McClatchy informed investors in an 8-K filing today that the NYSE has given the company 45 days to come up with a plan to get into compliance with listing standards. NYSE-listed companies have to maintain a market cap and shareholder equity of at least $75 million, and MNI is below those minimums. After the plan is filed, McClatchy will have 18 months to come up to the listing standards.
11 comments:
I hope the puss blister that is MNI pops before they can get a bail out.
You know, there was a time when if your company's stock price dropped below $1.00 on the NYSE and stayed that way for 30 days, you were delisted and that was it. There was no possibility of extension, no possibility of drafting a plan to get your price or market cap back up to acceptable levels, no 18 freaking months to get your act together.
So I have to ask: Why the change of heart at the NYSE regarding delisting MNI and possibly other underpriced companies? Are they under pressure from someone to preserve these cadavers as long as possible until they can be bailed out?
The change of heart is that the NYSE gets paid by these companies (a lot of money).
It would like them biting the hand the feeds them.
Sure in a boom time everyone has money and wants to be on the big board, however, with the way things are you might as well make changes to keep what you have as getting new companies to shell out the dough is likely few and far between.
So now MNI has until Dec 2009 to get the share price above $1 and basically until Dec 2010 to get market share up.
But they go hand in hand. If MNI gets to the $1 a share then their market cap would be well above the other requirement.
Really there is only two options for this stock.
1. Becomes toilet paper when file for bankruptcy, or
2. It shoots back up.
Hell...likely all they need to do if the economy turns around is to reinstate the dividend and the stock should go over the $1 easily.
11:15 AM
I think you may be onto something. I also think some taxpayers are getting fed up with Socialism in a hurry.
2010 Throw the Bums Out
FLASH....FLASH....FLASH....FLASH
The solution has been uncovered. Only 2 weeks to go before SACBEE pulls the plug on the old Sunday TV Section. You "MUST" submit your quarter for the kettle (like Salvation Army Christmas kettle) or you will be black listed from watching TV forever. Full front cover of Sunday's TV Section warned there are only 2 weeks to go to submit your funding for the new fabulous TV section.
Word is out that during the first week of collecting quarters the success has just overwhelmed BEE staffers. Some 13 quarters were submitted, 2 are still in the mail and 3 folks are currently considering.
What a company!! Success is on the horizon.
If nothing else, the good news is it's 4/20 and I'm about to take a "break" at 4:20
@ E&P - NYT in for a ‘lousy Tuesday’
Jen: Not to pile on The New York Times Co. but ...
Wachovia senior analyst John Janedis is out with his ad linage report card and it ain't pretty. [snip] likely in for a lousy Tuesday when it officially reports Q1 earnings.
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So who cares? The so-called paper of record is a liberal rag that hasn't printed the truth in years.
If nothing else, the good news is it's 4/20 and I'm about to take a "break" at 4:20Great... three things associated with 420: Pot, Hitler's* birthday, and Columbine.
* Godwin's Law is hereby invoked.
I was refering to the 1st thing lol
Mclatchy's two word plan:
GOVERNMENT BAILOUT
OR
OBAMA HANDOUT
12:44, you are funny
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