New York-listed Genco fell 29.44% before hitting$1.25 in the hours after the opening bell amid rumours that it called in Moelis& Co and Kramer Levin to oversee an overhaul.
A well placed source at the company’s Manhattan headquarterstorpedoed the reports when contacted by TradeWinds.
“Not only have we not hired Moelis, we haven’t hiredanyone,” they said Tuesday morning. “Kramer Levin has been our corporateattorney for seven years, and they do have a restructuring practice but so doall big firms.”
Observers
