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Sounds like it's not really news.
LEE hit a high of $1.57 AH.
Berkshire Denied Confidential Treatment on Lee Enterprises Stake
Today : Tuesday 5 June 2012
By Erik Holm
The U.S. Securities and Exchange Commission rejected an effort by Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) to avoid disclosing its stake in newspaper publisher Lee Enterprises Inc. (LEE).
After the effort to keep the holding confidential was rejected, Berkshire revealed in a regulatory filing Tuesday it held about 1.66 million shares, or about 3%, of Lee Enterprises as of March 31.
The request to keep the stake a secret was denied on May 25, Berkshire said. The filing doesn't say why the SEC denied the request for the so-called "confidential treatment," which it sometimes grants to major investors as they build or dismantle large positions.
But it may be because the stake wasn't much of a secret. The Wall Street Journal reported in April that Berkshire had purchased $85 million in Lee Enterprises loans that were slated to be exchanged into junior debt and equity as part of the company's bankruptcy proceedings in January.
The last time Berkshire was given the chance to keep a new investment hidden for a time, Mr. Buffett was building a massive new position in International Business Machines Corp. (IBM) last year.
Write to Erik Holm at erik.holm@dowjones.com
Heard about this after hours... Already at a high of $1.57... should be a mover in the am as well.
Buffett's Berkshire Hathaway has stake in Lee Enterprises
14 minutes ago • Associated Press and State Journal
Billionaire Warren Buffett's company now owns about 3.2 percent of Lee Enterprises' stock as Berkshire Hathaway's newspaper holdings continue to grow.
Buffett's Omaha-based company disclosed owning 1.66 million shares of Lee's stock on Tuesday because the Securities and Exchange Commission refused to let him keep this investment confidential.
The SEC often lets Buffett conceal investment moves while he's making them because so many investors try to copy him. In after-hours trading Tuesday, Lee stock was up 22.6 percent.
Last month Berkshire announced a deal to buy 63 newspapers from Media General for $142 million. And Buffett has said Berkshire may buy more newspapers in the future despite the challenges the industry faces.
Lee is a Davenport, Iowa-based publisher of the St. Louis Post-Dispatch and other newspapers. Lee owns half of Capital Newspapers, publisher of the Wisconsin State Journal and The Capital Times in Madison.
Read more: http://host.madison.com/wsj/business/article_14ce8152-af52-11e1-a31c-0019bb2963f4.html#ixzz1wxMIBoEe
_______________________________________________
LEE
Littlefish,
I trade this one, and have little inventory left (a 20% position) having sold into the pre earnings strength on the Buffet buying LEE-debt news.
In the past I have bought around the 1.07/8 area and would probably buy there again for a move to maybe $1.25 -$1.38.
I'm not really long term bullish on LEE or the industry.
...and thanks for the response.
best.
nelson- on LEE... Since I'm here, at what level would you consider adding to this position?
Sorry to show up over here to respond to you LOL. I'm not a paid member.
Ya I still own some (other one) but not that much any more. Cheap for reasons which is a shame cuz they have some promise if managed properly.
Good luck
$LEE is valued like TRASH.
It doesn't make sense. Warren Buffet buys when every one is scared.
Sells when everyone is greedy.
2.70 is my target. I am waiting for AF to do some chart analysis.
I know AF is very busy. Let's see. I know he will do it for us.
$LEE has value. They are in the midst of a turn around.
What we went through in 2008-2009 was just incredible.
It affected a lot of businesses.
LEE is a real comeback story as of now.
LEE is a survivor.
No debt worries in the foreseeable future.
LEE~NEXT BIG WINNER..They are adapting their business model for maximum profitability...good luck, michael
$LEE will hit 2.70.
I have it on my alert list.
I live in Lee's hometown....it will be fine..I am a subscriber as well as advertiser in QC Times...ads are growing
$LEE target is 2.70
Don't worry when buffet invested in $LEE.
$LEE will soon breakout above 1.35
Simply too cheap.
i sold out today.. broke the trend
Lee Enterprises reports results for second fiscal quarter.
good luck, michael
http://finance.yahoo.com/news/lee-enterprises-reports-results-second-130203427.html
Lee Enterprises 2Q loss widens on refinancing costs
DAVENPORT, Iowa (AP) -- Lee Enterprises Inc., publisher of the St. Louis Post-Dispatch and other newspapers, on Tuesday reported a wider loss for its latest quarter due to costs associated with an exit from bankruptcy.
The company said it lost $26.6 million, or 54 cents per share, for the fiscal second quarter that ended March 25. That compares with a loss of $1.5 million, or 3 cents per share, for the same period a year ago.
