Horrifically, it has become clear that the Bond Vigilantes have taken full CONTROL of our COMPANY now. It's probably NOT untrue that they aided and abetted the release of news surrounding the LEAD lawsuit for which Lumen has very little exposure if any compared to the Original Telecom(s).
They also lied about indenture "covenant defaults" to bring the Company, especially its CFO to the negotiating table knowing how it would hurt the image of Lumen with their customers, vendors, suppliers, etc. We know it's a lie because the CFO told us so in spite of bending over for them with usurious terms as part of the earnings call news and subsequent "filings."
He said, there were "no covenant violations."
The CEO called this NOISE expecting it to end because she has given them what they want including firing 1,200 employees so they would be paid "usury." Twenty percent "fees" including crooked investment bankers at the trough and 10.75 percent to 11 percent interest rates but only affording the Company two more years time to create sufficient revenues without the ability to refinance this renegotiated Mother Debt Load($9B) which was increased with new money worth an additional $1.2B.
They have hamstrung the Company during the process from buying back their $1.3B balance of previously authorized stock, or dividends at the same time controlling the capital allocations that would or could be used to grow.
What has happened here is nothing short of ra-e and plundering by a horrible group of people but at the same time a WEAK MANAGEMENT TEAM and ineffective board of directors including a CEO who continues to appear way over her head, and a complicit CFO who has now delivered what will be the death knell to this valuable Company with hundreds of billions of cost new assets accumulated over a century including countless parts and pieces of telecom and internet companies with significant tribal knowledge over those periods of evolution.
The entire BOD&SLT should be gutted in favor of a total sale of the Company since it is highly unlikely while knowing the history of the slow sales uptake and regulated pricing choking you from raising prices to the Tech Companies who ride your backbone "virtually" free.
As long term equity owners, we are being sold down the river along with all the employees of what was always supposed to be a great leading Telecom Disrupting business model intent on changing the world so that its shareholders would be rewarded during the process.
Ultimately, only these DEBT MONSTERS will be rewarded as part of forcing ReOrg in two years it seems, and then selling the valuable assets for many multiples of their cost basis(principal invested).
It's a travesty based upon lies, deception and significant manipulation by the sell side "investment banks" who help them do their dirty work and "cleansing."