Lee Enterprises near bankruptcy

http://lee.net/newsreleases/news-2008-12-15-filing.shtml


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http://www.pantagraph.com/


Lee Enterprises
201 N. Harrison St.
Davenport, IA
52801
(563) 383-2100

Lee plans delayed 10-K filing, negotiates with lenders

DAVENPORT, Iowa (Dec. 15, 2008) — Lee Enterprises, Incorporated (NYSE: LEE), notified the Securities and Exchange Commission today that it plans to delay the filing of its Annual Report on Form 10-K until on or before Dec. 29, 2008.

In the notification, which was filed on Form 12b-25, Lee said it needs additional time to complete the complex calculations required to determine the extent of additional non-cash charges to reduce the carrying value of goodwill and other intangible assets, a result of increasing financial market volatility and deteriorating economic conditions. The prospect of such charges was announced by Lee in its preliminary earnings release on Nov. 13, 2008. Lee is also analyzing certain deferred income tax matters related to its accounting for intangible assets. None of the matters under review would impact cash flows, but per share results will be reduced, as will stockholders' equity.

 

I have never understood why St. Louis is such a Bermuda Triangle. I remember reading credible news reports in 1980s before the Globe-Democrat folded, that St. Louis was the only money-losing JOA in the history of JOAs (at the time). Is the Post-Dispatch still giving Newhouse a yearly cut as part of the agreement when Newhouse folded the Globe-Democrat (or attempted to fold it -- Jeff Gluck bought the G-D and ran it for a while, but outside the JOA)? I know that was the agreement, but has that run out or are they still paying?

 

Nov. 28 was the last time Lee was above $1.

 

You can buy two shares of Lee today for less than one copy of the Post-Dispatch.

 

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003926370

Anyone want to tell me how this will trickle down to the wage slaves? 37.5-hour weeks? Pay cuts? Benefit cuts? Job cuts? Anyone want to help me file for unemployment and bankruptcy myself?

 

JRC, at .0035 laughes at Lee's fortune.

 

Actually, according to the book "Bowling Alone," each successive generation since the 1920s reads newspapers about 20 percent less than the previous generation. I don't have the exact graph in front of me, but the steep decline over time should have people pooping their pants.

 

I worked for that sorry ass organization for 12 years. Not that I applied for a job with them they just bought the paper I was already working for and ruined it. They try to buy up all the local papers and then rip the public off with their prices. They just drove all their advertisers to the internet or any other way other than the local paper with high prices and poor service.

I am so glad I left two years ago and sold my stock before it became toilet paper. I was so stressed working there I was even on antidepressants. I am 60 years old and I have never seen ANY organization run that bad. I now work for another newspaper and life is good and no stress. I will not shed a tear for Lee, but I will for the poor underpaid employees that may have taken the stock option. I feel their sorry ass deserves what they get.

 

Lee just made some cuts. I only know of two places hit: Billings Gazette cut eight on Monday, Casper Star-Tribune cut 15 today. Not sure on Billings specifics; Casper cut three in the newsroom, one in sports.

AP story on Billings: http://finance.yahoo.com/news/The-Billings-Gazette-lays-off-apf-14048527.html

 

Any photogs cut in Casper?

 

No.

 

http://www.trib.com/articles/2009/01/14/news/casper/f189b17f4511331e8725753e00065c9d.txt