Lee Enterprises near bankruptcy

If Lee Enterprises would have stuck to small and medium size papers, they might not be in this situation. I think they need to sell the Post-Dispatch by itself and hope for the best. The over billion dollar money they owe would hurt any company in today's market.

 

A billion? Ouch.

 

The biggest mistake Lee made was buying the Post-Dispatch. And it's hard to see, given today's economic climate, whether they could sell it to anyone.

 

Lee down 15 percent on a day when the Dow was up 400. Monday's close: $1.20.

 

Wonder if it will get a delisting notice from the NYSE? Or have they already gotten one?

 

Dont think you get delisted until you're under a buck for X period of time... think its 30 days

 

Tuesday's close was $1.05, though it did get down to 85 cents.

 

You need to be under a buck for 30 days before you get a delisting warning. Even then, it's not automatic.

Saw a stat yesterday: If you bought $1000 worth of Lee stock at its peak, around the time of the Pulitzer deal, you'd have $29 today (and that was before it lost another eighth of its value today, so, figure, $25 right now).

 

Sounds like me at the blackjack table.

 

Naw... it's still worth 25 bucks.

 

I saw today that Mary Junck will make $2.99 milion this year as Lee's CEO. Hope she can survive the economic downturn.

Stock is down to $.86. We might get paid in pesos this Friday.

 

I would note that right now, you'd pay less for a share in Lee than you'd pay for a copy of the St. Louis Post-Dispatch.