Excluding refinancing and reorganization costs, Lee lost $1.3 million or 3 cents per share. That compares with a loss of $909,000 or 2 cents per share a year ago.
Revenue fell 3.6 percent to $172.3 million, from $178.7 million a year ago. Advertising revenue declined 5.3 percent to $117.5 million, while circulation revenue rose 0.1 percent to $44.9 million. The digital portion of advertising revenue rose 9.9 percent to $15.7 million.
Lee filed for bankruptcy protection on Dec.12 to compel a small minority of its lenders to agree to a refinancing plan that gives the company more time to repay about $1 billion in debt. The plan was finalized on Jan. 30, which allowed the company to exit bankruptcy court protection.
Shares of the Davenport, Iowa, company fell 9 cents, or 6.9 percent, to $1.22 in afternoon trading.
===============================================good luck, michael
buffet has 4 % stake in $LEE enough said,
he bought out all of $LEE's debt from Goldmansach's
buffet doesnt lose $$
I also see Earnings coming tomorrow.. GL all here in $LEE
<<< $LEE Links! >>> ~ MAC's Quick DD Links without the charts.
Open these links (or the ones you desire) in background tabs
http://help.opera.com/Linux/9.52/en/keyboard.html
http://lifehacker.com/263940/force-links-to-open-in-the-background
PennyStockTweets ~ http://www.pennystocktweets.com/stocks/profile/LEE
OTC Markets Company Info ~ http://www.otcmarkets.com/stock/LEE/company-info
OTC Markets Charts ~ http://www.otcmarkets.com/stock/LEE/chart
OTC Markets Quote ~ http://www.otcmarkets.com/stock/LEE/quote
OTC Markets News ~ http://www.otcmarkets.com/stock/LEE/news
OTC Markets Financials ~ http://www.otcmarkets.com/stock/LEE/financials
OTC Markets Short Sales ~ http://www.otcmarkets.com/stock/LEE/short-sales
OTC Markets Insider Disclosure ~ http://www.otcmarkets.com/stock/LEE/insider-transactions
OTC Markets Research Reports ~ http://www.otcmarkets.com/stock/LEE/research
Google Finance Summary ~ http://www.google.com/finance?q=LEE
Google Finance News ~ http://www.google.com/finance/company_news?q=LEE
Google Finance Option chain ~ http://www.google.com/finance/option_chain?q=LEE
Google Finance Financials ~ http://www.google.com/finance?q=LEE&fstype=ii#
Google Finance Historical prices Daily ~ http://www.google.com/finance/historical?q=LEE
Google Finance Historical prices Weekly ~ http://www.google.com/finance/historical?q=LEE&histperiod=weekly#
Y! < Company >
Y! Profile ~ http://finance.yahoo.com/q/pr?s=LEE+Profile
Y! Key Stat's ~ http://finance.yahoo.com/q/ks?s=LEE+Key+Statistics
Y! Headlines ~ http://finance.yahoo.com/q/h?s=LEE+Headlines
Y! Summary ~ http://finance.yahoo.com/q?s=LEE
Y! Historical Prices ~ http://finance.yahoo.com/q/hp?s=LEE+Historical+Prices
Y! Order Book ~ http://finance.yahoo.com/q/ecn?s=LEE+Order+Book
Y! Message Boards ~ http://messages.finance.yahoo.com/mb/LEE
Y! Market Pulse ~ http://finance.yahoo.com/marketpulse/LEE
Y! Technical Analysis ~ http://finance.yahoo.com/q/ta?s=LEE+Basic+Tech.+Analysis
Y! < Analyst Coverage >
Y! Analyst Opinion ~ http://finance.yahoo.com/q/ao?s=LEE+Analyst+Opinion
Y! Analyst Estimates ~ http://finance.yahoo.com/q/ae?s=LEE+Analyst+Estimates
Y! Research Reports ~ http://finance.yahoo.com/q/rr?s=LEE+Research+Reports
Y! Star Analysts ~ http://finance.yahoo.com/q/sa?s=LEE+Star+Analysts
Y! < Ownership >
Y! Major Holders ~ http://finance.yahoo.com/q/mh?s=LEE+Major+Holders
Y! Insider Transactions ~ http://finance.yahoo.com/q/it?s=LEE+Insider+Transactions
