Sunday, June 21, 2009
Sunday | Your News & Comments
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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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If you are a holder of any GCI stock, read yesterdays postings on the Daily Deal report and consider selling as soon as you can. Stockholders will be completely wiped out in any bankruptcy. I know there are employees out there who believe that GCI is going to bounce back. Think again. This week's stock price might be the best you ever will see.
ReplyDeleteWhat happens to pensions under a bankruptcy?
ReplyDeleteLook to GM as to what happens to pensions, retiree medical coverage, etc... There was a story this past Friday about GM retirees mobbing their docs and dentists because their coverage changes on July 1. Same with their pensions. Look and read how Lee Iacocca had his Chrysler pension reduced after the co. emerged from bankruptcy.
ReplyDeleteJust ran into an advertiser here in Phoenix over coffee who went out of their way to vent. Seems the Marketing department presented the company with an elaborate plan complete with a "very bloated" ad value which would be "good for their business". Unfortunately, their ad rep was let go long ago and nobody's contacted them since and the marketing people, as it was explained, never once asked about their business, needs or goals.
ReplyDeleteThe marketing department means well but obviously has no clue how business works. 1- you can't address a need without first asking what someone needs and 2- don't present a promotion to an advertiser who knows rates and put a value on the promotion and full rate. I won't get into 3-10, I'm just happy I don't have to deal with these people anymore.
7:50, what happens to pension depends on where you are/what kind of plan. if you're at a longtime gannett site, you almost certainly have a lump-sum plan, and i'm not sure what happens to that. if you're at a site that gannett bought in the last few years, you may have/have had an alternative.
ReplyDeletein indianapolis, people older than 40 had to choose between lump sum and previous owners' traditional pensions a few years ago. younger people were stuck with the lump plan.
i'm delighted to say i stuck w/the previous owners' plan. after i was retired-by-layoff last december, i chose to roll over my contributions, and the interest they had earned, into a custodial account through my bank, and then invest that rather conservatively. with the part i couldn't withdraw, gannett bought me an annuity that (unless the annuity company goes broke) will pay me the same sum each month from here to the grave.
as for those not yet retired, the pension benefit guaranty corp (a federal agency) guarantees benefits up to a certain amount if the employer defaults. for once, we peons are protected and the people making the big bucks feel the pain.
by the way, if you have stock outside the 401(k) and you itemize your taxes, remember that you can deduct your losses, whether you sell or gci goes belly up. that won't cure the pain, but will lessen it.
I would like to thank the PR team from The Deal Magazine for stopping by the last few days.
ReplyDeleteIs that you Richard Morgan?
I got the ol' heave-ho from the Detroit Free Press on Friday. Actually, it was pretty humane. I thought I'd share my stream of consciousness as the process unfolded.
ReplyDeleteTHOUGHTS RUNNING THROUGH MY HEAD AS THE LAYOFF IS TAKING PLACE
Am I getting a gold watch? Wow, the HR lady’s kinda hot. Breathe, Rodney, breathe. They all look so sad; make ‘em laugh. Ha, they liked the gold watch joke. That guac from the party’s gonna go bad if this takes too long. Push Spiritual Wanderer, push Spiritual Wanderer. What does COBRA stand for? Joke about stealing pens. Don’t tell ‘em about Sharpies. Top boss banters with me about there not being ink in the pens. Phwew, Sharpies are safe. Breathe, breathe, breathe. This is it. This is the end of the career. How long does guacamole last in this heat? Gotta buy a lottery ticket. Seriously, listen to the COBRA spiel. Keep the humor up. Do I hug? If one, then everyone. Top boss reflects on me correcting his tip during our dinner interview three years ago. Says he knew he’d hire me then and there. Should I correct him about something now? They look so serious. Oh, oh, HR lady is nervous; shaky hands give it away. Humor, jokes, feign interest in Employee Assistance program. Do COBRAs bite or squeeze? Remember to thank sweet daughters for helping me cry earlier so I don’t now. Do I sign something? Hey, you forgot to take my ID card. It’s ending. Career and this exit interview. Guac’s probably a goner too. It’s hot. Maybe it’s the HR lady. Breathe. Why are they looking at me? Should I say something? Is it my turn to get up and sing? Do I leave? What do I do? Take bull by the horns. Start hugging. Surprises ‘em. Ha, hot HR lady says she wants one too.
SCORE!
(Hours later, more Mexican food. Guac’s fine.)
