Want to own a newspaper chain? JRC stock at one penny

Claim your hundreds of shares while you can....

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003834551

 

That is classic. Own a newspaper chain for less than the average home price in Greater LA.

Let me back up that second mortgage, folks. I'm going to be your new boss at JRC.

 

Sure buy the chain for $590,000 to take on $650 million in debt. Makes sense to me.

 

Deregister the stock? Does that mean anyone who owns it is fucked?

 

The blue font process escapes me.

 

Their owning it means they're fucked.

 

True, but if delisting it means they get nothing then that's as bad as bankruptcy.
If I have 1,000 shares and I bought at 10 (I don't own any) and they delist and the last is wiped clean, it's like bankruptcy without the fiduciary responsibility. Of course, with this crew, it's par for the course.

 

Seemed like a good idea to us, too. </bobjelenic>

 

The people who bought it at $20 are fucked, that's for sure. If I were Jelenic, I'm not sure dying of cancer would be my biggest worry.

 

How much longer can JRC operate like that before it needs to close/sell some newspapers to raise capital?

 

Shit... all they have to do is hope the stock climbs to a dime and -- boom -- there's another 5.8 million...

 

But if their delisting request is granted it won't climb at all.