Hpower
Roflmao
join:2000-06-08
Glendale, CA | Good news I guess?
I guess this is a good thing for them. Let's see what happens. I got a bad feeling that they will not be able to meet their goal of reducing their debt by $8 billion.
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The Internet is about to go down....it is actually. |
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BabyBear
Keep wise ...with Night-Owl
join:2007-01-11
| Services customers demand!
Neil Smit said "We just want to put a CAP on our debt obligations like we did to our customer's internet connections. I should get a raise for coming up with this idea. Some one remind me to put in a call to Paul Allen for my 8.6 million salary before we run out of cash."  |
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Nightfall
My Goal Is To Deny Yours
Premium,MVM
join:2001-08-03
Grand Rapids, MI
 ·Site5.com
 ·AT&T Midwest
 ·Comcast
| said by BabyBear  :Neil Smit said "We just want to put a CAP on our debt obligations like we did to our customer's internet connections. I should get a raise for coming up with this idea. Some one remind me to put in a call to Paul Allen for my 8.6 million salary before we run out of cash." You aren't kidding on that.
»www.reuters.com/article/marketsN···20090318 |
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Guy Incognito
@teksavvy.com | Chapter 11? O RLY?
So now Charter can fire its veteran employees and replace them with low wage jockeys to save money. Worked for Circuit City. |
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McSummation
Mmmm, Zeebas Are Tastee.
Premium,MVM
join:2003-08-13
Round Rock, TX | reply to Nightfall
Re: Services customers demand!
It also says:
quote:
... a deal with senior creditors that wipes out common shareholders
Does that mean that anyone that owned Charter stock just lost it? |
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DataDoc
My avatar looks like me, if I was 2D.
Premium
join:2000-05-14
Greenville, NC
·Suddenlink
| reply to BabyBear
It's conditional:
"Under its Value Creation Plan, Charter pay Chief Executive Neil Smit up to $8.5 million IF the company successfully restructures AND IF he reaches specified targets during each of the three years following the company's emergence from restructuring." |
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jhenager
join:2008-01-08
Buford, GA
 ·Vonage
| They deserve to go down
"St. Louis-based Charter (CHTR), controlled by Microsoft co-founder Paul Allen, has said it plans to continue operations as usual. "
Yeah, good plan. Business as usual is what caused me to quit them. Their service absolutely sucked. It was down almost every week. Their customer support was amazingly bad and incompetent. They got my business by false advertising, and because I went back to BellSouth, my service is now reliable again.
Probably the worst company I have ever dealt with in my life. I would refuse any service from them even if they paid me.
A -1 on a scale of 1 (worst) to 10 (best). |
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jhenager
join:2008-01-08
Buford, GA
·Vonage
| reply to BabyBear
Re: Services customers demand!
I was constantly trying to get what I paid for. Extremely unreliable service, and the call center representatives' troubleshooting skills were limited to rebooting the router. After about a month, I learned to do that first and tell them I had already done that, but it didn't help.
They would still doggedly try that without success.
The last straw was one Saturday I spent three and a half hours trying to get it fixed. I was hung up on, given a disconnected number to call, and eventually just gave up. Unbelievably bad. |
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BabyBear
Keep wise ...with Night-Owl
join:2007-01-11
3 edits | reply to McSummation
Saw somewhere Paul Allen will still have a 35% controlling(voting) interest(used to be 50%).
Paul Allen's midas touch.
Allen owns part of more bankrupt companies than the taxpayers. Speaking of which looks like thanks to Stimulus, Paul gets a $1 billion tax break.  |
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footballdude
Premium
join:2002-08-13
Imperial, MO | Doody?
Charter has appointed Gregory Doody as its chief restructuring officer
Seriously? The guy's name is Doody?
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It's a trick. Get an axe. - Ash |
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BabyBear
Keep wise ...with Night-Owl
join:2007-01-11
| said by footballdude :Seriously? The guy's name is Doody? Hey, at least his parents didn't name him Howdy.  |
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ninjatutle
Premium
join:2006-01-02
San Ramon, CA
 ·Sprint Mobile Broa..
| BBR CO-OP
People here should pool some money together and buy a bankrupt cable/internet/wireless company. People here are always talking about how companies should run their business and think they could do better... 
