Junk Debt Laden Convergint Facing Coronavirus Crisis

By: John Honovich, Published on Apr 08, 2020

Convergint has $1+ billion in junk debt putting significant pressure on the company. While the rapid debt buildup enabled the company to go on an unprecedented acquisition spree, the company is now facing a coronavirus crisis.

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Inside this note, we examine:

  • Why Convergint had named themselves 'gopher sub'
  • What Convergint's debt rating is
  • Why the debt is so poorly rated, i.e., 'junk'
  • What mistakes the bond rater made that make the debt even risker
  • How coronavirus has impacted the company
  • Why Convergint has far more coronavirus risk than other integrators
  • How Convergint 'fun and laughter' contrasts with Convergint massive junk debt
  • What role Convergint's private equity owner can play in this crisis
  • What the future holds for Convergint

********** *** $*+ ******* in **** **** ******* significant ******** ** *** company. ***** *** ***** debt ******* ******* *** company ** ** ** an************* *********** *****, *** ******* ** now ****** * *********** crisis.

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****** **** ****, ** examine:

  • *** ********** *** ***** themselves '****** ***'
  • **** **********'* **** ****** is
  • *** *** **** ** so ****** *****, *.*., 'junk'
  • **** ******** *** **** rater **** **** **** the **** **** ******
  • *** *********** *** ******** the *******
  • *** ********** *** *** more *********** **** **** other ***********
  • *** ********** '*** *** laughter' ********* **** ********** massive **** ****
  • **** **** **********'* ******* equity ***** *** **** in **** ******
  • **** *** ****** ***** for **********

[***************]

No ******** **** **********

********** *** *** ******* to ****'* ********* ** this ******.

'Gopher ***' / ********** ******

*** ***** *** ** not ********** *** ****** imagery, ********** ***, ** until ********, ********* ***** itself *** '****** *** Inc', ** ********* ** this **** ******:

*** ****, ******* **, 2018 -- *****'* ********* Service ("*****'*") *** ******** ratings ** ****** *** Inc. (*** "**********")

*** ****** ***** **** the**** ***** ************** ********** ***** * ***** part ** *** **************.

****** *** ******** *****, the ******* *** ******* into * ***** *** highly ****-****** ************.

Convergint **** ******

********** *** **** $* billion ** ****, ********* to * ******* **** Moody's ****** **** **** purchased. *****'* ********* ********* us **** ******* *** report *** **** *** allows ** ** ******* and *******.

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*****'* *********, **** ****** coronavirus, **** ********** ***:

********** *** **** **** Moody's-adjusted ****-**-****** ******** – 7.0 ***** ** ** September **, ****

'Junk' **** ******

******* ** *** **** debt ******, *****'* ***** Convergint * **, ***** on *****'* ***** ** considered '***********' *** * 'high ****** ****'

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*****'* *********, *** *** benefit ** ***** ********* like **********, ***** **** "non-investment *****". *** **** common ********** *** '***-********** grade' ** '**** *****' ** '**** ****'.

**** **** * ********* with * ********, *** higher ***'* **** ** relative ** ***** ******, the **** ****** *** debtor **** ******* **** they **** ***** *** or, ** **** ****, when*********** ****** ******** ** collapse.

**** ** ******* **** equity ** **** ********* prefer ** *** **** challenges *****, **** ******** still ***** ** ** paid, ***** ** * major ******** ** * time **** ****, ******** to ******.

Mistakes *****'* ******

*** **** ********* *** fundamental ******* ** *****'* rating ** **** **** characterize ********** ** ****** 're-occurring *******':

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*** *****'* ******* ********** re-occurring ******* ****:

* ******* ********** ***********, in ***** ********** ** shortening *********** ****** ***** reducing ******** ******, ****** for ******** ******** *** retrofits, ********** ***re-occurring ****** ** **********'* ********.

***, ** *********** ****, security *********** *** * low ********** ** ******* from **** *********** *******, as **** ******* ** from ******** **** *** sensitive ** *** ***** to ***-**** ** ******** conditions. ******, ************ ******** ******:

** *** ********* *** business ******* **% ****** one *** ** *** city-directed ********

* ******* **** * strong *********** ***** ***** not *** **** * catastrophic ********.

