Watching Champion Enterprises, aka, Genesis, Redman, etc. stock spiral down on a daily basis to a low at closing today, 3/12/09 of $0.12 per share is very sad. Spiraling down slowly is one thing, dropping like a rock, from $0.22 to $0.12 in one day, is quite another! While it is true that management deserves whatever happens to them, i.e., the book value of their individual stock holdings evaporates, it is not fair to the employees and factory workers whose jobs are at stake.
Obviously, William C. Griffiths, President and Chief Executive Officer of Champion Enterprises, Inc. is watching out for himself, he was just elected to the Board of Directors of Quanex Building Products Corporation. Wonder who the next CEO of Quanex might be?
Champion Enterprises stock normally has an average trade volume of 636,000 shares, today the volume was 6.45M. Someone is dumping a lot of shares!!
Speaking of Winners & Losers;
Winners, anyone who might have been considering a product manufactured by Champion Enterprises, Inc. No decision to make now!
Losers, everyone who ever bought a product from Champion Enterprises, Inc.!!!!!!!
Hard to say what's next, more factory closings, management shakeup or perhaps a bankruptcy of some sort.
