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Shares in Riverstone Networks, the other company spun off from Cabletron Systems, can no longer be traded on a public stock exchange.
Nasdaq delisted the California-based firm on Sept. 11 after it failed to meet the exchange's Sept. 8 deadline for filing annual and quarterly filings for the Securities and Exchange Commission. Riverstone said it would appeal the decision, but in the meantime the company can't be traded through the exchange.
Stockholders can still buy and sell through Pinksheet, a private company in New York City that facilitates over-the-counter trades via the Internet. But Pinksheet doesn't require that its companies follow SEC regulations.
Some companies have come back from the Pinksheet trading in relatively good shape, but Riverstone's position is precarious.
Because of the delisting, bond holders now could call in more than $132 million in loans, undermining Riverstone's strong...