January 28, 2008
Making money out of misery contd.
6 days ago I wrote that the New York Times is 'a lying, treacherous, cowardly thing' and placed a long spread bet on its stock at $14.30. Today the stock went up 9% to $16.07 thanks to the news that a couple of funds have bought 4.9% of the stock and are massaging the egos of the Sulzbergers (who control the voting stock) with a view to reshaping the group's asset base and financing, but not the the voting rights. This subtler approach may well succeed where Morgan Stanley's attempt to enfranchise the B stock crashed against the family's self-importance. Pinch Sulzberger, what is that tolling bell?