Updated at 6:18 p.m. ET. Gannett shares closed at $17.55, up about 1% -- ending four days of losses that threatened to repudiate Corporate's latest money-saving move: cutting 1,000 jobs from the newspaper division. Shares had traded as low as $16.91, down about 3% at that point -- on top of yesterday's 6.7% decline.
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Thursday, August 21, 2008
7 comments:
Jim says: "Proceed with caution; this is a free-for-all comment zone. I try to correct or clarify incorrect information. But I can't catch everything. Please keep your posts focused on Gannett and media-related subjects. Note that I occasionally review comments in advance, to reject inappropriate ones. And I ignore hostile posters, and recommend you do, too."
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A few years ago, when Gannett stock was this low. A blind trust bought 15 thousands, dollars worth, and then at Gannett's annual stockholders meeting try to put USA TODAY, under. They came with in a few thousands proxy votes of pulling it off. I wonder, if the same things could happen again by this blind trust?
ReplyDeleteThe question that instantly popped up in my mind was why would a blind trust want to put USA Today under? Who were the players in the blind trust and are they still "together?"
ReplyDelete$15,000 worth of shares doesn't seem like a lot to me.
But I'm no investment whiz ... my IRA is shrinking by the day thanks to the bum economy and a nervous stock market.
That doesn't sound right. Did you mean to say that a blind trust formed to try and stage a takeover of USA Today?
ReplyDeleteThe blind trust did not stage a take over. They wanted to put USA TODAY out of business. In the proxy statement, their main reason, was to remove, then Board of Director member R,Carter. Despite the fact she only had a year and a month, to still be on GCI board. A few thousands votes, was how close, they came.
ReplyDeleteTo be fair, GCI did close the day up 15 cents at $17.55 on a volume of 5.1 million shares.
ReplyDeleteAnonymous said...
ReplyDeleteTo be fair, GCI did close the day up 15 cents at $17.55 on a volume of 5.1 million shares.
Wow - 15 cents - I am impressed (not!). Was is worth it to let the Guillotine chop off 1,000 people for this pathetic stock????
Oooopppss, I forgot the higher echolon needs someone to foot the bill.
Proof Jim's blog is a real newspaper replacement: It has attracted rmichem, who is like one of those wacky letter-to-the-editor types. Above, rmichem seems to say a trust tried to put USAT out of business by trying to unseat Gannett director Rosalynn Carter a few years ago by buying $15K worth of stock 13 months before Carter's board term ended. Hardly plausible, and a few quick checks show GCI around $30-35 in April 1996, 13 months before Carter retired from the board. At that price, $15K would buy 500 shares at most.
ReplyDelete