Convergint *********** ******

****** *** ******************* **** *** ***** revenue **** **************** ********** ** ** a ******** *** ******** due ** *** ******* debt.

**** ******* ***** ** it *** **** ********, it ** **** *** to *** ***** ***** the ********* ** ** productive ******* ******** ****** in. ***, *** *** typical ******** ********** **** minimal ****, **** **** need ** *** ****** in *********** ***** ** stay *****.

**** **********, *** ******** on *** **** ***** needs ** ** **** (i.e., ********** ****** "******" their ***********). *** **** you **** * *******-**** dollars ** **** *****, the **** ** **** interest *** ** $** million ** $*** ******* per ****. *** *********** of ********** ******* *** mandatory ******** ******* *** problems *** **********.

Competitors *********** ** ********** ****

***** ********** *** ****** scale *** ******** ********* having**** **** *,*** *********, *** *** *** US ********** ** *********** its ******* ** *** benefits, **********, ******* ***********, e.g.,*** *** / **** forgiveness *******.

***** ***, **********'* *********** spree *** ********* ********* debt ******* *** ******** on ******* ***********, *** roles *** **** **** reverse *** ******* *********** that ******* **** ********** programs *** *** *** pick **** ** ****** than **********.

'Fun *** ********' ** **** **** ***** *******

***** ****************** '*** *** ********', ******* **** ***********, in * ******, ** anything *** ****. *** Convergint ****** ** ********* for ******** ** **** values *** ***** ****** are ********* ** ****** when *** ******* *** pursued * ******** ** maximum **** *******.

*** ******* ** **** debt ******* *** **********'* executives *** ********* ***, until ***, *** ** keep **** ****** *** make **** ********, ** the **** **** *********.

Owner ** **********, **** **********, ****

**********'* ************ ** **** **********, ** ********** **** that ****** ********** **** another ********** **** ** 2018.

*** **** **** *** Convergint ** ******** *** **** $** billion *********** *** ***** ** coronavirus ** ******. *** challenge ** ******* ***, on **** *****, **** Ares ******* ********** ** this ******.

*** *****'*, **** **** a "*****, ***-***** ********" on ****** *** ********** in ****. *********, ** the ***** ** *** this, ********** ** ***** far ****. ** **** may ** ******* ** provide ** ****** ******** but ****** ** * much ***** ***** ***** would ******** **** ** wipe *** ********** *********'* equity. **** ***** ** even **** ********* *** Convergint ***** ** **** 20% *** ****.

Future *** **********

*******, **********'* ******, **** virtually ********, ******* ** how **** *** *** bad *** *********** ****** lasts.

** ** **** ******* and ****** ****** ****** business ****, *** ****** will ** *********. *******, even ** ** ********** scenario, ** ***** ** would ** ********* *** Convergint ** ****** *** acquisition ******** ** ******* will ********* ** **** conservative *** ********* ** a ******* ******* *** such **** ****. ********** had **** ********* $*+ billion ****** ******* ** the **** *** *****, which ** *** ********* impossible.

*******, ** *** ******** lasts ****** ** ******, Convergint ***** ****** ***** long **** ****** ** its *********'* ******, *** company's ********** *** *******, putting *** *******'* ****** at ****.

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Comments (47)

*** ****** ** ***** is *********** *** ********** under ***** *************. ** they **** *** **** “recurring,” *** ** *** substance ** **** ** up, *** ********* ***** not ** ** ****. “Recurring *******” *** “*********** revenue” *** ** *** apart ** ** ***** is **** ****** ******’* for ***** *******!

********** ***** *** ***** that ***** * ****** root ****. ***** **** are **** ***** ** meaning, **** *** *** the ****. ********* **** is**************** **** *** **** again, ******** ** ******* intervals. ** ********, ********* that *************** ****** ********* ***** but *** ****** **********.

**** ********. ** ****'* how *****'* ***** **, it's *********** ******* **** or ***** ** **** restaurants *** '**-*********' ***** that **********.

