What to do when your listing is on the verge of being purged
In 1999, LeGrand Young, vice president of administration, secretary and general counsel of Connecticut-based Raytech, found his company caught between a rock and a hard place. The NYSE had just announced a change to its maintenance listing standards. Raytech's market cap had fallen below the new $15 mn cut-off - indeed, the company was in bankruptcy - and the exchange gave it 18 months to turn itself around or be delisted.Seventeen months and 28 days later, with just 48 hours to spare, Raytech
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