Covisint Moving from the Compuware Building to Southfield

[OriginalG313]

The employees were told today. Remember, this is the company that once paid Kwame a hefty salary. Well, apparently the company has fallen on hard times since going public a year ago. The move is supposed to save them nearly half a million a year. I guess there were no vacant spaces in one of Mr. Gilbert's buildings for close to the same price as the space Covisint found in The Travelers Towers in Southfield.

[313WX]

How many employees do they have?

[Richard]

They cannot have to many with only $44,000 cash,they were spun off of compuware in an interesting stock transfer.

http://finance.yahoo.com/news/compuw...202638487.html

The stock dropped into the red mid afternoon then shot up,but even so thier balance sheet reads like the average income in the city,it's kinda like it was spun off to build the stock on compuware then kicked to the curb.

[Spartan]

How many employees do they have?

Somewhere around 250-300, I believe. I worked there while the IPO was happening and I think we had around 400-450 at that time, and they have laid off around 150 since that.

[313WX]

Somewhere around 250-300, I believe. I worked there while the IPO was happening and I think we had around 400-450 at that time, and they have laid off around 150 since that.

Ok, so not a big deal...

[DetroitPlanner]

I am still waiting to hear what this does to my CPWR stock.

[Danny]

Good riddance to that company. They can to move to Troy and happily ever after with tax breaks.

[RO_Resident]

The employees were told today. Remember, this is the company that once paid Kwame a hefty salary. Well, apparently the company has fallen on hard times since going public a year ago. The move is supposed to save them nearly half a million a year. I guess there were no vacant spaces in one of Mr. Gilbert's buildings for close to the same price as the space Covisint found in The Travelers Towers in Southfield.

Gilbert must have space. I wonder if it is more of a SAAB/GM situation. With a bad breakup, sometimes you have to find your own space.

[OriginalG313]

Somewhere around 250-300, I believe. I worked there while the IPO was happening and I think we had around 400-450 at that time, and they have laid off around 150 since that.

Yep, they laid off a bunch of folks when the new CEO came aboard. And, folks have quit. I feel bad for the employees who have built there lives around that location over the past 10 years. There are employees who have children in the child care center in the building.

[Spartan]

Yep, they laid off a bunch of folks when the new CEO came aboard. And, folks have quit. I feel bad for the employees who have built there lives around that location over the past 10 years. There are employees who have children in the child care center in the building.

Yeah, I would've been seeking something new for sure if I was still there. Not interested in working in Southfield at all.

[Spartan]

I am still waiting to hear what this does to my CPWR stock.

Nothing, CPWR was purchased and is no longer a publicly traded stock. Any shareholders will receive the amount agreed to in the deal for each share. Though you may have received COVS stock as part of the distribution. I doubt a move would really affect the stock price much, especially within the same metro area.

[OriginalG313]

They cannot have to many with only $44,000 cash,they were spun off of compuware in an interesting stock transfer.

http://finance.yahoo.com/news/compuw...202638487.html

The stock dropped into the red mid afternoon then shot up,but even so thier balance sheet reads like the average income in the city,it's kinda like it was spun off to build the stock on compuware then kicked to the curb.

And, then there is this.
"This securities case alleges that Covisint and its Wall Street bankers raised money in an IPO by relying on inaccurate information about the companies future growth prospects. Specifically, information existed at the time of the IPO that future revenue growth would be far more limited than the company led investors to believe. "

http://www.classactionsnews.com/inve...action-lawsuit

[DetroitPlanner]

Nothing, CPWR was purchased and is no longer a publicly traded stock. Any shareholders will receive the amount agreed to in the deal for each share. Though you may have received COVS stock as part of the distribution. I doubt a move would really affect the stock price much, especially within the same metro area.

That is what I figured. I am going to lose once it gets bought out anyways.

[stinkytofu]

That stinks.

I do know a part of the old Compuware is now called Lochbridge and just this week moved from the Compuware building to 150 W. Jefferson. Not sure how many employees that was - or if there are other divisions that split off and are remaining downtown - but this isn't the same number of employees as if say Compuware moved out in 2005.

[DetroitPlanner]

That stinks.

Hey it is all part of investing. Sometimes you win big, sometimes you lose.

It can be fun through. I once had a tiny slice of a REIT that owned Water Tower Place, Copley Square and the mall in Downtown SanFran with Nordstroms in it. I would go to Water Tower look at the suckers buying overpriced crap and smile big because I knew I was getting paid from them.

[Hypestyles]

what are the chances that Mr. Gilbert can buy the Compuware Building?

[DetroitPlanner]

Gilbert buys buildings on sale. Depends on what the offer is and if he thinks it is worth the risk.

One plus is that it does have a lot of parking which is primary part of his portfolio.