* ********* ***'* ********** why *****'* ********** ** the *** **** ***, clearly ********** *** ***** systems ********** ***** **** type ** ****, ** a ********. ****'* *** difference ******* ********** ********* / ********** ******* (**** alarm **********) *** *********** video ******* *** ********** clients.

** ****. *'** ****** with ********** ** * manufacturer ** *** **** and **** ****** **** impressed ** ***** ********** and *******. ****** *** and ******** (*** *** whole ****** *****) ** only *** ** ***** values. *** ****** *** accountability, *******, *** **** are **** "********" ******** values. *'* ***** **** trying ** **** * bit ** *** ************ is **** ********* *** than ****. *'* **** saying **** *** ***** Caddyshack ***** *****'* **** that **** *** * goofy ** ***** *** company.

**** ** ********** (*** households) **** **** ******* very **** ****** ******* (BC) *** ******** ** fail ** **** ****** and *** *********. * personally ***** **** *** economic ******* ** **** starting *** **** ** going ** ** *******. Governments **** ** ****** massive ******* ** ***** the ****** ** ********** that ****. ******** ***** will ** *****-***. ***** factors *** **** **********; I ***'* ****.

******* ******** **** *** best *** ****** *'* wrong ***** *** ****** universal ******** *** * see ** **** ******* started.

**** ** ********** (*** households) **** **** ******* very **** ****** *******

**** ** ****** *** thing ** ******. * think * *** ** companies **** ******* **** precariously, *** **** ** obvious ******* ***** ** their *****. ******************* ** * ******* that *** *********** ********* in * *** **** required *** ******* ** sustain ****** ** ***** for **** ** **** their ********* *********.

* ******* **** *** running "**** ****" *****, IMO, ** *** **** had **** **** ******** or *** ******* ** sustain ** ************* ******** perhaps * ****** ******.

*'** ****** **** ********** as * ************ ** the **** *** **** always **** ********* ** their ********** *** *******. ... *** ****** *** accountability

*** **** ****** ** you **** **** *** all ***** ** * massive ****** ** **** bonds? **'* **** **** (literally ** *****'* ****** denotes). ** ***** ** that **'* **** ** promote * ***** ******* when *** *** ******* it **** ******* ******* of ****. ******* **** can ***** ****** ******* by ****** *** ***** credit ***** ***...

******** ***** **** ** ultra-low.

******** ***** **** ******* very *** ****** ****. The ******* ** **** junk ****** **** ****** as ******* **** ****** risk-averse (*********):

***** *** ** ********** will ***** ******* *** companies **** **********. **'* certainly ********, ***** ********** else *** ** ********** is *****.

*'* **** ****** **** the ***** ********** ***** doesn't **** **** **** are * ***** ** badly *** *******.

******* ***** **** *** about ****. **** ***** them ***** *** ** that **** **** ** a ******* ****** ** junk ****. *** **** to *** '***** ***' is **** *********** **** super **** ****. **** gambled **** **** ***** be **** ** **** with $*+ ******* ******* before * ***** *********. They ****.

**** * **** ** fascinating ***** *** ********** references ** *** *********** of **** *** *** massive **** *****. *** or *** ***** ************ is '********' ** **** level, *** *** ***** is ****. **** **** make *****?

**** ******* **** **** would ** **** ** exit **** $*+ ******* revenue ****** * ***** recession. **** ****.

*** ****. ******, **** gamble ***** **** * loss***** ***. ** ***** ** just **** *** ******** to **** ********** ****** with **** *** ******* very **** ***** * month ***. **** ****** that **** ******* **** 1 ***** *** *** now ** ********* ********. Cruise *****, ********... ****** may *** ** ******* out *** **********; ** not. ***** ** *** culture ****'** *****, * give **** * ****** chance **** ****.

***** ** ******* ***** about *** ********* ** all **** ********* ** right ***. **** ******* to ********** ** ****. I **** ***'* *** how *** "**** *** occasionally" **** ** ***** culture ** ********* ** criticism. **'* **** ***** now ** *** ********* to ********* ********* **** before **** ***** ***.

