Thread regarding Windstream Corp. layoffs

I don't know if welcoming the new Wall Street overlords is necessarily a great thing. It's already management by charts & graphs.

You must clock in/out plus/minus 5 minutes from your scheduled shift, or it's the naughty list. You must take at least a 30 minute lunch, which cannot start before 11am, and must be completed by 2pm, or it's the naughty list. Repeats, I'm sure, will get you on the naughty list.

I fear new overlords will present more of the same. We're drowning in data, but people are looking at charts & graphs and don't understand what they're looking at.

I, for one, will welcome our new Wall Street overlords!

Looking at that Wikipedia list and what Elliott did at those companies, it's probably no fun to be an employee at most companies getting the Elliott treatment. They help the shareholders more often than not, though.

With Windstream as battered and chaotic as it is, it may actually be better for employees under an Elliott-installed team.

Many creditors will sell their stock first chance they get. This won’t necessarily be a negative reflection on the company — more that they just don’t want to own stock in any telecom company.

A supply company that was owed $4 million that eventually gets 100,000 shares of “New Windstream” stock is not in the business of owning stock; they’ll sell it and put the cash in their business.

Banks can be restricted from owning stock in some cases so they’re likely to sell any stock they get (as opposed to bonds, which they’re more disposed to keep).

The result of this is that share ownership will shift after bankruptcy.

Then there’s Elliott. See @110n7vlC

The biggest debt-holder, Elliott Management, is a hedge fund. There’s a reason they bought up bonds on the cheap after Windstream filed. I expect they’ll hold on to the replacement bonds and stock they get at the end of bankruptcy. They look like they plan on sticking around to drive post-bankruptcy restructuring. Once they get Windstream the way they want it several years after bankruptcy ends, they’ll cash in and move to new opportunities. They’re not long-term investors.

The letter they wrote to AT&T’s board gives a taste of their likely approach to Windstream post-bankruptcy.

This Wikipedia article lists what they’ve done at other big companies:
https://en.wikipedia.org/wiki/Elliott_Management_Corporation

Thats the other reason for the Uniti spinoff, the execs will take their buyout and then go work at Uniti

See this other thread about Elliott, Windstream's biggest creditor:
@110n7vlC
As noted already, they are not patient people. I anticipate some human sacrifices at the top.

All of this has been calculated all along. TT knew what he was doing with his contract and then bankruptcy. In the end He and the rest of the exec will be paid out their bonus AND the remainder of their contract. They will walk away with millions in the end of their Golden Parachute. We are spending millions on attorneys and consultants.

Makes me sick to think about it. The board and the exec are everything that is wrong with the company. The only people who benefited from chapter 11 are those listed above and not all of the hard working staff employees who keep the ship afloat everyday.