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.
5 comments:
Dive, dive, dive! I hope they spin off the science section before they run below crush depth.
Skook,
I believe you did and DT recommended it as a short, too. I don't have the guts for a short play because I know that the day they announce Junior's removal there will be a 20% pop in the price. Adjusted for inflation the stock has increased in value by a stupendous 2.5% annual rate since Junior's ascension.
Helluva manager, Junior is.
Meanwhile the family is buying back more and more of the stock (at bargain prices), further assuring Pinch stays at the helm.
Talk about poison pill...
I hope they keep buying it as it plummets. As if they didn't have control already.
Thanks, Rick. This makes me feel better already.
Vnjagvet,
I keep hoping that the Flares legal team will get together and write an article on the 'hypothetical' liability exposure that Junior has created by publishing the NSA secrets. The penalty portion of 798 looks quite a bit like RICO to me.
A nice spread in AT might be worthwhile as a public service to Class A stockholders who are unaware of the risk that they are taking in holding the stock.
I don't know that Alberto has it in him to go for the gusto but it will be a marvelous show if he does,
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