SuperMedia and Dex Merge 2012

August 22, 2012

Dex One Corporation and SuperMedia Inc. today announced that their Boards of Directors have approved a definitive agreement under which Dex One and SuperMedia will combine in a stock-for-stock merger of equals, creating a national provider of social, local and mobile marketing solutions through direct relationships with local businesses.

Upon closing of the transaction, Dex One shareholders are expected to own approximately 60 percent and SuperMedia shareholders are expected to own approximately 40 percent of the combined company.

Two ugly companies with a dim future get married and make one big ugly company with an even uglier future.

Why? It was planned years ago from the getgo. It is no longer a rumor.

Idearc and RH Donnelley both were loaded with debt. Both companies went bankrupt. The Paulson Hedge Fund has a stake in both companies. Both companies experience naked short sellers attacking the value of the business and manipulating the stock price. So much in common it makes you think they are perfect for eachother.

Idearc (one of the leftover marketing names from the “Verizon” brand development research) was doomed from the day Ivan (CEO of Verizon) decided to spin the company off with 9 billion in debt, without the assets or collateral to back it up. Idearc’s incompetent management team has no loyalty to the hardworking people (and teachers union) who invested in Verizon blue chip stock and subsequently lost it in Idearc stock. But Hedgefunds like Henry Paulson shorted the company and them bought both Dex and SuperMedia stock after bankruptcy. It was perfectly timed 2 years after SEC rules of course. No IRS penalties for Ivan! Just a bunch of unhappy business owners who have a great reason to hate the yellow pages.

It is this sort of Crony capitalism that sparked the Tea Party Revolution… But we at Idearc remembered Scott Klein the CEO ranting about his love of the Hope And Change Chicago politicians. I prefer supporting small businesses like the ones I have helped for the last decade. They despise this marriage.

Come to think of it, maybe it would be good if they reduced the saturation distribution business altogether?

yellow pages future

When I left SuperMedia in 2009 they still had over 80 sales reps in the local Dallas sales office. Last I heard they are down to less than 10 reps. The company has lost over 22% of its business year over year.

This is a move to keep the stock above $1 per share and avoid being listed only on the over the counter “pink sheets.”

Real small business online marketing takes a less “protectionist” 12 month contract product centric focus and a more holistic transparent client-side strategy that focuses on “content marketing.”


The Final Nail is In The Coffin, Bye Bye to Greater Dallas

July 27, 2012

20120727-012209.jpg
SuperMedia, the formerly bankrupt publisher of the Verizon Yellow Pages, will announce what will likely be another double digit revenue decline in print advertising during the company’s quarterly earnings call today July 27th.

What the company will likely not be sharing is the decision to discontinue what was once the most profitable directory in the company’s publishing footprint. The Greater Dallas Yellow Pages will not have a 2013 edition. Rumor is that the company is no longer making money printing the once ginormous brick of recycled paper waste material, which was once the most used local search tool in North Texas.

Am I heart broken? No! Besides today being my birthday, I am overjoyed that they finally came to their senses.

20120727-004907.jpg

Who still uses the yellow pages?
Since phone companies no longer have a monopoly on printing books and thanks to Google, smart phone technologies, and the advancement of online search and online content, Dallas area consumers no longer need a bulky yellow pages to find information. The phone books that still receive ad impressions are likely hyper local books in more rural non-urban markets, like the ones “Idearc Media” (the former pre-bankruptcy name of SuperMedia) bailed on.

Word is the company will continue to push digital offerings and more failed attempts to sell advertising via channel partners while failing to create digital assets of its own. They have repeatedly outsourced all attempts at “quality online marketing” not limited to even include the advertising for the yellow pages brand itself. Don’t expect the company to hire hundreds of copywriters and begin offering content marketing like my company SMB SEO.

Back in 2009, I had a meeting scheduled with Dave Bethea, former Executive Vice President of Sales for SuperMedia, to discuss ways to improve the company’s online offerings. I had been helping clients with online marketing and SEO for almost an entire decade. Dave was a good friend of the company’s CEO at the time Scott Klein. Dave and Scott both came from a background of selling materials and fasteners for the building industry. Nails, fasteners, and whatnot. In my opinion Dave should not have been put in charge of running an organization like the Verizon Yellow Pages. He had zero experience with a consultative sales approach and it showed. I cancelled my meeting with Dave and shortly thereafter left the company.

The discontinuation of the Dallas Book represents an official changing of the guard and further proves that my concerns were justified back in 2009.

