Tuesday, January 24, 2012

"Lee gets OK to emerge from bankruptcy January 30"

From boston.com:

"DAVENPORT, Iowa—Newspaper publisher Lee Enterprises Inc. said Monday that a judge had approved its debt refinancing plan, which will allow it to emerge from prepackaged Chapter 11 bankruptcy on Jan. 30.

"The publisher of the St. Louis Post-Dispatch and nearly 50 other newspapers filed for bankruptcy protection on Dec.12 to compel a small minority of lenders to go along with a refinancing plan that gives the company more time to repay about $1 billion in debt. The plan extends due dates to December 2015 and April 2017.

"Lee CEO Mary Junck said the favorable outcome will give the company nearly four years to continue improving its balance sheet.

"Lee's stock jumped 21 cents, or 24 percent, to close at $1.10 on Monday."

Lee Enterprises Inc., of course, is the owner of the Journal Times. I didn't know that their stock was so low. Even as it is, I might be able to buy 5 or 10 of them. How do I do that? I've never owned stock before. I just want to be able to write letters to the editor complaining about various crap while harrumphing that I own stock in the company. "I am your boss," I may say. Or how about, "I own part of your ass,"?


Anonymous said...

Notice how the JT has had nothing about the Lee bankruptcy in the paper? Censorship is alive and well in Racine.

jedwis said...

Orbs, google Lee enterprises and you will find the NYSE page for them. You can put in a bid to buy at a set price or pay at the market price which means you will pay whatever the offer price is. You could go thru a broker, try Edward Jones, or if you so desire, try with a on-line broker such as E-Trade or something. There may be a minimum for the amount of shares you can buy.

hale-bopp said...

Since the price is so low, it may have been delisted from the stock exchange which makes it harder to buy. You usually have to maintain a share price over $1 per share to maintain your listing. Once it drops below that, you have a set time to get it back up above $1.

The Arizona Daily Star is also owned by Lee Enterprises. They had a story about this in the paper yesterday, FWIW.

Anonymous said...

There is some info. on Lee over at ggodmuls.

It's not a penny stock YET, but is acts like one. It's been as high as$1.73 today, and right now it's down to $1.43.

It's just being Pumped and Dumped by Bucket Shops to draw suckers in who are looking to make a $$$ - they buy HIGH, then those in the know short the stock and make big $$ while the price drops. Stay away from it - this is not for amateurs - unless you want to buy some to say you own some.

See charts here: http://money.cnn.com/quote/quote.html?symb=LEE

Anonymous said...

"The restructuring has insured Lee is going to continue operations for the next few years. Cash is still going to be tight, but Lee should be able to service their debts for the forseeable future as long as they can keep their cash flow strong."

Tells you all you need to know about the JT. Sales is #1 - whatever it takes. It's not about news, it's about sales. Whatever it takes.


Toad said...

I wouldn't buy their stock for even a penny.

Toad said...

That sounds kind of odd, considering my post from last week saying I would pay for an online version of the paper. NOT ANYMORE. I didn't sign the recall papers for Senate, but find It appalling they would publish the names.

kkdither said...

I thought at the low point, Lee's stock was somewhere around $0.42. That was just about the time, or right after we absconded?

There are brokerage fees in buying stock that must be paid through some of these places. It isn't as easy as just outright buying something online.

Why bother with Lee Enterprises? Your money might be better served just buying the intangible Green Bay Packer stock. At least you'd have a certificate to frame and something to be proud of.

Anonymous said...

TOAD - the JT didn't publish the names, they just provided the website address of the GAB, which did. That's the Government Accountability Board, and it's required by law because they are open records.

But it's ALWAYS ok to be mad at the JT. They are the paper we love to hate!

OrbsCorbs said...

I decided I was going to buy only one stock, but I don't think I'll be able to do that. As suggested, there's probably a minimum, and brokerage fees, commission, whatever would probably put it out of reach.