Short sellers have wildly misjudged this semi-anonymous communications company, creating a large opportunity.
I can't even say that FairPoint Communications is misunderstood. It's not even known.
Originally, FairPoint was a collection of local telephone exchanges spread throughout the U.S. Now it’s the Charlotte, NC-based operator of the un-sexy business of land-line telephone and data services to residential and business customers in 18 states. But the company is a favorite of short sellers. Unfortunately for them, FairPoint’s relative anonymity is going to be great for the bulls and absolutely perilous for the shorts.
Despite an enterprise value of about $1.1 billion, FairPoint’s