* ********** ** **** trying ** **** ** together. * *** ** remind ****** **** **** others *** ** *** same ********* *** ** be ** **** *** compassionate ** ******** ** all ** ** ************. All *** **** ** everyone *** ***** *** for ******** **** ******** forum *** *********** **** this.

******, **** ****** ***** like * **** ***** now. ** ***** ** just **** *** ******** to **** ********** ****** with **** *** ******* very **** ***** * month ***

********. ** *** ****** a ******. ******, * dismissed *** **** ***** Convergint ****** **** **** even ****** ****** ********* had ********* ** ** me *** **** ****. It *** ** ********* a *** **** **** I ******* **** *** to ** ********.

*** ******** **** ******* largely ** ******** ** highly *********** ** ************* that ***** **** **** levels **** *****.

* **** ***'* *** how *** "**** *** occasionally" **** ** ***** culture ** ********* ** criticism.

*** **** * ****. I **** ****** ** because * ******* * was ****** *****:

**** * **** ** fascinating ***** *** ********** references ** *** *********** of **** *** *** massive **** *****. *** or *** ***** ************ is '********' ** **** level, *** *** ***** is ****. **** **** make *****?

*** ******* ***, ** you **** *** *** laughter, ****, **** ***'* load **** ******* ** with **** *****.

******, * ********* *** idea ***** ********** ****** such **** **** ****** people ********* *** ********* it ** ** *** some ****. ** *** so ********* * *** idea **** * ******* they *** ** ** mistaken.

****** **** *** **** more *********** **** * do. * ****** ***'* know ******** ***** **********'* finances *** ** *** defending ***** ********.

**** ****** **** ****** everyone ** ***** *** financially ** **** ****.**** *** *******, ********** ****** ** be ***** **** *********** while ********* ** ********* culture. * ***** **** whole ***** ** **** their ******* ****'* **** it ******.

"******* **** *** ***** better ******* ** ****** out ***** ****** ***** too..."

****, * ***** **** writing *** **'* *********** look ** ******. **** not ****** *****, **** I **, *** * will ****** ** ** the ********.

* ***** ******* **** them ****. *** * little ******.

*'* ********** ** ***/**** end ***** **** **** ready ** ***** ***** again ** ********.

* ******* *** *** USA, ** ***'* ** in *** ***** (** in **** ** ** out *****) ***** ****. End ***** ***'* **** good ***** ******** ***** until ******* (***** ***** right?).

**** **** *** *********** squeeze *** **** ** Convergint, *** *** ***** security ********.

******** ******** **** **** be *** ** ****. Only *** ****** *******.

* ******* **** ******** will ***** *** ****** end-users ** **-***** ***** planning ******* ** ** relates ** "*** ******" event ******** ******** *** procedures. ** ** **** seen ** **** ******** incident, ******** **** **** impacted ** *** ***** of *********** *** *** particular *****. ***** ******* have **** **** ******** and ********. ******** ********** can **** * *********** role **** ********** ** rapidly ******** "*********" ** the ********** ** ******** in ** *** ********* operations *** ********** ** operation ****. ******* ***** we ** *** **** to *** ******** ** fall ** *** ***** of ******** *** ***********.

*** *** ********* ****? I'm ******* ** **** thoughts?

* *** *** ***'* believe **** **** ** the ******** **** **** be ****, ***** ** 'disagree' ****. * ***** believe ** *** ** essential ********, *** ***** I *** ***** **** the ****** **** ******* better **** *** **** financially, **** ** **** fail, * ***** ******* the *** **** **** be *******, **** **** is **** *** ** are '**** ** ******, whatever **** **** ****.

* **** ***'* ***** companies *** ******* ******* or **** ************ ***** for *** **** *-* months ******* ******* **** unfortunately. *** ******* ***'* be **** ***** **** year.

* **** **** *** that *** **** ******** of *** ******** *** still ********** ** *** field, *** ** *** heavily ** *** ************. We're **** ****** *** projects ***** *** *** awarded.

