Thread regarding Windstream Corp. layoffs

https://finance.yahoo.com/news/shareholder-alert-pomerantz-law-firm-213226417.html

Let's hope they find something on these guys.

Their are risks in investing welcome to the free market. As far as what TT and the bags did they used the worn out cast off husk of alltel land line to acquire as many other belly up companies as they could get their grubby lil mitts on to get at the last nibble of meat then after the fat lady sings they push it into bankruptcy to shed the rotten corpses. Think of Windstream as a vulture. It eats so much rotten meat it has to purge itself. That is this bankruptcy. That is what will remain of the company the vulture or the throw up. The only question is for the people on this board is where will you be?

There is a huge difference between employment and work related antics then investing and fraudulent activities and willful intentions.
I certainly appreciate any person that is sympathetic to us investors being screwed and likewise some of us investors certainly do not want companies that we invest in mistreating any employee, that is certainly inexcusable.
I personally did not disclose my personal hardship and predicament as a way to get sympathy.
I replied to an excellent letter that we all, investors and employee's should read and think about as the facts are indisputable and hard to ignore.
I disclosed my situation as an example of how these id–ts and their antics, IE: judge Furman, Aurelius and the entire Windstream’s board who should have realized how their actions would have had such an adverse and devastating effect on so many innocent people.
As an investor I personally used due diligence in making my investment decisions and Windstream was an excellent investment in many’s opinion as they paid their debt religiously and that is a fact that can’t be disputed.
Remember we investors can only rely on information that is available and if fraudulent activities were done behind the scenes we’ll shame on them and unfortunately the cloud of c-ap fell on me and so many.
Hopefully letters like James may strike a nerve in a judge enlightening him to possible facts and circumstances that he was reluctant to look at and hopefully he has the courage to do something about it.
One thing you should remember is a worker does have the ability to strike and leave their job if they are dissatisfied with management but us investors are in a different situation, we are at the mercy of the company in hopes that they will operate on the level, honor those who lent them monies so they can stay in business and feed their families but when a company commits fraud and attempts to hide it, as James letter indicates they did everything possible to enter chapter 11 to take advantage of the situation, well, that is utterly ridiculous and despicable and cannot be tolerated.
We the investing community are solely responsible in many instances through our investments which are loans to a company which enable that company to continue to thrive and operate and ultimately pay their employees.
So when you indicate as an investor we have no goals other than to make a profit, this is incorrect, as my goals are, as yours is as an employee, which is to see the company thrive and pay their wages and debt.
Even though your work environment may s— to high hell and back and we all know management sure is hell does, you still get your check at the end of the day but us investors are getting nothing thus are being screwed literally and cheated out of monies we certainly deserve and some of us so desperately need.

IMO these guys are open from multiple angles. The lack of formal bond holder approval for the REIT could be devastating for the executive team.

I can imagine TT holding someone's pocket.

To me the case is rather simple:

The CEO and CFO gambled that nobody would notice that they side stepped getting the Bondholder approval prior to spinning off the assets via the brilliant REIT scheme that has worked so well for a few schemers. The CEO of UNIT obviously knew of these actions as well - otherwise they should have been fired by the BOD immediately for ignorance and inability to perform the required actions of their employment positions. However, if you looked at the most recent income statement you will see that the Members of the Board are paid very well to also look the other way. Further more they intentionally side stepped the required actions because the IRS was going to close the tax loop hole these schemers sought to exploit. See 'IRS shuts down channels for REIT spinoffs' from June 2016

Sure the vulture Aurelius swooped in when they picked up on the antics of the CEO, CFO and BOD. I am a bit indifferent to this result. I also agree losing the 'Aurelius ' lawsuit was not the sole cause of Windstream filing CH11. Windstream BOD and Leaders probably thought that the requirements would not be an issue for the courts and they would look the other way, as the SEC has done. Thus, I somewhat view Aurelius actions as policing the markets; something the SEC should have done and still should be doing - but they remain silent and disengaged!

