This is no great shock. The Sulzbergers plan to drive NYT stock into the toilet, then buy all the common shares at rock bottom prices, until they have enough of it to privatize “their” paper. Literally they will buy back all the remaining common stock at fractions of a penny per share.
And a federal judge has ruled they can do it. Their special stock gives them complete rights over corporate policy, and common stockholders have no rights to force them to make decisions that would maintain or increase stock value.
In other words, anyone still holding NYT stock should have sold it long ago. It is worthless, unless you can find some fool to buy it.
The paper is ripe for young Ted Turner type...who has dad’s money and nothing to do. I’m guessing that one day...such a guy will walk in and flip the paper upside down.
"This is no great shock. The Sulzbergers plan to drive NYT stock into the toilet, then buy all the common shares at rock bottom prices, until they have enough of it to privatize “their” paper. Literally they will buy back all the remaining common stock at fractions of a penny per share."
"And a federal judge has ruled they can do it. Their special stock gives them complete rights over corporate policy, and common stockholders have no rights to force them to make decisions that would maintain or increase stock value."
"In other words, anyone still holding NYT stock should have sold it long ago. It is worthless, unless you can find some fool to buy it."