The capital raise added more than 465 million shares to thecompany, more than doubling the number of shares outstanding. Afterfalling from the $8 range to the $5 range after the accountingfirm's dire assessment last week the company's share pricerebounded on Monday's news of the successful capital raise, jumpingback up past $6.50.
Today, with analysts revising their price target for the companydownward because of the share dilution, shares in the company aretrading in the mid $5 range. Little more than one year ago, thecompany's share price stood at $144.
On Monday, one week after revealing that it was in danger ofdefaulting on $5.2 billion in credit facilities secured byits US operations, the company announced the haltof construction at its active development sites worldwidealong with weaker-than-expected third quarter results. In the US,the work stoppage includes the $600-million, 50-story condo towerit has been constructing on the Las Vegas Strip, in front of itsnew Palazzo resort, as well as everything except the casino at its$700-million, 124-acre Sands Bethlehem development inPennsylvania.
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