**** **** **** ** lost? **********. **** **** furloughs ****** ** ***** the ********? **********, *** when ****** ***** **** up, ***** ********* **** be ********* *** ***** folks **** ** **** at ****. ***** ** be *-* ******? *** knows. * **** ***'* believe **** '******** **** will ** *** ** half'. ***'* *** **** happening.

*** ***. * ******'* take *** "*********" **********. You ***** ********** ** right *** * ***** a *** ** ****** are ****** ** **** positive *** ********** ** the ******. *** ******** impact ** **** ** going ** ** *******; I ********** *****. *** security *** ****** ** fare ****** **** **** sectors ** ***** **** this. **** ****** *** safe. **'** ****** ** the *** ** **** mess **** ** **** a **** ***; ** we *** **** ***** for **!

*** ***** *** *** your ********. *'* *** taking ******** **********. **** I ****, *'* ********* interested ** ***/**** *** disagrees.

** *** ***** *** before ** ***** ******* at **** **** ** July?

*** ********* **** ** ready ** ***** ***** before/after *******?

******* ****** ** ********* for *-* ****** **** this *******, **** **** of *******?

* ***** **** ************ #2. ** **** **** worked **** ********** *** are ******* ********* ** their **********, ***** *** technical ***** *** ******* culture. ***********, **** ****** the **** **** **** decided ** ***** ** much **** ***, ** use ** ** ********** as **** **** ** the ************ *****. ****'* a ***** **** ****** a ******* *******, ** you **** ****** ** the ****** *** ***** as **** ***.

*** ********** ***** *******, can **** ******* ************ for ********* *** **** taken ********* ****. *** same ***** ******** *********** after *-** **** **** companies ***** *** ******* the ********* ******** ****-**** and ***** **** *** through ****** ***** ********. Confidence, ******** **** ****** and **** *** **** in *** ******** **** a *** **** ****'* survive.

*** **** *** **** stock ****** ***** **** had ****** ******* *** of ******* ** ***** death, **** ****** *****, run **... ****. ** shouldn't ** *** ******** will ****** ** * great ********!

** ****** ********** **********. The ******** ******** ** having *** **** **** a *********** ****** ***, how *********** *** *** how ****..., ** *** knows *** ****. ********, historically, **% ** *** things ** ***** ***** never *******!

** *** ****** ****, we **** **** ********** partners **** *** **** now ***** ******* **'* and ***** ********, ****** the ********. ** **** others **** ***** ***-***** customers (******* ****** **********) that *** ********** ****** planning ******** *** ******** they **** ** **** quoted *** ********* ****** their ***. ****** *** preparing ***'* ** ***** to ****** ***** ******* for *** **** ** 2021. **** ******* ***** will ** **** ***** this ********* *** **** on ********** **** *** security ********, ****-***** ******** and ****...

** **** ***** ** the *******, ********** ************ is **********! **** *** those ** *** *****! They ******* ** **** emerge, ****** ****** **** later!

***** ********* *** *** quitting. **** *** ******** out *** ** **** relevant *** ** **** for **** ** ***** to ** ******, ****** and ******** **** **** ahead!

* ****'* ****** ** run *** ***** *** we ******* ** *** old ******;"***** ***** ***** ****, Tough ****** **!"

** ********* **** **** Convergint *** *** ****** in *** ******** *** face **********, ****** **** this ****** *****, ******** than **** **** ******!

*** **** ******** ****** - **** ****.

*** **** ****** ****** - **** ********!

*** **** *** **** stock ****** ***** **** had ****** ******* *** of ******* ** ***** death, **** ****** *****, run **... ****. ** shouldn't ** *** ******** will ****** ** * great ********!

******* **** ******** ** further ********** ** *********** the **** ** ****** jumping **** ****** ** 1929:

*** ******* ** '**, Washington ****, ******* **, 1987:

"** **** *** ******. What *** *** *****? How **** ****** ****** in ****? **** "***** Thursday," ***. **, ***** the *** ** *** year, *** ******** *** attempted ******** **** ******** in *** *** **** Times, ********* ***** ****** the ******* *** ********. Eight ** ***** ****** had ****** **** ********, bridge, **** ** ********. Half ** ***** ******* were ********** ** ****** suffered ** *** *****. The ****** ** ******* leaps ** **** ****** during **** ****** *** a **** ***."

