Federal-Mogul Corporation (OTCBB: FEMO) has recently exited from bankruptcy, and has traded OTC on the Bulletin Board since. Today, the company has announced that it will leave the OTC market and head over to the NASDAQ Global Market on April 23, 2008. Its new proposed stock ticker symbol will be “FDML.”
Federal-Mogul also recently announced that it will report its first quarter 2008 results on April 22, 2008.
Since emerging from bankruptcy, this has traded in a range from 418.00 to $27.00, and shares closed yesterday at $19.40. Because of acquisitions made, this company ended up with something to the tune of more than 350,000 asbestos claims. As a reminder, Carl Icahn owns (as of last look) most of the post-bankruptcy company because of his funding that helped pay asbestos claims.
The company manufactures and distributes parts, components, and systems in the automotive, small engine, heavy-duty, marine, railroad, aerospace, and industrial markets.
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Jon C. Ogg
April 10, 2008
Jon Ogg produces the Special Situation Investing Newsletter. He can be reached at firstname.lastname@example.org and he does not own securities in the companies he covers.