The reasons why consumers don’t use the yellow pages has little to do with the fact that the yellow pages abused the power and influence it had on small to medium-sized businesses. Constant annual rate hikes. Penalties for decreasing budgets. While other companies protected the customer base with affordable ads that brought a rate of return, the yellow pages disregarded the rules of the marketplace and repeatedly found ways to manipulate earnings. From selling customers ads they clearly could not afford, to 13 month long life publications and new double double truck seniority ads, and countless other gimmicks and tricks squeezing more revenue while providing less and less value to clients.

I have always maintained that it was wiser to keep a client then be forced to replace one. When a publisher loses a customer due to overselling or errors a publisher might miss revenue from that particular enterprise permanently, sooner or later your new business opportunity dries up and you have managed alienate your potential customer base.

What the yellow pages did was simply getting a significant stake in the SMB profit margin. Today business owners are not extorted out of revenue by a local directional search monopoly.
Google offers affordable pay per click (PPC) ads that fit most budgets and combined with analytics and dynamic call tracking offers an awesome value to businesses. Organic search marketing also concentrates on content contribution, brand authority, and share of voice vs “who has the deepest pockets” to buy the biggest ad.

RIP Greater Dallas, you will not be missed. Businesses thank you for helping them grow over the years… Now GO AWAY!!!

20120727-012348.jpg


Not So SuperMedia Keeps Shareholder Out of Annual Meeting!

May 11, 2011

image

I am here in Southlake at the SuperMedia 2011 Annual Meeting of Shareholders.

When I signed into the meeting at 9:05 I was told the meeting was over. What else did you expect from this crony executive leadership? Then they childishly moved the meeting to another room. With all the executives and board of directors members standing around chatting.

It is now 10:22 a.m. central standard time. I am going wait a few more minutes to take a couple more pics to prove the meeting was not over by 9:06 a.m. when I arrived. The woman at the desk explained to me that the meeting had already finished.

I am filing a request for the shareholder’s meeting minutes with SuperMedia’s legal team.

Pictures and additional details are coming soon. I would appreciate someone sharing the meeting minutes vs having to work with the company’s legal team.


SuperMedia Closes the TCC in Irving Texas, 267 Jobs Lost.

May 3, 2011

According to a recent post by Jeff Bounds, Senior Staff Writer at the Dallas Business Journal, it appears that SuperMedia will be closing shop at it’s Irving Tx based call center.

I began my career of selling advertising solutions to small and medium-sized businesses in August of 2000, just a few months out of High School. I was hired by Cindy Crumpton and Jean Knudson thanks to a bit of nepotism and experience selling over the phone at US Wireless Communications during High School. My mom, Thressa (T.C.) Stewart Adams, was a GTE Yellow Pages Rookie of the Year Award Winner. She was also the trainer at the TCC. My experience at the TCC was great. I started out in outbound sales and ended up being promoted to ACD (Alternate Call Distribution) and never missed budget. I won my first Prestige Award, 13 Pay Periods without missing quota, and was on my way to a second before being promoted a year later to Texas Division Sales.

My heart goes out to all those impacted by the terrible decisions of Idearc/SuperMedia’s management team. Considering that digital marketing agencies are recruiting like wildfire, it is apparent that SuperMedia is facing challenging times.

I will see you at the company’s annual shareholders meeting. I still own stock in SuperMedia. The meeting is on May 11th and begins at 9 a.m.

SuperMedia Inc. (the “Company”) currently plans to hold its 2011 annual meeting of stockholders (the “2011 Annual Meeting”) on May 11, 2011 beginning at 9:00 a.m., local time, at the Hilton Dallas/Southlake Town Square located at 1400 Plaza Place, Southlake, TX 76092. The Company did not hold an annual meeting of stockholders in 2010.

When is Andy Shane going to stop putting the PR Spin on these announcements? Increase face to face? How does your micro-management teams allow sales consultants to spend more time in front of clients? Let me guess… Alexander Proudfoot Consulting has made a difference?

What a sad day.

SuperMedia to close Irving shop; 267 affected

Dallas Business Journal – by Jeff Bounds, Senior Staff Writer

Directory publisher SuperMedia LLC plans a July closing of an Irving call center, affecting all 267 people a company official.

“As part of its initiative to increase face-to-face sales and customer support and conduct these activities through local offices around the country, SuperMedia will be closing its centralized telephone sales and operations center,” said Andy Shane, SuperMedia’s group manager, external communications, in an e-mail.

“As many as 234 sales employees and 33 operations employees may be affected,” Shane’s e-mail added.

