Thursday, April 23, 2009

Pruitt on the Miami land sale: "We hope the deal will close in 2009"

The first question for Gary Pruitt in today's conference call was on the Miami land sale, and Pruitt gave a parsed answer which didn't really say anything. From the transcript at Seeking Alpha:

Alexia Quadrani, JP Morgan:

Could you just give us an update on where you are on the Miami land sale?

Gary Pruitt:

Sure, I would be happy to. The Miami land sale is in the same position it was last quarter. That is, we hope that it will close in 2009 and if it does not then we will keep the down payment we have received to date and we will remarket the land. But we are hopeful that it will close and the buyer is confident that it will close.

Anybody hoping Pruitt might actually give real info on what was happening with the escrow was disappointed. (What does "the buyer is confident that it will close" mean?) To see McClatchy's SEC filing on the Miami land deal from January, click here.


Anonymous said...

(String quartet plays "Nearer my God to thee....")
- Right. That's it then. Nice knowing you. Good luck.

Anonymous said...

Watch the analogy here: (

Anonymous said...

Fitz and Jen- And their usual good stuff.
Pruitt to Investors: 'To Better Quarters Ahead'
Jen: I think McClatchy just held one of the industry's shortest earnings call I have ever had to sit through. We were off the line in a merciful 20 minutes. Bearish Barclays analyst Craig Huber circled back three times during the Q&A session.

Anonymous said...

Yawn. It will sell via bankruptcy court

Anonymous said...

McClatchy Watch mention-
@Newspaper Death Watch

The only good news is that McClatchy said it remained in compliance with debt obligations, which means it isn’t in danger of bankruptcy at the moment. [They’re debating what this means at McClatchy Watch.]