SCIENCE/TECHNOLOGY
- Share via
NASDAQ Halts Trading: Trading of Resdel Industries’ stock has been halted by NASDAQ because the telecommunications company did not meet the exchange’s net worth requirements.
Bruce Rossiter, the company’s new majority owner, said the stock will be traded on brokers’ “pink sheets” while he appeals the decision with NASDAQ officials. The appeal is likely to take months, he said.
Rossiter acquired 57% of the financially troubled firm from the Phoenix Group International in Irvine in late January for a future cash payment of $1 million to Phoenix.
Resdel has about $17 million in liabilities for back taxes, unpaid medical-insurance claims and past due payments to suppliers, contractors and landlords, as well as a $10-million convertible note held by Reliance Insurance Group in New York.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