Regarding losing you nest egg....sorry..... but realize that MOST Windstream employees are being treated extremely poorly by management and will never had 250K to gamble with in 'The Markets'. Who should garner more sympathy? The employees, many whom have worked for Windstream, or a company acquired by Windstream, for tens of years that are dealing with a dreadful workplace experience. Or people with no actual goal or vested interest in these workers except to profit?

It would be wonderful if the Windstream's 'it is not a Jail' CEO goes to prison. I very much hope the GBOYs share the same cell. Windstream Leadership reeks of greed, nepotism and corruption.
Why is there so little formal investigation of these events by the legal entities regarding these schemes and manipulations.

Investors deserve more transparency, but the Windstream employees definitely deserve more informed and caring Leadership to start the healing.

This should be posted to stream.

Unfortunately, I put all of my retirement eggs ($250,000) in one unsecured bond basket and it would have panned out tremendously if it weren’t for a corrupt system, company and a selfish billionaire pig that don’t give a dam about anyone or thing except his greed.

Look, I'm sorry for your lost but it seems crazy to risk all of your retirement on an extremely risky investment. Uniti was risky before the Aurelius decision was made.

I think maybe you need to take this to seekingalpha.com Most of us are neither investors nor lawyers. Maybe contact that James Cooper guy.

In my opinion to file a suit as Aurelius did you need to have sustained some sort of damages.
Aurelius purchased the bonds after the fact and clearly has no damage or right to attempt to recover damage for something he was not a party to at the time of the spin-off.
Secondly, the fact that he purchased bonds and also purchased CDS insurance, then filed suit shortly after that fact contending a prior transaction by Windstream that he was not a party to, some how seemed to cause him damage, is completely suspect.
What happened to judge Furman’s mootness ruling instructions for Windstream to file a motion to dismiss on the basis of mootness!
Personally I feel Windstream had many other options to avoid bankruptcy and pay or appeal the decision and would have easily received the majority of consents from unsecured creditors (bond) holders to allow a delay in interest payments while waiting for a decision on an appeal.
We know they definitely would have received consents to swap and push back debt as they secured consents prior to the adverse ruling.
Thirdly, since the sale and leaseback seems to be a fraudulent conveyance and this is even referenced in the current filings Win v. Uniti in their complaint and if the decision indicates the spin-off was fraudulent or the court re-characterizes the lease to finance arrangements then would that not supersede Aurelius’s original claim and suit that Windstream by way of a spin-off violated the bond covenants when in fact the covenants may allow Windstream to do financial transactions without violations to those same covenants.
In essence, now once and for all rendering Aurelius’s suit, as MOOT !
I also feel that Windstream is definitely taking advantage of bankruptcy thus using the excuse of losing the suit and claiming not to have any of the asset monies left, when in fact it was only weeks prior that the monies were secured for those sales and claiming not being able to pay the judgement or ability to put up the surety ( judgement amount) for an appeal.
Someone needs to investigate the reasons that a company making money and with the ability to pay its interest and maturities is granted the opportunity to file chapter 11 so easily.
I asked this simple question to fidelity prior to investing in bonds, what organization monitors companies from securing loads of debt then filing chapter 11 to clean their slate.
I never got an answer?
Unfortunately, I put all of my retirement eggs ($250,000) in one unsecured bond basket and it would have panned out tremendously if it weren’t for a corrupt system, company and a selfish billionaire pig that don’t give a dam about anyone or thing except his greed.
Of course, no one with information on that transaction was willing to share possibilities of a fraudulent conveyance transaction or a violation of the bond covenants so the average investor(s) can make logical choices without the need to read between the lines.
I can only hope that this judge has better sense than his counter part and can read between the lines.

To provide some evenhandedness- Something that neither the execs never would consider.
James Cooper is a stock pumper with a long interest in UNIT. So realize a lot of self servingness is in play as well.

"Presumably they don't care what happens to Windstream's executives."
I a long time employee, definitely do not care what happens to them and in fact wish them the worse!!! How they can continue adding money to their pocket book while others only get more and more work is beyond greed - its is openly evil!
The Nepotism never ends. BB brings IN KA and MH. And this is just the top of the list in this department - the nepotism continues fully through all the departments. Few respect their bosses anymore and why should they...we all know how they got their positions and their education is less than their subordinates. Curious how corrupt the Board of Directors are consider the stench that I personally know about!!!

