"LEE Ent. just announced that on March 21, 2012 during their annual meeting of stockholders they will be seeking shareholder authorization to perform a reverse stock split.
That split will involve combining anywhere from 2 to 5 shares into 1.
Given the price of LEE Ent. stock, which is currently trading at $1.06/share, and continuing to fall, it could result in a "new" price of $2.12 to $5.30/share.
It would not do anything to restore benefits that have been stolen from employees, but it would change the "perception" of LEE's continued failure and Mary Junck's inability to move the Corporation forward with actual productive measures that would demonstrably increase the value of LEE Ent.
When you don't have any actual solutions, like Mary Junck, you reach into your black bag of magic tricks and pull a Houdini!"
The Lee Enterprises retirees in St. Louis made a video when Mary Junck took their health care benefits. When you own a company like LEE, Mary Junk was more interested in making profits for herself than thanking the people who made her company what it was.
That is why I said Mary Junck is like a corporation, no feelings, maximize profits, crap on former employees who made Lee what it was.
Their singing needs a little work [no VOICE, no American Idols here, just former Lee Employees]
click on image to play the Lee retiree "jingle"
This is what Mary Junck is all about, the bottom line....HER company. Well this is what the company thinks of Mary Junck. Mary Junk is a corporation disguised as a human being.
Have a Tip on possible criminal activity of Mary Junck or Lee Enterprises? Email your Tip to Crystal@CrystalCox.com
"a PDF of Mary Junck's Jan 23, 2012 letter to Share Holders and Employees.
Note that FIRST, she denotes ONLY a 13% dilution in the value of Lee Ent. stock due to: "The refinancing extends the maturities of Lee's borrowings to December 2015 and April 2017 and included the issuance of 6,743,640 shares of Lee Common Stock, amounting to dilution of approximately 13% in the base of outstanding shares."
SO, LEE Ent. just issued a bunch of more worthless paper, to the tune of 6,743,640squares of toilet paper. Nothing backing these but blind faith.
NEXT, LEE Ent. is planning on pulling a Houdini by doing a "reverse stock split", whereby the total number of issued shares of LEE Ent. stock would be HALVED, thus having the effect of IMMEDIATELY DOUBLING their value, and catching DUMB and IGNORANT Investors off guard and having those not in the know thinking LEE Ent. did something worthwhile.
LEE Ent. is a desperate Corporation with a desperate CEO who is pulling every trick in the book to loot LEE Ent. dry before it collapses into a worthless heap.
From Investopedia:
Investopedia explains 'Reverse Stock Split'
For example, a 1-for-2 reverse split means you get half as many shares, but at twice the price. It's usually a bad sign if a company is forced to reverse split - firms do it to make their stock look more valuable when, in fact, nothing has changed. A company may also do a reverse split to avoid being delisted.
"The refinancing extends the maturities of Lee's borrowings to December 2015 and April 2017 and included the issuance of 6,743,640 shares of Lee Common Stock, amounting to dilution of approximately 13% in the base of outstanding shares.
Implementation required a voluntary, prepackaged Chapter 11 process that successfully concluded on January 30, 2012."