**** ***** ****** *****: Did ******** ********* ****** Jump **** *******? *******.***

"** **** ****** ***** as “***** ********,” ***** reports ******** ****** **** Street **** ********** ******* and ********* **** ******* out ** ****-**** ******* and ********** ** ******* as *** ***** ****** itself. “** **** *** suicides ***** **** ******** to ‘******’ ********* *** proved ****, **** ****** would ** * ******** village **** *******,” ****** ********* *************** *** ***** ***** Thursday."

*** **** *** ****** they **** *** ******* with * *** ** catch **** ** **** fall.

****,

* ***'* **** ***** we ***** *** **** through *** ********* ******* of *** ******** ** you **** ****. *** indepth ********* * ****** go ** ****** **.

******.

** ****** ************ *** the "***********" ** **** with *** *** *********. In *** ******** ********** is *** **** ********** culture ***'** *********. ******* the ****** ** **** offices ** ****, *** you **** *** **** as **** "********* ******** integrator *****, ** ***** people", *** *** ****** asking *** *** * job, ***********, ***. ********** is **** ******, *********, and ***** ***** ********** is ***** ** **** strategic ********. ** *** a ***** ******** ***** project **** ****** ****** internal **********, *** ***** leaders ******* ** *** righted *** ****. ********** has **** ****, **** charging *** **********. * think **** **** ******* this, ***** ** ***** financial *******.

****** *** ***** *** over

* ****'* **** *** article ** ********* ***** culture. * **** ** as * ********** ** the ***** **** *** before ****.

** *'* *** **** I ********** ***** ********* about ***** *******.

** ***** ** **** they'll ** ****** *** by **** *********** ** ownership *** **********.

* ****'* **** *** article ** ********* ***** culture. * **** ** as * ********** ** the ***** **** *** before ****.

* *** ** ****** industry ****** ***** **** highly ** ********** *** I ***'* ***** ****. I ***** *** ********* you *** ******* *** from ****** *** *** fairly ********** **** ***** positive *********** ** *** company.

*** * ***'* ***** that ****** ** **********. But ** * ** Convergint ***** ****** *** took * **% ****** while********** ***** *** ****** and ******* *****'***********, ***********, ***********', ********** owes ** *********** ***** how **** *******-**** ******* in **** **** ****** the *********.

*** ** * ** Convergint ***** ****** *** took * **% ****** while********** ***** *** ****** and ******* *****'***********, ***********, ***********'...

*** *****'*, **** **** a "*****, ***-***** ********" on ****** *** ********** in ****.

***. **** *********. **** me **. :)

********** **** *** ******** an **** ********* **** where *** **********'* ********* is ********** ** ****** 3x ******.

****** *** *** ********* and *********** ***********. * always **** ** *********** to **-******** *** ******* that "*** *********" **** the **** ********** ** smaller *********.....**** *** ****** bigger. * ****** ********* "small" ******* **** **** of **** **** **** even **** ******* **** Convergint, *******, ******* **** are ******** ** **** an ****** *****/***** ** rescue ****.

** *** **** **** a *********** ******** ** business, *** ** * smaller ******* **** **** debt *** **** **-******* monthly *******, ** *** well-prepared ** ******* *** storm *** **-****** ** tackle *** *************.

******* ******* **** ***** buying "****" ****** *****:****

#*, ****** *** *******. Note, ********** **** *** qualify *** *** **** referenced *****.*** ******* ******* *** a ********** ****, *** ******* here:

*** *** **** * minimum ** **** *** Convergint ** **** ***** at **, *** *** compare ** *** ********* chart *****:

***, ** *** **** bonds, **'* **** *** '****** ******', *.*. ********** ***** bonds **** **** **** only **** ** **** in *** **** *.****** (i.e., ***** ***** ****).