James, I feel like I owe you a beer for your efforts! I couldn’t have hired an attorney to write a better letter on my behalf! I think I speak for everyone who was screwed by TT, when I say with the utmost sincerity, thank you.

Even if TT doesn’t ever face charges, his actions are now concisely stated, for even us peasants to understand. The gross negligence that took place in the highest levels of leadership at Windstream cost many many people their life savings. I am not one of them thankfully, but I feel like anybody that has, would find some solace in your letter.

Our due diligence wasn’t bad. Our investment instincts weren’t flawed. Our leader was. (Is.)

Windstream is a profitable company, that had every chance to avoid chapter 11. Tony Thomas had other plans, and that is of no fault of the investor.

Also, it’s a terrible idea to try to hide stuff through chapter 11. A lot comes out in the open then.

If that was the plan, it was a dumb plan.

It was my understanding that they WERE under investigation by the SEC. I think they were hoping to use the bankruptcy as a smoke and mirrors trail to hide their fraud. I am sure that the FBI, SEC, and US attorneys office will work towards his prosecution

I think the SEC mainly does civil, not criminal investigations.

From several white collar prosecutions I’ve seen in my town, if the FBI is investigating, at some point they swoop in all at once with a dozen agents to haul off potential evidence before it can be destroyed. These were big, complicated corporate cases, so there were many, many boxes of records plus computers. Front page headlines the next day.

I think if there’s a criminal case, it may announce itself this way.

The original poster’s stuff here and on seekingalpha.com is interesting and has some provocative insights.

Still , it sounds a lot like the ending to a John Grisham legal thriller.

At the individual level, this bankruptcy will be dramatic and tragic a– lose their jobs.

At the big picture level, though, I think this is going to be just a complicated, dull, technical legal proceeding. What the Brits call an omnishambles, not high drama.

That’s my guess. Time will tell- maybe there really will be handcuffs and perp walk.

Not holding my breath.

See, the thing is we have a legal system, not a justice system. So, TT & company seeing "justice" is highly unlikely. Standing tall before the court to answer for potential legal violations would be quite a delight.

I wonder if Martha has any cookie tips for TT....

Lots of comments about Elliott Management, Windstream's biggest creditor and probably its biggest future shareholder.

Some of it's confusing. It looks like Elliott (Paul Singer) and Aurelius (Mark Brodsky) have a history as both partners and adversaries.

FWIW, a lot of seekingalpha.com commenters elsewhere on the Uniti page have a more positive view of Uniti's assets than what people here say.

They'd be well advised to follow comments here.

Fascinating arguments on that seekingalpha.com thread about the letter posted above.

This same post is being actively discussed (pro and con) in the most recent comments (starting at 8 pm on 11/14) at:

https://seekingalpha.com/article/4306296-uniti-update-mediation-impasse-effect-shareholders

I don't think Uniti has any particular desire to send someone to prison. They want to protect their interests.

It's much easier to do that if they implicitly threaten Windstream executives. Not explicitly. Just hiring Kelley sends a signal that Windstream folks will have to play it straight in court.

If they do have evidence of criminal wrongdoing, Windstream execs will want to take it easy on Uniti. hoping Uniti will do the same for them.

I've seen this once before in a big lawsuit between 2 companies. One company had hard evidence that a key manager at the other had forged a letter then backdated it. Nobody went to prison; that key manager agreed to a very generous settlement.

What complicates the matter: the Unsecured Creditors Committee is a party to all this. Presumably they don't care what happens to Windstream's executives.

Who knows? We'll just have to see.

It was my understanding that they WERE under investigation by the SEC. I think they were hoping to use the bankruptcy as a smoke and mirrors trail to hide their fraud. I am sure that the FBI, SEC, and US attorneys office will work towards his prosecution. Something tells me he isn't the only one, this has to be orchestrated by others on either board or executive team.

Also, if we try and convict C level members of the company where do we end up
with chapter 11? Do the courts or consultants take over? then what?

Isn’t *

Well they didn’t mask your info. This is about you though. If that is “you”.