In keeping with what has become a cheerful Flares tradition, it gives me great pleasure to announce that on Friday, July 28, 2006 the Class A stock of the New York Times closed below $22* for the first time since early 1997. Junior Sulzberger's unparalleled leadership has succeeded in trimming another $150M from stockholders equity and through his extraordinary talent has raised the total loss in stockholder value to $4.3B since 2002. Given the huge debt incurred by Junior in pursuing construction of a completely unneeded monument to his ego it is doubtful whether the companys parlous balance sheet will continue to support even a junk bond rating for much longer.
Way to go, Junior! Take that puppy all the way down.
*The stock broke through $23 on June 13. Junior is clipping value at a better than $3M per day.