****** *** ******** ** up, ***** **********.

******* **** **** **************** ***:

* ********** ************ *********:

** ******** ** ******** was:

**** ***** *** ******** to **** **** * billion ******* ** **** debt? *** ***** *** describe **** ********? ** you *** **** ********** executive's **** ******** *** made *** ****** ****** much ***** *** **********?

** *** ** ****** else ** ********** ******** on ****, * **** update ****.

******** ** ***** ** an ** ******, *** there ** * ***** in * **** ******... and *** ***** ** losing **** ********* ******* debt ****** ***** * front ****. ******* *********** will ****** ** ****** the **** ** *** laid *** ********** ********* as ** *** **** out ** **** ******. The *** ***** *** government ** ********* ********* to **** ****** ***** employees **** **** ******* integrators ** **** ****** chance ** **** *********, customers *** ************* **** Convergent *** **** ** “fun” **** ***** ** cheap, *** *** ** fun *** *** ******* of ****.

*** *** ********* **** Convergint *********,***:

** ********:

*** *** *****, ****** you, ************** **** ***** money **** ***** / equity ********; ** **** run ***** ** **** now, **** **** **** to ***** *** ****** at **** ***** ***** which **** ************* **** their ***** / ******. So *** *** ****** 20% *** **** ***** significantly ** ******* ***** stock / ****** ********, does **** **** *****?

**** *** ********, ***, and ********* *** ******** their ***** ** ***** signalling *** * ***** tactic *** ****** ********* when ********** ** *** context ** *** *******-****** company ********** ******.

******* ********** ******** **** me **** ********** ********* will ********** ** *** this ******. * ***'* doubt ****. * ** doubt **** ***** ********** employees ********** *** ************* of ******* ** ** so **** ****. **** should **** *** ********** executives *** **** *** not '***********, ***********, ***********' about *** *** **** they **** ******* **. Will **** ***? **** they ****** ******* *** risks ** ****** **** much **** **** ** a ******?

* **** **** ******* this ******. ***, **** might **** ************* ********** in ***** ** **** their ********* ********** ******, but **** ********** ******** would **** **** **** they **** ******* **** their *****, *** **** it. **** *** **** couple ** *****, **** snatched ** *** *** best ******* ** ** area, ****** ********* **** strong **********, ********* ********* and *********** *********, ****-*** service ***********, ***, **** importantly, ********** ******* ************* with ***** *** *****. I **** **** *** the ********* ** ** area, *** * *** always ********* ** **********'* business *********** *** ************- they ********** ******* **** hand-holding **** **** ** my ***** *********.

********* ********* **** **** was ***** ** ** a **** **** *** the ******** ********, *** then ** *** *** black **** ****** ***** almost **************. **** ***'* Convergint's *****.

**** *** **** ****** of *****, **** ******** up *** *** **** players ** ** ****, buying ********* **** ****** leadership, ********* ********* *** engineering *********, ****-*** ******* departments, ***, **** ***********, profitable ******* ************* **** large *** *****

* ******* ****. *** of **********'* ******* ********* is *** **** ** they ****** **** ******? That's ****** * ******** for ************ ****-**** **** it ** ** ******* people ********* *** **** more ** ***** ***** circumstances.

**** ********, *** *** I **** ** ***** is ********* ********, *** they ****** ****** **** at ********* **** ** their ***-****** ********* ** critical **********. **** ****** seemed ***** ** **, too, **** **** ** the ******* ***** ******* politics *** ******* ********* about ******** **** **** I *** ****, *** example, *** ** *** employees. **** ****** **** concerned **** ********* *************** admin *****, *** **** they ****** ****** ***** where **** ****. **** definitely ****'* **** *** same ******** *** ***** expect ** *** **** a *** **** ** somebody ******* ** * large ***** *******.

* ******* **. *** question ** *** **** money *** **** *** become *******, *** **** Convergint ****** ****?

*** *** ** *** just ****** ***** *** regardless? ** *** **** of *** ***** **** make * ****** ** not ****** *** ********* tactics **** ********** *** had? * ***'* **** but ** **** *** now. ** ** * year, ********** ** ******** ahead, **** ** ****** volumes *** *** ******** of *** *******, *********** of ********* ********.

