Brace yourselves everyone. A major RIF is coming along with portions of the company being sold. If history prevails, this is how Elliot moves: CEO removal, evaluation of the business, major layoffs, sell apart of the business and then eventually leave after getting $$$$.
Also, everything mentioned on this layoff site has come true. Don’t believe management and brace yourselves
Fiber is gone and w any luck the 80% of management that is only there due to nepotism and fraternization will be gone as well. They all need re interviewed and evaluated by an outside neutral party.
Compared to tower fiber runs a skeleton crew but it's still very bloated, especially in the wrong places. PD is understaffed, D&C is understaffed everywhere but enterprise fiber CMs, and everywhere else is a bloated mess just like towers.
Instead, Clown is still trying to sell towers. Buhbye
@1njm+1qavroN4 Fiber is a skeleton crew in crucial roles and people are at their wits end for being over worked. Fiber is bloated in other areas (like upper management and groups that bring no value and only exist to create more work for others).
Fiber does NOT run on a skeleton crew. Supervisors and managers have an average of a 1 to 3 ratio of direct reports. That is far from the definition of a skeleton crew when our competitors run in excess of a 1 to 10 ratio.
“Either way, fiber won't have 10 people on staff to create a single PO anymore.”
I honestly don’t know if this is a serious comment or not. From someone who has worked on both sides of the business, fiber runs on a skeleton crew compared to towers.
After reading the 8K and cooperation agreement with Elliott, it is obvious Crown's back is against the wall. I don't know if a sale of the fiber business will be the move because nobody wants this garbage network. I see a spin off or a joint venture as a more realistic choice. Either way, fiber won't have 10 people on staff to create a single PO anymore. They're going to have to get used to operating as a leaner organization.
I'm pretty much regurgitating the obvious. However, I'm bookmarking this comment so if anybody post here in the future about how they were surprised that fiber got cut (no pun intended), I'm going to link back to this point and say "you were told".
100% accurate. Don’t wait friends. Start looking now and don’t wait for the perfect position. Get out before the market floods again.
Elliott's site (https://restoringthecastle.com/) seems to be offline now. It means they got what they wanted. They have also canceled their 220 request to look at Crown's books (per an SEC filing yesterday).
People of Purple--time to find another castle!
@OP+1qavroN4 Exactly. Jay's departure was a nice payback, but don't kid yourselves about Elliott, people. Now that they placed two of their people on Crown's board, events are going to move with even more speed (i.e. Elliott has people on the board NOW and did not wait for the spring). Start looking for a new job NOW. The Crown as you knew it is over--for good.
As a shareholder, I think a sell off and a RIF is the best thing that can happen for the stock price. Anybody affected by a RIF really can't say they were surprised. Its been talked about on this site for years.