Tuesday, February 24, 2009

Delisting update: McClatchy might benefit from a change in the rules

Fitz and Jen bring word The New York Stock Exchange is considering some rule changes that might allow McClatchy to remain on the Big Board.

AP business writer Madlen Read reports Tuesday that the Big Board is thinking about relaxing its minimum bid rule because so many big companies are trading below $1 a share. "That's something that we're considering, given the market environment," said NYSE Euronext spokesman Raymond Pellechia.


The rule change, which would have to be approved by the SEC, comes too late for three newspaper companies that were de-listed from the Big Board last year: GateHouse Media Inc., Journal Register Co., and Sun-Times Media Group.


Lee and McClatchy were both warned of the
de-listing possibility by NYSE Regulation Inc. because their stocks each traded below $1 over 30 consecutive trading sessions. Both have said they would submit plans to get back in compliance.

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11 comments:

Anonymous said...

Wow, we get to stay on the NYSE, and then go bankrupt in March. Thank you, Thank you!

Anonymous said...

The current break runs until April. Even if they extend it again or further it isn't going to help MNI. MNI's gross income will level off at a level that it would take them over 120 years to repay their debt. MNI is destined, like it or not to be MNI.Q.

Anonymous said...

The market cap is higher today than in the last 12-14 days. What's up? More than 500,000 shares traded.

Anonymous said...

MNI stock reeks of death, or bad lokeman hangover (chard to her freinds) breath.

Carl Schwarzott said...

Typically companies in McClatchy's situation will do a reverse stock split, probably 1 for 10 or greater to satisfy the NYSE requirement.

MNI is attracting some speculative interest from investors because bankruptcy is not yet imminent and I am certain that the McClatchy family will do everything they can to hold on to the newspapers, at the very least, the Sacramento and California papers.

Anonymous said...

Wink, wink, It's all better now huh!

Anonymous said...

Anon 3:03. This guy gets it! NOT

Maybe they can do a reverse stock split too? Wink Wink (Private Co. I know)

Hearst says cuts needed or SF Chronicle may be closed

The Hearst Corp. said Tuesday that unless the San Francisco Chronicle can undertake "critical" cost cutting measures including job cuts within weeks, the company will be forced to sell or close the newspaper.

Hearst said the Chronicle lost more than $50 million last year and added that, "this year's losses to date are worse." The Chronicle has had major losses each year since 2001, Hearst said.

The closely-held media company said cost reductions including an unspecified reduction in union and non-union employees are needed to restore the Chronicle to health.

Anonymous said...

What's up? More than 500,000 shares traded.

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There are more than 17 million shares short interest. Could be shorts bailing before bankruptcy. Lots of whispers that is coming.

It could be a speculator or two. Remember 500k MNI isn't exactly a fortune traded. I've known people that play poker with that much.

Anonymous said...

http://online.wsj.com/article/SB123551803197064061.html?mod=testMod

Whoo Hooo! Gay Blade is going down. WSJ version.

Anonymous said...

Bu then how will San Francisco get out all the DNC talking points and gay propaganda?

Anonymous said...

Bu then how will San Francisco get out all the DNC talking points and gay propaganda?



They don't need it. They have Obama now.