Y! Insider Roster ~ http://finance.yahoo.com/q/ir?s=LEE+Insider+Roster
Y! < Financials >
Y! Income Statement ~ http://finance.yahoo.com/q/is?s=LEE+Income+Statement&annual
Y! Balance Sheet ~ http://finance.yahoo.com/q/bs?s=LEE+Balance+Sheet&annual
Y! Cash Flow ~ http://finance.yahoo.com/q/cf?s=LEE+Cash+Flow&annual
FINVIZ ~ http://finviz.com/quote.ashx?t=LEE&ty=c&ta=0&p=d
Investorshub Trades ~ http://ih.advfn.com/p.php?pid=trades&symbol=LEE
Investorshub Board Search ~ http://investorshub.advfn.com/boards/getboards.aspx?searchstr=LEE
Investorshub PostStream ~ http://investorshub.advfn.com/boards/poststream.aspx?ticker=LEE
Investorshub Messages ~ http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=LEE
Investorshub Videos ~ http://ih.advfn.com/p.php?pid=ihvse&ihvqu=LEE
Investorshub News ~ http://ih.advfn.com/p.php?pid=news&btn=s_ok&ctl00%24sb3%24tbq1=Get+Quote&as_values_IH=&ctl00%24sb3%24stb1=Search+iHub&symbol=LEE&s_ok=OK&from_month=3&from_day=15&from_year=2012&order=desc&selsrc%5B%5D=prnca&selsrc%5B%5D=prnus&selsrc%5B%5D=zacks&selsrc%5B%5D=money2&selsrc%5B%5D=djn&selsrc%5B%5D=bw&selsrc%5B%5D=globe&selsrc%5B%5D=edgar&selsrc%5B%5D=mwus&force=1&last_ts=1331855999&p_n=1&p_count=&p_ts=1331794260
CandlestickChart ~ http://www.candlestickchart.com/cgi/chart.cgi?symbol=LEE&exchange=US
Barchart Quote ~ http://barchart.com/quotes/stocks/LEE?
Barchart Detailed Quote ~ http://barchart.com/detailedquote/stocks/LEE
Barchart Options Quotes ~ http://barchart.com/options/stocks/LEE
Barchart Technical Chart ~ http://barchart.com/charts/stocks/LEE&style=technical
Barchart Interactive Chart ~ http://barchart.com/charts/stocks/LEE&style=interactive
Barchart Technical Analysis ~ http://barchart.com/technicals/stocks/LEE
Barchart Trader's Cheat Sheet ~ http://barchart.com/cheatsheet.php?sym=LEE
Barchart Barchart Opinion ~ http://barchart.com/opinions/stocks/LEE
Barchart Snapshot Opinion ~ http://barchart.com/snapopinion/stocks/LEE
Barchart News Headlines ~ http://barchart.com/news/stocks/LEE
Barchart Profile ~ http://barchart.com/profile//LEE
Barchart Key Statistics ~ http://barchart.com/profile.php?sym=LEE&view=key_statistics
OTC: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=LEE&MarketTicker=OTC&TYP=S
NASDAQ: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=LEE&MarketTicker=NASD&TYP=S
NYSE: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=LEE&MarketTicker=NYSE&Typ=S
Marketwatch Profile ~ http://www.marketwatch.com/investing/stock/LEE/profile
Marketwatch Analyst Estimates ~ http://www.marketwatch.com/investing/stock/LEE/analystestimates
Marketwatch Historical Quotes ~ http://www.marketwatch.com/investing/stock/LEE/historical
Marketwatch Financials ~ http://www.marketwatch.com/investing/stock/LEE/financials
Marketwatch Overview ~ http://www.marketwatch.com/investing/stock/LEE
Marketwatch SEC Filings ~ http://www.marketwatch.com/investing/stock/LEE/secfilings
Marketwatch Picks ~ http://www.marketwatch.com/investing/stock/LEE/picks
Marketwatch Hulbert ~ http://www.marketwatch.com/investing/stock/LEE/hulbert
Marketwatch Insider Actions ~ http://www.marketwatch.com/investing/stock/LEE/insideractions
Marketwatch Options ~ http://www.marketwatch.com/investing/stock/LEE/options
Marketwatch Charts ~ http://www.marketwatch.com/investing/stock/LEE/charts
Marketwatch News ~ http://bigcharts.marketwatch.com/news/symbolsearch/symbolnews.asp?news=markadv&symb=LEE&sid=1795093&framed=False
The Lion ~ http://thelion.com/bin/aio_msg.cgi?cmd=search&msg=&si=1&tw=1&tt=1&rb=1&ih=1&fo=1&iv=1&yf=1&sa=1&fb=1&gg=1&symbol=LEE
