Is Nortel Dumping WordPress?

I wouldn't say we are “dumping” WordPress, but yes we are moving to a new platform called Jive Clearspace, which integrates blogs, forums, profiles, wikis, etc into a single tool. Our blogs, by the way, are currently hosted by a 3rd party vendor (using WordPress as the base platform). So the move is to 1) bring our blogs back onto our servers, and 2) to integrate our blogs and forums under a single platform.

I'd have a question which is totally unrelated to the subject of the posting… but since I have no clue where better to post it… here it goes.

I know that NYSE have a requirement that a stock should not stay under $1 for more than 30 consecutive trading days. If it does, then the company is noticed to do something about it or risk being delisted.

Well, if my count is correct, today will be the 15th consecutive day since Nortel closed under $1 (USD, on NYSE).

My question is: if, somehow, lets say in the 29th consecutive day, Nortel closes at $1.01, will the counter be reset? (That is, if the next day after that the stock drops below $1 again and stays there for a while, it will still require 30 consecutive days starting then to trigger the NYSE notice.)

What if it happens after NYSE warns the company? (Say, in the 40th consecutive day below $1.) Can the warning just be dismissed, even if the stock returns to pennies a few days later?

Thought maybe some of the readers here know more about this issue, and wouldn't mind sharing…

If you've never heard of Jive how about Ning? Now THAT'S really cool stuff.

In October 2002 Nortel breached it's listing requirements too and considering a reverse stock split at that time. =)

They also came close to be being delisted again if they did not submit their restated restatement on time a few years ago, which they did, only to be restated again later as they were false too. So this was strike 3… I say was as it changed.

SEC has to approve remaining listed. Ex-CFO Currie called the lenient SEC their “friends” who only fined them $35M for one of the largest fraud settlements in history, and what I call the largest mass orchestrated fraud of all time, since bonuses are the most common motive to this type of white collar crime.

I am surprised the NYSE doesn't have laws concerning fraud more than the value it trades at =)

They have the SEC for that I guess and better than the toothless OSC who facilitates open season on the investor, than inhibit it, contrary to what they are there to specifically do /protect investors as a regulatory watchdog /fox looking after chick coup every says. At least SEC laid fraud charges against past CEO and others, while the OSC did nothing but take only a million for costs. Further to this, Wilson, the head of the OSC makes over 700 grand and the head of the SEC makes just over 150 grand who manages more and with teeth, and less contrary to what they are there to specifically do. Contrary like the EDC who exports jobs than product. OSC head won't put pals in jail and best way to ruin a great legal career is trying to do the right thing working at the OSC! (if you thought Nortel was bad). Also, who dared hold a candle to the enormous political clout following the fraud fallout, legal minds, or choice by ultimatum, as the macro ambiguities have been just astounding, right down to changing delisting requirements very recently.

Right now, the NYSE has extended the amount of time a stock can trade under $1 due to the market turmoil. What timing eh? Nortel can trade at a penny and all sins forgiven, Nortel's CEO makes more than BCE's and Nortel's largest shareholder is having trouble acquiring BCE in the largest take over in Cdn. history. Wait, one more thing before you bust a stitch, we have a coalition government challenging our minority ruling party over budget issues. This follows goverment/banks record surplus/profits while people ran record low savings debt heading into this climate. In the UK they outlawed Bank Machine service charges and in Greece casinos on the grounds they were stealing from the people, here a social government introduced them at a penstroke at what it took the mob years to do in a wild west town, go figure . I believe market turmoil was created during a jobless recovery with corporations hoarding cash at record levels not seen since the 1950's that did not impact the people, it was jobless, and now there is nothing for the few controlling the majority of wealth to leach from. Heh, call me opinionated or a pain in the ass. Frauds would just hate me =) I call criminals stupid. And I have a lot to say. =)

Anyways, so much for the NYSE being specifically concerned with “whether or not the factors that are driving their stock price down are systematic or not they're expected to be permanent.''

They did it Nov. 14th:
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UPDATE 1-NYSE kills sub-penny halt rule, re-list 91 stocks
Fri Nov 14, 2008 10:43am EST

* NYSE to relist 91 stocks, including Fannie, Freddie
* Stocks below $1.05 will no longer go to Arca
* NYSE to round sub-penny quotes to nearest penny

NEW YORK, Nov 14 (Reuters) – The New York Stock Exchange will no longer halt trading in stocks that fall below $1.05, allowing the exchange to relist some 91 securities, including U.S. mortgage giants Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz), Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz) and Nortel Networks Corp (NT.N: Quote, Profile, Research, Stock Buzz).

The exchange's parent, NYSE Euronext (NYX.N: Quote, Profile, Research, Stock Buzz), said it received approval from the U.S. Securities and Exchange Commission to relist the securities, starting Monday.

The move eliminates the “sub-penny trading halt” rule that bumps depressed stocks to NYSE's small-cap Arca platform. As of next week, the NYSE will round quotes that trade in increments below one cent to the nearest penny. (Reporting by Jonathan Spicer; editing by Jeffrey Benkoe)

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This is some interesting was history preceding the above / October 2008

http://www.bloomberg.com/apps/news?pid=20601103…

Nineteen NYSE companies were delisted in the first nine months of this year for slipping below compliance criteria, such as stock price and market capitalization, or bankruptcy, according to the exchange. If that pace continues, the total will reach at least 25 this year, the most since 2003.

The subprime mortgage crisis has robbed investors of confidence and contributed to the worst yearly slump in the Standard & Poor's 500 Index since 1937. Companies including newspaper publisher Sun-Times Media Group Inc. were removed from the NYSE for low share prices and markePink OTC Markets Inc., the provider of an electronic quotation and trading system in over-the-counter securities, now adds one or two new companies daily, compared with one about every two weeks a year ago, Chief Executive Officer Cromwell Coulson said.

“It's a terrible bear market and a lot of the traditional investors are getting hammered,'' Coulson said in an Oct. 7 telephone interview. t values, while Lehman and Washington Mutual went bankrupt.

The NYSE requires companies to maintain an average closing price over 30 days of at least $1 and a minimum average market capitalization. Companies that were delisted this year often experienced rapidly declining share prices, according to Tyranski. Three were delisted for bankruptcy.

The broad drop in share prices prompted Nasdaq Chief Executive Officer Robert Greifeld to seek regulatory approval from the U.S. Securities and Exchange Commission to extend the time a stock can trade under $1 and remain listed on the exchange, he said Oct. 2.

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Trade4Target