I'm sure McClatchy Watch readers can flush out the real story. If you have info to put the ugly rumor to rest -- or shed more light on the situation -- post the info in comments, or email me.
Update: from comments, some details on the fraud:
The actual amount reported on line 4F of the Schedule H (Form 5500) shows that there was a loss of $77,830,559 and that the company involved in the fraud was a company called Westridge.
If you have more info, email me or post in comments.
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Update #2: I'll have some more info Tuesday.
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27 comments:
“Flush out” the real story?
Let’s hope it’s not true that 77 Million was not flushed down the toilet.
But logically, since McClatchy is horrible at reporting the news, and makes horrible business decisions based on liberal politics, so their blundering in the financial and investment arena is a distinct possibility.
After all, and it was posted here some time ago, wasn’t I supposed to get a raise in August?
Everyone needs to keep an eye on the pension fund of the Tribune Company. Jack Nelson, et al filed a lawsuit on that one a some time back, but he's no longer with us.
http://www.onestopesopblog.com/2008/09/zell-and-tribune-class-action-lawsuit.html
Thursday, September 18, 2008
Zell and Tribune Class Action Lawsuit
Walter Abbott
All I know is that my f'ing money better be there when I can claim it !
Trust me it is true. I am the one that posted it on Yahoo. I spoke with nancy Williams at MNI corporate and she said that this has been previously reported and that their attorneys are working hard to get some of the money back.
I think this $77 million hit could be yet another straw on the back of the weakened camel.
Watch... the person responsible will get a promotion and pay raise.
Speaking of retirement plans, whatever happened with Pru's promise to restore the 401(k) match in 2010? Sounds like another McCrappy lie.
This makes you wonder if any of McClatchy's corporate bigwigs have an ounce of competence. If it starts at the top, the company indeed is in big trouble. The ridiculous board of directors has mishandled everthing from its CEO and finances to serving coffee around the big table.
Why is it we have to come here for news that should be transparently forthcoming from McClatchy?
Is this actually true? If so, shame on McClatchy. You have to seriously wonder if there will be any pension money left for those still suffering the indignities of working for McClatchy.
Somebody should drop a dime on the Fitz & Jen blog. Maybe they can post the truth.
Stock down from more than $4 a share a week or so ago, to $2.80 a share. Maybe the word on this did get out???
Their 77 Million pension failings are analogous to, too much attention bashing America and capitalism, and not enough time defending it.
Or. They want America to be socialist, and they got it. Socialist pensions!
Is this a surprise after they froze the pension plan, stopped 401K matching and gave us a pay cut? More of the same screw-ups and screwings.
Will the McClatchy Bozo who helped loose all the money get the prestigious “I.P. Stone” award?
After all, no greater honor can be bestowed to a fellow Communist!
Like the movie Casablanca, we’ll always have “Hope and Change.” Sorry, I mean Paris.
8:26 AM No, McClatchy's price rise can be directly attributed to it's doubling of short interest over the past three months. They're back up to almost 12,000,000 shares short interest alone.
They are back into their old pattern of growing short interest accounting for any rise and as the price stagnates it starts to slip.
Any price over 2.25 is a good short.
JayFred do you have docs you could send me that I could post?
I will be sending the copy of the tax form along with my notes of my phone call with Nancy Williams at MNI> She basically tried to say it was already reported and that the MNI attorneys were working on getting the money back. yeah, right.
JayFred thanks
So what's the problem with redistributing wealth?
The actual amount reported on line 4F of the Schedule H (Form 5500) shows that there was a loss of $77,830,559 and that the company involved in the fraud was a company called Westridge.
If this was previously reported there must be a story that someone can find on Google.
Anon 1:37 Very funny!
This is, well, nothing out of the ordinary for the company. It's hard not to laugh out loud at the constant comedy of errors. Condolences all around for those expecting a retirement benefit, as promised.
1:37 Nothing, let's start with yours.
Turn on your sarcasm detector John.
5:37 PM Come on John. Don't tell me you can't find a little irony in the socialist mouth pieces for separating hard working people from their money and having a chunk of their own pile scalped right off the top.
Hell I am a pensioner and I found it funny as shit.
8:13 But they don't. Geitner, Sebeljevich, Charlie Rangel and how many more of these thieves hadn't paid their share?
5:41 It was, but it was more fun to play with the idea.
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