Search NYSE ~ http://www.nyse.com/about/listed/lcddata.html?ticker=LEE
StockTA ~ http://www.stockta.com/cgi-bin/analysis.pl?symb=LEE&num1=567&cobrand=&mode=stock
StockHouse ~ http://www.stockhouse.com/financialtools/sn_overview.aspx?qm_symbol=LEE
StockHouse Delayed LII ~ http://www.stockhouse.com/financialtools/sn_level2.aspx?qm_page=46140&qm_symbol=LEE
AlphaTrade ~ http://tools.alphatrade.com/index.php?t1=mc_quote_module&t2=mc_quote_module2&t3=historical&template=historical2html&sym=LEE&client_id=2740&a_width=680&a_height=1000&language=english&showVol=1&chtype=8
Reuters ~ http://www.reuters.com/finance/stocks/companyOfficers?symbol=LEE.PK&WTmodLOC=C4-Officers-5
StockWatch ~ http://www.stockwatch.com/Quote/Detail.aspx?symbol=LEE®ion=U
Search NASDAQ ~ http://www.nasdaq.com/symbol/LEE
NASDAQ Divy History ~ http://www.nasdaq.com/symbol/LEE/dividend-history
NASDAQ Short Interest ~ http://www.nasdaq.com/symbol/LEE/short-interest
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/LEE/institutional-holdings
NASDAQ FlashQuotes ~ http://www.nasdaq.com/aspx/flashquotes.aspx?symbol=LEE&selected=LEE
NASDAQ InfoQuotes ~ http://www.nasdaq.com/aspx/infoquotes.aspx?symbol=LEE&selected=LEE
NASDAQ After Hours Quote ~ http://www.nasdaq.com/symbol/LEE/after-hours
NASDAQ Pre-Market Quote ~ http://www.nasdaq.com/symbol/LEE/premarket
NASDAQ Historical Quote ~ http://www.nasdaq.com/symbol/LEE/historical
NASDAQ Option Chain ~ http://www.nasdaq.com/symbol/LEE/option-chain
NASDAQ Company Headlines ~ http://www.nasdaq.com/symbol/LEE/news-headlines
NASDAQ Press Releases ~ http://www.nasdaq.com/symbol/LEE/news-headlines
NASDAQ Sentiment ~ http://www.nasdaq.com/symbol/LEE/sentiment
NASDAQ Analyst Summary ~ http://www.nasdaq.com/symbol/LEE/analyst-research
NASDAQ Guru Analysis~ http://www.nasdaq.com/symbol/LEE/guru-analysis
NASDAQ Stock Report ~ http://www.nasdaq.com/symbol/LEE/stock-report
NASDAQ Competitors ~ http://www.nasdaq.com/symbol/LEE/competitors
NASDAQ Stock Consultant ~ http://www.nasdaq.com/symbol/LEE/stock-consultant
NASDAQ Stock Comparison ~ http://www.nasdaq.com/symbol/LEE/stock-comparison
NASDAQ Call Transcripts ~ http://www.nasdaq.com/symbol/LEE/call-transcripts
NASDAQ Annual Reports ~ http://www.nasdaq.com/aspx/annualreport.aspx?symbol=LEE&selected=LEE
NASDAQ Financials ~ http://www.nasdaq.com/symbol/LEE/financials
NASDAQ Revenue & Earnings Per Share (EPS) ~ http://www.nasdaq.com/symbol/LEE/revenue-eps
NASDAQ SEC Filings ~ http://www.nasdaq.com/symbol/LEE/sec-filings
NASDAQ Ownership Summary ~ http://www.nasdaq.com/symbol/LEE/ownership-summary
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/LEE/institutional-holdings
NASDAQ (SEC Form 4) ~
--------- All Trades ~ http://www.nasdaq.com/symbol/LEE/insider-trades
--------- Buys ~ http://www.nasdaq.com/symbol/LEE/insider-trades/buys
--------- Sells ~ http://www.nasdaq.com/symbol/LEE/insider-trades/sells
The Motley Fool ~ http://caps.fool.com/Ticker/LEE.aspx
The Motley Fool Earnings/Growth ~ http://caps.fool.com/Ticker/LEE/EarningsGrowthRates.aspx?source=itxsittst0000001
The Motley Fool Ratios ~ http://caps.fool.com/Ticker/LEE/Ratios.aspx?source=itxsittst0000001
The Motley Fool Stats ~ http://caps.fool.com/Ticker/LEE/Stats.aspx?source=icasittab0000006
The Motley Fool Historical ~ http://caps.fool.com/Ticker/LEE/Historical.aspx?source=icasittab0000004
The Motley Fool Scorecard ~ http://caps.fool.com/Ticker/LEE/Scorecard.aspx?source=icasittab0000003
The Motley Fool Statements ~ http://caps.fool.com/Ticker/LEE/Statements.aspx?source=icasittab0000009
