2007: 25.6 millionStock price: $39.00
Value: $997 million
2008: 23.5 million
Stock price: $8.00
Value: $188 million
Gannett's shares are now down about 87% from a year ago vs. a 41% decline in the widely watched S&P 500 index, Google Finance says.
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And....?
ReplyDeleteWhat exactly does this mean?
The fireworks begin. I thought Corporate was going to learn the consequences of driving the stock down into historically low levels because that brings in the hedge fund operators who will press GCI to break up the company into pieces, and sell off parts to raise cash. Brandes is notorious for doing this. I see they now claim 25 million votes, which I bet they will use to get someone on the board of directors to shake up the company. Once they break off the community papers and sell them off, it will settle the debate on this blog whether USAT can survive on its own and without community paper support. With 83 community papers, some of them valuable properties, Brandes could make a mint out of breaking up GCI.
ReplyDeleteSomehow, I think jim just got more than the 4 votes he was looking for. The vultures are circling. Congratulations Dubow & Co.
ReplyDeleteLarry St. Cyr to the rescue!!!
ReplyDeleteCome on Larry. You can do it!!!
Brandes is the second largest stockholder in GCI shares trailing AXA which had 31.5 million shares or 13.2% of o/s stock as of 9/08. Together, they hold almost 25% or 55 million shares.
ReplyDeleteCould be interesting. Wonder if Brandes and/or AXA is now in contact with the BofD or will be during the upcoming meeting.
These investors have held GCI for some time - and they've already incurred huge losses. What makes you think they're circulating like vultures now? The best thing they could do would be to persuade the board to install new management. But is that actually going to happen? Nah....
ReplyDelete