McClatchy director S. Donley Ritchey sold 450 shares of McClatchy stock Monday, raising questions about the commitment of McClatchy's board of directors to the company and its future earnings potential.
.
Is Ritchey's unloading of 450 shares a sign some on the board of directors have doubts about McClatchy's future prospects? Maybe. But the size of the transaction (450 shares) isn't large -- especially given the meltdown in McClatchy's share price (down 82 percent in the past year). The proceeds of the sale were about $1,336.
.
Although relatively small, this sale brings to mind Gary Pruitt's weasel move earlier this year, when Pruitt hedged his bets and sold 2,235 MNI shares in February. Way to lay yourself out there for the company, Gary.
Exit oddity -- Ritchey sold his shares for $2.97 a share on Monday, but MNI never went over $2.50 a share that day. How does that work?
2 comments:
Please, PLease, Please let them ALL sell their stock then all of us can move on in a better place. Name one good thing they have done for any of US in the past two years.
MNI is going to suspend the dividend, according to the recent debt rescheduling agreement, so why hold MNI stock when you get nothing for it? $2.50 is peanuts, but it's better than nothing.
Post a Comment