* ********** ********* **** now ********* ** ****************** ** **** ******. None *** ******* *** coherent ******* ** *** evidence *** ******** ******** here.

*** ******** **** ** the *********** *** ********* with *** *********:

** ** ********* **** neither ********** ********** *** their ********* **** ****** capable ** ******* *** facts ** *** ******.

*******, **** **********:

** ***** **** * of * ****** ** likely:

*) ******** ********** ********* simply ****** ******* *** facts ******** **** *** are ****** ** **** back *** **** ** unbiased **** ** **********'* financial *********.

*) ********** ********** *** sent *** **** ******** communications ** **** ****** to ******** *** ************ of *** *********.

**** #* ** *************, case #* ** *********. Neither ****** ***** *** company **** *** ******** or **** ******.

******: ***** ** ********* this ******,*****'* ******** * *** report *********** **********'******** **** ****** ** negative.

** **** ***** ********** for ******* *** **** be ********* * ****** up **** ******** ****.

******* **** ** ****.. 75mm ** **** ***** tapping *** ***** ********. 1.2b ** ****. ***** like ** ****** *** too *** *** *** long **** *** ** going ** ****** *** drain. * ***** ** nothing **** ********** **** be *** ** *** acquisition **** *** ****** trying ** ****** ****** and *** ***** ****** up. **** *** ***** ADT ** ** * see *** *** ****** here ***** ***/****.

***** *** *** **** a***** ********** ******** ******** on ********. **** *** *** is ********* ****:

***** ***** *** * good ******* ** *** companies **** ****** ***** policies. ** ***** **** is * **** ********** of ********** *******? *** "we *** *** ****" and ****** *** ********** us **** **** * financial ****** ** **** jealous...

** * ****** *** Simplex, ****** **** *** for **** ***** ***** Tyco **** ****. **** worked *** **** ***** local ******* **** *** past ** *****. *** the **** ** ***** I **** ****** ** a **** **** *********** security *******, ***, ****, other ******* ********* ** our **** *** * can *** **** * have ****** **** *** the *** *********, **** small *********, ****** *** US, **, *** **, and ********** *** **** the **** ********** **** it ***** ** ********* service *** *******. ** are ******** ******* ** several ******** ***** ***, to *** * **** of ******* *** ****** installation, ***** *** **** force ** *** ******* from ****. ** ** end **** (*****-******) * sure **** **** **** can ****** ***** ****** and ***** ***** ************ back ** ***** ** should **. *** ***** leadership ** * *** of *** ****** **** JCI *** **** *********** Convergint *****. * **** hope *** ****** ** executive ********** **** **** downturn ** ** *********** to ********** ***** **** and *** **** **** the *** **** *** road.

******: ** **** ********** *** *****, ** **** **** Convergint's ******* ** ** 2% *** *** ***** 5 ****** ** ****, year **** ****. ***** Convergint ********** **** ** was ******, **** ******* that **** * *****'* revenue *** ************* ******** (range ** ******** **-**%). However, **********'* *** **** the **** * ****** were *** ** *** as **** ******.

***, **** *** ****** for ** **** ** be **** **** **** year, ***** ******* ********* June ******* ** -**% yoy, ***** *** ***** 5 ****** **** *** +2%.

*** *** **** ** the ****, **********'* *** is *** ***** ******, with *** *** ******:

* **** *** ** to ** ** **** in ****. ***** ****** it *** ** * think **** ***** ** an ********** ***********

** ********** ** ***** doing ** ****, ** will ** *********** ** see **** **** ******* the **% *** **** for ***** *********.

*** **** **** ** rescinded *** ********** ******** in ****, ***** **** those *** ****** * raise **** **** **** usually **** ****** ** March ** *****.

********** ********* *** ******** to ** **** ** come **** ** **** haven't ***** ******* *** else *****.

**** ** ****** ** most *****, **** *** trying ** **** **** areas *** **** ****** will ** *** ** work ****** ** ***-******** for ******* ****** **** the ****** ***** ** protests.

#**, ****** *** *******. I ******* *** ** Convergint ** *** ******** confirmation *** **** ****** if / **** * receive.

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