looking for another job and had a job offer, but it was a pay cut. Financially, I'm not worried about losing this job, or finding another. As I mentioned in a different thread, our monthly expenses are cheap and I don't have health insurance through this job. Basically, my pay goes towards retirement.
I do feel bad for the people that were living paycheck to paycheck.
Cjw_55106
Footballguy
17seconds
root of all aliai
So you got delisted?
I was at a company that was under threat of being delisted from NASDAQ for about a year, but they have staved it off. First they did a 1:4 split which sent the stock price from $.60 to $2.40. Then it went down close to $1 again and the CEO gave the company a $1M loans at 17% APR with a maturity date of 3 days. Crap like that. Anyway the point is, there are tricks the can pull to stay on NASDAQ. Thank god I moved on right after the split.
When I started many years ago the stock had been firmly above $10 for 20 years. When I signed on I got RSUs worth about $60k if the stock had remained at the same level, that ended up being worth about 500 bucks when they vested. When you get RSUs you kind of count on them being worth *something* and the stock not diving 97%.
Hang in there. Always be looking to go somewhere else. Do something every day related to job search, even if it's small.
I was at a company that was under threat of being delisted from NASDAQ for about a year, but they have staved it off. First they did a 1:4 split which sent the stock price from $.60 to $2.40. Then it went down close to $1 again and the CEO gave the company a $1M loans at 17% APR with a maturity date of 3 days. Crap like that. Anyway the point is, there are tricks the can pull to stay on NASDAQ. Thank god I moved on right after the split.
When I started many years ago the stock had been firmly above $10 for 20 years. When I signed on I got RSUs worth about $60k if the stock had remained at the same level, that ended up being worth about 500 bucks when they vested. When you get RSUs you kind of count on them being worth *something* and the stock not diving 97%.
Hang in there. Always be looking to go somewhere else. Do something every day related to job search, even if it's small.
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KCitons
Footballguy
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KCitons
Footballguy
KCitons
Footballguy
KCitons
Footballguy
Have you pitched a rebranding effort?
I have some drawings if they are looking for someone.
KCitons
Footballguy
Van Dyman
Footballguy
sbonomo
Footballguy
I am guessing you are not high enough up the food chain to negotiate a stay bonus. Any idea if they are going to try and do an 11 or if they are just going strait to liquidating 7? Make sure they get the wage motion filed first day so that you still get paid. Report back often. Oh, and you probably don't have to work as hard now.