The facility is at 5601 Executive Drive in Irving, according to the Texas Workforce Commission. SuperMedia’s headquarters is at Dallas/Fort Worth International Airport.

Affected employees will receive at least 60 days of notice about the facility closure, and are able to apply for any available positions in SuperMedia (NASDAQ: SPMD).

“We also will provide employees with access to an outplacement agency,” Shane said in his e-mail.

Jobs will soon be available at Lockheed:

http://www.myfoxdfw.com/video/videoplayer.swf?dppversion=8705

Lockheed Martin Workers Caught Boozing It Up On Break: MyFoxDFW.com


Video: Future of Phone Books w/ Verizon YP’s Ex CMO Sandra Crawford Williamson, Yellow Pages Opt Out Info

March 4, 2011

http://www.myfoxdc.com/dpp/news/special_report/future-of-phonebooks-030111

Future of Phonebooks?: MyFoxDC.com

We don’t want to “stop an institution.” We won’t to stop waste. For those that do not use your product, they should not have to opt out. Why do yellow pages companies choose not to evolve and ignore the sentiment of people who state they no longer want to receive the product.
The comment from the D.C. area reporter about the SuperGuarantee was wrong as well, she stated that “you won’t find that deal on the internet,” actually she should have done her homework. The first company to offer a $500 dollar guarantee was ServiceMagic.com with the ServiceGuarantee. ServiceMagic is owned by IAC, which includes CitySearch.com and many other sites (see below). The former CitySearch CEO Briggs Ferguson, who later became the Internet President of SuperMedia and SuperPages.com, copied the idea for the SuperGuarantee from ServiceMagic.

I appreciate the comment about them not following opt out. I recently received a book at my home from a few publishers after also opting out. Too bad the gal didn’t speak English when she came to my home the next day to pick up the book after my complaint. I apologized for her trouble, but I really wanted to opt out so I wouldn’t get the waste. I no longer have a green recycle-bin at my home.

IAC owns several companies and websites, among these are:

Ask.com
Bloglines
Chemistry.com
Citysearch
BustedTees
CollegeHumor
The Daily Beast
Excite
GarageGames
Insider Pages
InstantAction
iWon
Life123
Match.com
MyWay Searchbar
Okcupid
Pronto.com
Reference.com
ServiceMagic
Shoebuy.com
Urbanspoon
Very Short List
Vimeo
Zwinky

http://www.myfoxdc.com/video/videoplayer.swf?dppversion=7885

Future of Phonebooks?: MyFoxDC.com


The Worst Case of Sleazy Sales Tactics in History by SuperMedia

October 23, 2010

To some organizations business is a collaborative process. Grunts at the bottom share suggestions to decision makers at the top on policy related issues. Solutions to problems that impact the good will of clients and the success of the consultants or grunts. In other organizations, unless you are in a position of power, your thoughts, ideas, and suggestions are worthless. You are more or less an assembly line worker who can only impact the decisions that you have been given “authority” to control. Decisions such as what to do when you have a customer complaint.

Companies of the future are nothing-like companies of the past. The old ways of doing business just plain sucks compared to the “Google” or “Zappos” type business environments. You don’t find many mindless slaves who are told to do as they are told without permission for contribution of ideas for improvement.

Before I ended my employment with Idearc/SuperMedia in 2009, I happened to hire one of the best family law firms in the Dallas area to represent me for my Mother’s estate. My Mom died tragically in a motorcycle accident in October of 2008. While at the Idearc/SuperMedia office during this time, I witnessed first hand the questionable actions and backstabbing tactics on behalf of SuperMedia’s sales management team. This deeply disturbed me. I attempted to correct this problem as an employee but was ultimately pushed out the door by Bill Brewer, the new head honcho of Texas Sales at Fuller Drive in Irving Texas. Bill, in all his infinite wisdom, had been on the job for just 2 weeks.

On SuperMedia’s website they claim:

We stand side-by-side with plumbers and painters, landscapers and exterminators, roofers and dog groomers, movers and mechanics. We are the voice of house cleaners, window cleaners, carpet cleaners and pool cleaners. We are their catalyst of commerce.

