4 thoughts on “Dark Clouds over XO?”

  1. Interesting to see how this one works out……my bet is that the creditors will be amicable to a workout given that Icahn owns about 70% of the shares o/s.

  2. Of course, one should realize that Icahn also holds 95% of the debt as well – yes the debt whose covenants were breached. He has the power to renegotiate the covenants all by himself. Ah what a tangled web…

  3. very true that he owns much of the debt, but the funny thing is the declining revenues will prove to be a double whammy for him. anyone have an estimate on how much he owns as shares and debt?

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