More fun from JRC

Currently trading at 54.5 cents a share.

That's up 2.5 cents from yesterday, or a whopping 4.81 percent.

Current market cap $21.65M. A year ago JRC was $6 a share; five years ago, $15 a share. At the very least, management has done a piss-poor job of managing assets, which they apparently know: none of the "insider" stockholders have acquired stock since late July 2006.

 

I think I saw Esteban pimping the company on QVC the other night.

 

How soon before they file for Chapter 11 protection or start selling off papers to raise revenue?

 

Low stock price, incredibly high debt to income ratio and a major credit crisis in the financial markets. I can't see how they stay open, what bank in their right mind will give them a short term loan?

Forced sale of properties, then when that's done, they will go into bankruptcy for liquidation. They have destroyed some papers beyond repair, especially places such as Middletown, Conn. where they sold the building. No press, no building = no paper.

 

isn't that about the same amount the cocksucker who used to run the company made a year in bonuses?

fuck off jrc.

 

Spent a couple minutes on their site, and happened to notice the press release touting all their Suburban Newspaper Association awards. My favorite? An honorable mention for best non-Page 1 layout. The subject? The Va. Tech massacre.

 

Hey, lay off (get it? lay off?). It wasn't local.

 

OK, I get what a horrible company this is, you all have made that clear. What I don't get is how it ever expected to make money. Going into crushing debt to acquire assets whose market value you then lower = profits how?
The more I read on this section of SportsJournalists.com, the more I realize that the problem in the newspaper isn't that it's run by ogres who'd do anything to make a buck, but that it's run by ogres who have no idea of how to make a buck in the first place.

 

It was all a shell game played by Bob and his cronies. There was never any attempt to turn it into a profitable company, just to steal every penny for themselves. The end game was never going to be pretty.

 

NYT on the possible "restructuring":

http://www.nytimes.com/2008/04/05/business/05journal.html?_r=1&ref=media&oref=slogin

 

Yeah, there was probably a big Chamber of Commerce cocktail party that night. Your News, Your Paper.

 

The lead of the NY Times article linked above says that in a magazine interview the JRC chief executive bragged about checking the odometers in repoters' vehicles to verify expense reports.
Do we know if that's just all talk or did he actually do that to some repoters?