So to resolve this longtime customer issue, I sent this long email last week to SuperMedia’s management team and public relations department decision makers.

from

Mike Stewart <dallasseoguru@gmail.com>

sender-time

Sent at 4:08 PM (GMT-05:00). Current time there: 8:11 AM. ✆

to

Andrew.Shane@supermedia.com

cc

scott.klein@supermedia.com,Peter.McDonald@supermedia.com,Sandra.Williamson@supermedia.com,Cody.Wilbanks@supermedia.com,mike@smbseo.com

date

Fri, Oct 15, 2010 at 4:08 PM

subject

Hammerle Finley Law Firm – Potential Win Win Here?

mailed-by

gmail.com

Thanks for talking with me this past week. First, a quick recap of the Hammerle Finley Law Firm Verizon Yellow Pages advertising account, and then some suggestions for a good resolution for SuperMedia.

From the information I have gathered, HF has been a loyal customer and a big advertiser with the company for more than 25 years. They first started dealing with GTE Yellow Pages in 1984, basically at the infancy of lawyer advertising. Because they grew so quickly to a large and respected law firm in the community, a lot of area law firms followed their lead with advertising dollars. In fact, the sales reps often bragged to them about how they sold so many ads based on “what Hammerle was doing.” Pete Hammerle, the law firm’s Executive Director and marketing guru, actually was asked, and appeared, on a customer panel at several kickoffs/seminars that GTE put on for their marketing managers. It was a very good relationship, and HF placed the bulk of its marketing dollars in the company’s yellow pages. By 2007, HF had decided that it would drop all of its yellow page advertising with competitors and contract only with the Company (by then it had morphed into Idearc.) Considering the degree of fragmentation in the yellow pages market by this time, I think this was a very strong commitment on part of Pete.

Unfortunately, their move coincided with the dramatic drop-off in quality and ethical standards at Idearc. I saw that while I was on the inside, as you have seen me rant about on my websites. I know that I don’t have to convince you of the problems that mired down Idearc at that point.

Because they had concentrated all of their advertising in the Idearc books, HF was able to identify the problems with the Lewisville distribution of the book. Their telephone calls dropped off dramatically when the competitors’ new books came out. They found out that their clients had never received the 2007 Idearc book. Then, in June 2008, the 2007 book was delivered bundled with the 2008 Dallas Yellowpages on a “secondary distribution”. When Pete Hammerle complained, Idearc compounded the problem by denying that there was any delivery issue, and gave him a sheaf of delivery receipts containing forged signatures. (Note that Idearc publicly made it a selling point for later books that they had installed a tracking method to fix their delivery problems). By the time the 2007 book was delivered, it would only be in the marketplace for 60 days before being replaced by the 2008 book.

Then the Denton Yellowpages came out, and their advertising was so full of mistakes that it was worthless to the law firm. HF had paid for a solo forced tab, such as had appeared in countless years before it, but that year, for the first time, the salesman sold two forced tabs in the book – and the other forced tab was to another law firm that appeared before the HF tab in the book just a few pages in front (likely a coupon tab.) Some HF attorneys were completely left out of listings, and attorneys who had been removed from the advertising by HF were left in. They were invoiced $1500 more a month than the contract amount.

When HF refused to pay for the mistakes, their salesman, Scott Mobley, responded by saying they would be dropped from the North Collin County book. Left without any advertising in the area, HF went ahead and signed up for advertising with competitors. It turned out that Idearc left their ads in the book (albeit with many mistakes) and then invoiced them for the entire book.

The ultimate problem, however, came when their long-time Idearc salesman, Scott Mobley, started working with the head of the family law section for HF who was secretly plotting to take the law firm’s entire family law section, move across the parking lot, and start a competing firm. Rather than refuse to help this management employee steal half of the law firm’s business, or to disclose the manager’s plans to HF, Idearc’s sales rep Scott Mobley and his manager John Klein, who were assigned to Hammerle Finley’s account once again, schemed on how to get both accounts in the book. Two Idearc cohorts met with Pete Hammerle and said Scott Mobley was too busy and they were bringing in another salesman to work the HF account. They then proceeded to try to sell HF new advertising priced to include all of the attorneys in the Firm, including the 5 attorneys they knew were planning to leave. When the HF lawyer manager moved out with the entire section, it was in large part because he had Idearc advertising that was already under contract (signed while he was still an HF employee) and well under way.

(That last issue is one that is going to be raised in a lawsuit {and quite possibly on my sites} against Idearc and is going to lead to some really bad publicity at a sensitive time for the new company.)

Rather than resolve these complaints, Idearc sued HF.

With all of this history, I know you are wondering why I think there may be a way to salvage this long-time customer.