Buy in amount would be something like 100k. Bring 500k and you get a corner office and the nearest parking space. If you can only bring 50 grand to the table, you can be in charge of supervising the call centers in India and you have to provide your own airfare and lodging when you get there. |
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RARPSL
join:1999-12-08
Suffern, NY
| reply to BabyBear
Re: Doody?
said by BabyBear :said by footballdude :Seriously? The guy's name is Doody? Hey, at least his parents didn't name him Howdy. Or Double (who was Howdy's Stand-In). |
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BabyBear
Keep wise ...with Night-Owl
join:2007-01-11
| reply to ninjatutle
Re: BBR CO-OP
said by ninjatutle :People here should pool some money together and buy a bankrupt cable/internet/wireless company. I would but my Octopus is in the 'shop' and when the bill comes think I will need all my pennies for the bill. Plus, we'd just spent all our days buying up other small providers and ignoring our existing customer base like Charter did. Where is the investment return in that? |
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zed260
join:2007-09-30
Cleveland, TN | http://www.kccllc.net/charter
you can follow the case
»www.kccllc.net/charter |
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spewak
R.I.P Dadkins
Premium
join:2001-08-07
Elk Grove, CA
·SureWest Internet
·FrontierNet Intern..
| reply to Nightfall
Re: Services customers demand!
said by Nightfall :said by BabyBear :Neil Smit said "We just want to put a CAP on our debt obligations like we did to our customer's internet connections. I should get a raise for coming up with this idea. Some one remind me to put in a call to Paul Allen for my 8.6 million salary before we run out of cash." You aren't kidding on that. » www.reuters.com/article/marketsN···20090318 Generous bonuses and incentive pay to follow for leading Charter out of bankruptcy. Although those same retards, errr Executives, got Charter into this mess in the first place!!! 
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The weekend is here, grab a can of beer! |
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hoyleysox
join:2003-11-07
Long Beach, CA | reply to ninjatutle
Re: BBR CO-OP
The stock is currently trading for $.03 which makes the market cap for the company is $12.43 million. For $500k you could own 4% of the common stock. However creditors, bondholders and the bankruptcy court technically own the bankrupt company. |
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alfonzotan
join:2009-03-27
Smyrna, GA | Cool
Awesome. I canceled my Charter service yesterday, partially in protest over download caps. Glad I could play my part! |
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KrK
Heavy Artillery For The Little Guy
Premium
join:2000-01-17
Tulsa, OK
·AT&T Yahoo
·AT&T DSL Service
·Cox HSI
·AT&T Southwest
1 edit | reply to Hpower
Re: Good news I guess?
They will. They'll just wipeout their investors. They'll simply declare their old stock worthless, then issue new stock.
Companies can do things consumers can't. Consumers can't tell people they owe money too to get lost, never going to pay it back, no penalties. Companies can. They just reorganize and sometimes change the name slightly and act like they are a whole new entity with a clean slate--- except they keep the assets of the defunct company.
They're be some lawsuits, of course, but in the end Charter should discharge much of it's debt and get off pretty scot free.
Yep, told ya so:
"The cable television operator said last month it would restructure its debt under Chapter 11 bankruptcy protection on or before April 1 in a deal with senior creditors that wipes out common shareholders."
Isn't it nice? Tell the owners (stockholders) to go shove it, we owe you nothing, and we're never paying you back.
Imagine you could just call up your bank and say "By the power vested in me, by myself, for myself, effective this date, I owe you nothing, I'm keeping the house, car, land and all contents, and I get full deeds. See ya, wouldn't wanna be ya." Oh and with no penalties to boot. No credit damage.
To me this seems inherently wrong.
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"Fascism should more properly be called corporatism because it is the merger of state and corporate power." -- Benito Mussolini
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morbo
Complete Your Transaction
join:2002-01-22
00000
clubs: | reply to alfonzotan
Re: Cool
sadly, it was your cancellation that pushed them over the edge. |
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