The Exchange, as previously announced on December 3, 2001 and January 11, 2002, has continued to monitor events at the Company. The Exchange notes that today's action is being taken due to the expected protracted nature of the Company's bankruptcy process and the uncertainty at this time as to the timing and outcome of this process as well as the ultimate effect on the Company's common shareholders.
The Exchange notes that it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of an issue in light of all pertinent facts whenever it deems such action appropriate, and that the Exchange may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable. In light of all the circumstances presented by the Company and its bankruptcy, including the fact that the Company has traded at a price level deemed abnormally low and has recently fallen below the NYSE's continued listing criteria relating to: average closing price of a security less than $1.00 over a consecutive 30 trading-day period, the Exchange has determined that the Company's securities are no longer suitable for trading on the NYSE.