If it had been any other year, or any other top management, or if any type of ethical constraints placed on salespeople, then none of those events would have happened. When the complaint was received that the books weren’t delivered, then the company would have admitted that delivery problems were a huge issue that was being faced by the industry and given HF credit. When the misrepresentations and mistakes were brought to light, the company would have listened, evaluated them, and given a credit. The company would not have said it was pulling the ads, and then billed for them. And, most importantly, the company would not have allowed its employees to help a rogue manager commit fraud.

I’ve spoken with Pete at length, and I know that he is willing to believe that the old group and its philosophy is gone, and that the new company will be different. He is interested in the products and the new management direction at Idearc. He is a savvy marketer, and sees that there is a definite advantage to a web campaign that ties-in with the Firm’s website. He would like the door opened to talk to someone about a new contract. And where HF goes, so does the bulk of the legal advertising dollars in Denton County. He is willing to explore advertising, but he cannot do that while he is at odds with the company.

If you really want to show the world that the old Idearc is gone, and the new SuperMedia management is going in a successful direction, then I think you have a chance to do that here. For more than 20 years, Pete and HF were one of your biggest supporters and swung a whole lot of business your way. They are willing to do that again. When you do a risk-reward analysis, I think you’ll see that chasing a very difficult lawsuit (and facing a counterclaim) is bad business, and having a new contract, with new money, as a showcase for a new product is very good business. I’m willing to help you sell that to Pete and HF. Can you give me a response as soon as possible on this?

Cheers,
Mike Stewart

“Computers are incredibly fast, accurate and stupid; humans are incredibly slow, inaccurate and brilliant; together they are powerful beyond imagination.” — Albert Einstein

P.S. Hammerle has a new website http://www.Hammerle.com, the only remnants of the old site is the thumbnail on SuperPages.com. The thumbnail is of the Lawyers.com site. It would be great to get someone in “I-Care” to correct this. Just like past problems, it would be nice to move forward from that outdated website design, lol.

So, what was SuperMedia’s formal response? TALK TO OUR LEGAL DEPARTMENT. I don’t talk to legal departments. The response from SuperMedia doesn’t shock me. They had the opportunity to win a big on back. They screwed up, but they sit behind some God forsaken bullshit 4 page microfont contract and want to keep the philosophy that the company has no corporate conscience.

From Seth Godin’s Blog:
The corporate conscience

There isn’t one.

Corporations don’t have a conscience, people do.

That means that every time you say, “It’s just my job,” or “My department has a policy,” or “All I do is work here,” what you’ve done is abdicated responsibility–to no one.

It’s convenient and even comfortable to blame the anonymous actions of many working in concert on a evanescent brand or organization, but that starts you on an inevitable race to the bottom. Organizations have more power than ever before. They are better synchronized, faster, and possess more tools to change the economy and the people in it than ever before. And the only option available to the rest of us is for individuals to take responsibility (it’s not given) for what they do and how they do it.

The very same tools that permit organizations to synchronize their efforts are now available to you and to me. I guess the question is: will we use that power to humanize the systems we’ve created?

PS It’s not just about being a good citizen: when bad behavior comes back to hurt the company, it hurts you, too.

Considering that “Attorneys and Lawyers” account for 13% of the revenues for yellow pages publishers, I am sure once my new “Attorney Yellow Pages Advertising” website is complete, lawyers everywhere will have a new place to discuss these sort of injustices.

As a libertarian, not that it matters other than my addiction to all things political, I firmly believe that social media will be the deciding factor in how business is done. No longer do you get clients from name recognition alone. Reputation is vital to the success of any business entity. Activities like those mentioned above do not go unpunished. We have been forced to pick sides, whether it be Democrat or Republican, since the early days of voting. Social media and online reputation has thrown a wrench in the way the gears of business turn. You can not avoid your questionable actions. Future elections will be decided in social media, not yard signs and bullcrap TV ad promises.

My response to SuperMedia’s management teams response to this email? “How about telling the legal department to call me!”

looks like the old walking fingers is flipping us the bird, huh?

Otherwise, I will be seeing you folks here later. Standing by the good guys. You know, the big local law firm that has padded the pockets of your crony executives and sales reps for countless years only to be stabbed in the back by your so called “media consultants”.  Just a bunch of mindless cold calling commission sales reps. They (specifically all the new folks you hired to cut salary costs) don’t know the first thing about real media buying.

 


Verizon Idearc SuperMedia Stock Fraud Scam discovered. How bankers and executives pad pockets!

