Layoff Moderator, Windstream merger with Uniti was completed 8/1. The new company will be called Uniti Group. How do we get a board added for Uniti Group? We all agree nothing will change and there will be lots of layoff business to discuss here.
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@bbq No one cares on who posts here about what. Theres a million posts about ST and fraud and yet he still comes to work ready to scam.
Probably not a good idea. There is a lot of libelous and slanderous posting, and Uniti is a public company. They should limit their liability and stay away from this slander board that has been completely consumed by lazy people who want to cyber bully a particular rep in the carol1nas.
@t4 I think you're 95% right but what makes you believe it was going to be a liquidation and not a restructuring in the bankruptcy?
@p9 reading the lawsuit that caused the bankruptcy all of this started with IIRC Bank of America proposing the REIT thing to Tony and Bob. They took it to the board as a tax avoidance measure. The whole time everybody knew it was a loophole that could be closed at any time.
WIN paid the bank a ton to help with the process. It was completed and a year later the IRS closed the tax loophole. That caused it to go from being beneficial to WIN to being detrimental since the rent was higher than what we were paying before spin-off.
The whole time Moody was telling the C-level and board that all of this was legal and followed our debt covenants. A court of law determined that she was wrong. It was actually a pretty open and shut case. Most legal people that commented were like "WIN is nuts for doing this it violates their covenants."
Somehow KM came out of this smelling like roses and even got a promotion.
If Elliott had not purchased WIN out of bankruptcy WIN was set to be liquidated. The only sensical move was to recombine the two companies. It had been tried several times before Elliott took over but egos at the WIN C-level kept it from happening.
Windstream split off from Uniti about 10 years ago—essentially to offload debt and restructure. After Windstream filed for bankruptcy, Elliott Management used its position as a major debt holder (over $1 billion) to gain control of the company. They also added $750 million in new capital during restructuring. So, for roughly $2 billion, Elliott walked away with majority control of Windstream.
Now, fast forward: Windstream is merging back with Uniti—the very company it spun off to stay protected from deals like this in the first place. And Elliott is set to profit massively.
It’s hard to look at this whole sequence and not see how strategically shady it all is. Legal, maybe. But ethical? Not even close.