Since Carl Icahn's $22 tender offer was been rejected and the stock, WCI Communities (WCI) which builds hi-rise condos in Florida, is close near it's 52 week low trading at $14.28 on Friday. Is this an opportunity to buy? It's book value is at $23.19. It is heavily shorted. Almost 37%! Billionaire financier and activist investor Carl Icahn isn't giving up that easily, who has a 14.6 percent
StreetInsider.com Unusual 11 Mid-Day Movers:WCI Communities, Inc. (NYSE: WCI) 47.6% LOWER; announced that it and approximately 130 of its wholly-owned subsidiaries had filed voluntary petitions to restructure their debt and capital.Triad Guaranty (Nasdaq: TGIC) 46.6% HIGHER; continues higher today after jumping more than 62% on Friday following the stocks break through a technical resistance level at $1.00. Simtek Corp. (Nasdaq: SMTK) 44.9% HIGHER; Friday after the close, Cypress Semiconductor (NYSE: CY) announced that it reached an agreement to purchase Simtek in an all cash transaction fo...
WCI Communities (WCI), a Bonita Springs-based developer and homebuilder, along with about 130 of its subsidiaries, has filed for Chapter 11 bankruptcy reorganization.
President and CEO Jerry Starkey has resigned from his posts, effective immediately, after agreeing to a “mutually satisfactory severance package.”
My Comment: A severance package? Starkey should not get a dime. He was offered $22 a share for WCI in April 2007 by Carl Icahn but the WCI board rejected his offer as "opportunistic and inadequate." See Palm Coas...
<!--noadsense-->“It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.” - William O’Neil
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