July 30, 2010

Verizon’s Idearc SuperMedia Stock Fraud Exposed

Verizon SuperMedia Stock Scam LogoHere is a link to the Class Action Lawsuit filed against Verizon, JP Morgan etc for SuperMedia/Idearc Stock and Bankruptcy Fraud. Verizon, Idearc’s Executive’s including most of the same Verizon and now current SuperMedia leadership, committed a crime! I was a Verizon employee from 2000 to 2006, then Verizon Yellow Pages became Idearc. It all went downhill from there! Looked at the SEC filings and figured out what Idearc did. They may have gotten away with a perfect crime. I just can’t figure out how a bankruptcy court judge would allow it. But considering the compensation of Idearc’s bankruptcy lawyers in Dallas, and the history with the local federal bankruptcy judge… this looks worse than Bernie Madoff!

How to wipe out shareholders and pad the pockets of bankers, hedgefund managers, and executives 101:

Step 1: Create a public company with two accounts one public and one private.

Step 2: Load all debt to the public account at inception, but report all earnings as one entity, which makes most people believe the debt to asset ratio is okay.

Step 3: Put most of the money into the private account.

Step 4: File for bankruptcy and get rid of the public account.

Step 5: Do it again under a new name.

Very clever, but is it legal? The courts will have to decide. The company had $1.7 billion in assets when it filed for chapter 11 and that money was never factored in during the bankruptcy. On at least 3 separate occassions, Verizon has sold or spun off companies which they themselves overloaded with VERIZON debt. (Fairpoint Communications, Hawaiian Telecom, and Idearc Media) All 3 of these companies filed for bankruptcy resulting in massive losses to anyone who invested their hard earned money trusting the Verizon name. I have always been a strong believer in the “buyer beware” philosophy but Verizon’s hands are certainly NOT clean in all of this. Any individual investor who got caught up in this would be hard pressed to defend Verizon. The entire 2006 earnings is a fraud. Verizon declares $772 million net earnings minus any debt. Verizon then spins off Idearc and takes most of the cash and leaves Idearc with $72 million. Verizon set up two accounts in respect of its whole business: one to hold the cash (the $9 Billion that it borrowed), and one to hold the debt for the borrowing (Spinco). The latter it got rid of, but wrapped up in a pretty package, along about Thanksgiving time, called “Idearc” (vaguely reminiscent of a sort of Noah’s arc of supreme “wisdom”), and garnered with a handsome (though very perishable) dividend. Actually, it was a bomb, expressly timed (in the “tax sharing agreement”) to explode exactly at the two year mark necessary to avoid capital gain tax on the transaction.

Check the most recent income and cash flow statements and you will see that the company is an operating cash cow. But in 2009, I think management wanted the bankruptcy to succeed to get out of paying the debt, so they paid out huge sums to bankruptcy attorneys and for marketing consultants. Now that the bankruptcy is over, management owns shares of new stock and will have an incentive to cut costs and raise the stock price. Paulsen had an obvious incentive to provide a low ball value estimation to get the stock as cheaply as possible.

And then, when it did explode in hands of remote purchasers for value (relying on the Verizon name and integrity), and just as was certainly predictable, Verizon, acting like a total stranger, simply walks away. It might have stopped; it might have looked, and thought of something – thrown a blanket over the victim of its own actions – it could have guaranteed the bonds; taken a preferred issue to pay them off, made a short term loan to help its own telephone book get through the recession – many things…but no. The causal agent of the catastrophe acted just like the driver who hits the pedestrian – 437,000. of them in this case – and just goes on driving down the road….the SEC POLICE nowhere to be seen. It is likely the low point of the American securities system and the New York Stock Exchange. Current participants in this don’t want to tell it. History certainly will.

Just in case you wondered:

Counsel to the Debtors  (Idearc) – Fulbright & Jaworski L.L.P. 2200 Ross Avenue, Suite 2800 Dallas, TX 75201-2784 T: 214-855-8000 F: 214-855-8200 http://www.fulbright.com

Counsel to Unsecured Creditors – Haynes and Boone, LLP 2323 Victory Avenue, Suite 700 Dallas, TX 75219 T: 214-651-5000 F: 214-651-5940 http://www.haynesboone.com

The Debtors’ actual cash balance as of July 31, 2009 was $616 million.

and check this out: http://www.belltelretirees.org/images/stories/docket_29_-_supermedias_motion_to_dismiss_reply_brief.pdf

Latest update: Verizon Sued for Fraud http://www.bloomberg.com/news/2010-09-16/verizon-sued-by-idearc-creditors-claiming-2006-spinoff-led-to-bankruptcy.html