Rodney Curtis is a recovering photo editor who thinks he can write. Sample chapters from his new book and new life are viewable at www.SpiritualWanderer.com
Perhaps someone in the newspaper business can answer a question. Today's Arizona Republic again has a half page ad promoting itself (there are several), this time promoting an increase in "unique visitors" to azcentral.
ReplyDelete2 questions, first, is azcentral's revenue up? And there were 33 other products listed as part of Republic Media not including the main paper and azcentral. I hear about layoffs here, how does a company sell and produce 35 products? How does a market of 3-4 million support 35 products and are they really profitable?
Oh Rodney, so sorry.
ReplyDeleteGee 7:05am I will run out Monday and sell the little GCI stock I have in my 401K (NOT!!) Like I am gonna take stock advice from an anonymous poster. You may be right about GCI going bankrupt. No doubt GCI has some issues to deal with regarding it's debt. HOWEVER I googled up some info today from a few sources in market who doubt GCI will go bankrupt. I know their are shorts in GCI stock betting it will go bankrupt. But that's the nature of the market. Bulls & Bears... I have no idea whether GCI will or won't go bankrupt. What I will say is anyone reading these post's should do there own due diligence and research from SEVERAL sources. BOTTOM LINE: Never buy or sell stock based on an anomymous poster. I think Jim Hopkin's is making the right call in ending this blog. Alot of negativity in whole industry and all it does is stress people out.
ReplyDeleteRodney,
ReplyDeleteI don't know you,but:
Firstly,I am sorry about the heave-ho.
Secondly, Great writing! I appreciate that gallows humor. Keep it up.
5:13 Do you work at a Gannett property? I doubt you'll find any stress coming from this blog is anything compared to working for a company where layoffs, furloughs and the continuing fear of both exist. Not to mention the managers looking out for themselves and lack of communication from corporate.
ReplyDeleteIncreasingly, writers even mention furloughs in articles prior to and upon return. Want to fault the blog, the newspapers talk about it too.
Hey 5;13:
ReplyDeleteYou are so RIGHT!!!! This blog has become nothing but negative. It makes me ill to come here the few times I do any more. Like the proverbial car wreck, I just tool by every now and then to see when silly shit is being served up. And there is plenty of that.
Time to turn out the lights and let this thing die a peaceful death.
Rodney, if you write a book, I'd totally buy it! I'm so sorry you had to go through that, but great writing.
ReplyDeletehow legit is that July 8 axe rumor?
ReplyDeleteRodney,
ReplyDeleteKeep up your positive additude. I'm sure you will find something soon because of your great spirit and humor. Sometimes something bad can lead to something better.
Best of luck.
This comment has been removed by a blog administrator.
ReplyDeleteLooking back on this blog, what did Jim ever do but post news given to him?
ReplyDeleteHe acts like he was doing undercover work when the August story broke on the layoffs, but in reality, someone sent him an email with the info.
As far as later news, the tally of layoffs was informative, but again was the result of the readership, not the maker.
And the rest? a place to gripe, which is not a bad thing at all, but hardly worthy of the bragging rights Jim tried to lay claim to.
Rodney, You sound like a sweetheart! I pray you find a better job.
ReplyDeleteWow, @9:41pm ~ such a PRECISE number, for July 15 ... That's a Wednesday, little more than 3 wks from now. What is your source / how reliable, or is it just another rumor?
ReplyDeleteDitto on that: Please, everyone -- we need confirmation, more comments on that ASAP!
ReplyDeleteIs that the estimate, with non-USCP worksites thrown in? And why July 15? We've been told the date is a week earlier: July 8. Has it been moved back?
ReplyDelete9:41 playing mind games.
ReplyDeleteAgreed: I call B.S.
ReplyDeleteI may have called B.S. too soon on a comment earlier today by Anonymous@9:41 p.m.
ReplyDeleteGannett has just scheduled its second-quarter earnings release for July 15, which puts the comment in better context. Here it is again:
The magic number is 4,623 on July 15.
Jim, we'll see. But they already know how dreadful the numbers are, including ad revenue down 40 percent at some sites, so why wait to axe people until the day the numbers are released? Such a specific number is doubtful, too, since they're paring revenue site by site.
ReplyDeleteBut, we shall see. All my sources say July 8.
Anytime before the 15th makes sense so corporate has something "positive" to report. However, if the cuts are designed to meet a property specific target, it's likely the same will reoccur.
ReplyDelete