Filing Says Citadel Nixed Shareholder's Exercise Of Stock Purchase Warrants
July 28, 2011 at 3:54 AM (PT)
An SEC filing by investment firm PENTWATER CAPITAL, which has sold its interest in CITADEL BROADCASTING in advance of CITADEL's acquisition by CUMULUS, attempted in APRIL to exercise a portion of its warrants to purchase 2,399,900 shares of CITADEL Class B common stock but was denied the opportunity.
"Apparently based on its interpretation of the conditions in the warrant to such exercise," PENTLAND wrote, "the Issuer refused to permit the Reporting Person to exercise its warrants."
PENTLAND owned 6.09% of CITADEL in APRIL (275,319 shares) before disposing of its shares.