Charter Communications (NASDAQ:CHTR)

We will track Charter as it  emerged from Chapter 11 on November 30, 2009.  Coding as GeoSpecial on the radar.

We are not sure if this restructuring story has legs. It requires more due diligence.  EBITDA is $21.00 per share, but we are still attempting to get a grip on EPS. The Company has applied to NASDAQ to list its Class A common stock and believes it will be in a position to complete the listing of its upon filling the vacancy on its board of directors and audit committee.

As part of the terms of the reorganization plan debt holders received five warrants with exercise prices of $46.86 and $51.28. We found it interesting that the warrants are trading at a pretty hefty premium....

CCHJW: $4.25

CCMMW: $6.00

leading us to believe that there is a degree of optimism that the common shares, currently at $33.00, will appreciate significantly.  Today, we actually observed a 50k share block on the ask for CCMMW.

Shares of CCMM have fallen well off their high, so we may be over thinking this.  But we are speculating that  the decline may have to do with uncertainty over the company's ability to extend its credit line.  CCMM is now in the midst of addressing this issue. We will watch closely.