Even for the most jaded industry professionals, it's stunning to believe shares of one of the nation's largest radio station owners might trade for a single penny.
And yet that's exactly what has happened to ABC Radio owner Citadel Communications, a once-proud group operator destroyed by massive debt, epic mismanagement and a liberal political ideology often at odds with the company's still-successful and profitable conservative talk radio programming.
Booted off of the New York Stock Exchange after it failed to make a convincing case for its future viability, Citadel will cease trading there tomorrow, moving to the illiquid and sometimes shady world of the "pink sheets". That's despite a recent move by the NYSE to relax listing requirements.
Ahead of that undignified exit, Citadel (NYSE:CDL) shares closed today at one penny, down nine cents from Wednesday's trading. In 2004, it traded as high as $22.
Keep in mind? This is exactly what Nancy Pelosi and a good many in the democrat controlled congress want to do to all radio in this country with a resurrection of the "Fairness Doctrine." This example just serves to demonstrate, that if it isn't their own liberal exclusive brand of socialist propaganda? They could give a shite less how many jobs are lost or how many stations fold up and die or how badly it damages the country.
The owners of ABC's Citadel group ought to be the poster child example of golden goose killing by liberals, pacifist and socialists! They don't care how much damage they do. Not even to themselves. Just as long as they can strike their blows for socialist envisioned Nirvana and bring down this nation and it's economy and heritage. That is all that really matters to them.
Personally, I can't wait until these lunatic idealogues meet up with the real goose stepping Kool Aid drinkers and the cake eaters that will rise in this country as a result of our diseased impotence and refusal to deal with them on our own.