MSN Money ~ http://investing.money.msn.com/investments/stock-ratings?symbol=LEE
YCharts ~ http://ycharts.com/companies/LEE
YCharts Performance ~ http://ycharts.com/companies/LEE/performance
YCharts Dashboard ~ http://ycharts.com/companies/LEE/dashboard
InsideStocks Opinion ~ http://www.insidestocks.com/texpert.asp?sym=LEE&code=XDAILY
InsideStocks Profile ~ http://www.insidestocks.com/profile.asp?sym=LEE&code=XDAILY
InsideStocks Quote ~ http://www.insidestocks.com/quote.asp?sym=LEE&code=XDAILY
InsideStocks Projection ~ http://charts3.barchart.com/procal.asp?sym=LEE
Zacks Quote ~ http://www.zacks.com/stock/quote/LEE
Zacks Estimates ~ http://www.zacks.com/research/report.php?type=estimates&t=LEE
Zacks Company Reports ~ http://www.zacks.com/research/report.php?type=report&t=LEE
Knobias ~ http://knobias.10kwizard.com/files.php?sym=LEE
StockScores ~ http://www.stockscores.com/quickreport.asp?ticker=LEE
Trade-Ideas ~ http://www.trade-ideas.com/StockInfo/LEE/HOT_TOPIC.html
Morningstar ~ http://performance.morningstar.com/stock/performance-return.action?region=USA&t=LEE&culture=en-US
Morningstar Shareholders ~ http://investors.morningstar.com/ownership/shareholders-overview.html?t=LEE®ion=USA&culture=en-us
Morningstar Transcripts~ http://www.morningstar.com/earnings/NoTranscript.aspx?t=LEE®ion=USA
Morningstar Key Ratios ~ http://financials.morningstar.com/ratios/r.html?t=LEE®ion=USA&culture=en-US
Morningstar Executive Compensation ~ http://insiders.morningstar.com/trading/executive-compensation.action?t=LEE®ion=USA&culture=en-us
Morningstar Valuation ~ http://financials.morningstar.com/valuation/price-ratio.html?t=LEE®ion=USA&culture=en-us
CCBN (Thompson Reuters) ~ http://ccbn.aol.com/company.asp?client=aol&ticker=LEE
TradingMarkets ~ http://pr.tradingmarkets.com/?lid=leftPRbox&sym=LEE
OTCBB ~ http://www.otcbb.com/asp/SiteSearch.asp?Criteria=LEE&searcharea=e&image1.x=0&image1.y=0
Insidercow ~ http://www.insidercow.com/history/company.jsp?company=LEE&B1=Search%21
Forbes News ~ http://search.forbes.com/search/find?tab=searchtabgeneraldark&MT=LEE
Forbes Press Releases ~ http://search.forbes.com/search/find?&start=1&tab=searchtabgeneraldark&MT=LEE&pub=businesswire,prnewswire&searchResults=pressRelease&tag=pr&premium=on
Forbes Web ~ http://search.forbes.com/search/web?MT=UNGS&start=1&max=10&searchResults=web&tag=web&sort=null
YouTube Symbol Search ~ http://www.youtube.com/results?search_query=LEE
Buy-Ins ~ http://www.buyins.net/tools/symbol_stats.php?sym=LEE
Quotemedia ~ http://www.quotemedia.com/results.php?qm_page=47556&qm_symbol=LEE
Earnings Whispers ~ http://www.earningswhispers.com/stocks.asp?symbol=LEE
Bloomberg Snapshot ~ http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=LEE
Bloomberg People ~ http://investing.businessweek.com/research/stocks/people/people.asp?ticker=LEE
Financial Times ~ http://markets.ft.com/Research/Markets/Tearsheets/Summary?s=LEE
Investorpoint ~ http://www.investorpoint.com/ enter "LEE" and click search.
Hotstocked ~ http://www.hotstocked.com/ enter "LEE" and click search.
Raging Bull ~ http://ragingbull.quote.com/mboard/boards.cgi?board=LEE
Hoovers ~ http://www.hoovers.com/search/company-search-results/100003765-1.html?type=company&term=LEE
DD Machine ~ http://www.ddmachine.com/default.asp?m=stocktool_frame.asp?symbol=LEE
SEC Form 4 ~ http://www.secform4.com/insider/showhistory.php?cik=LEE
OTCBB Pulse ~ http://www.otcbbpulse.com/cgi-bin/pulsequote.cgi?symbol=LEE
Failures To Deliver ~ http://failurestodeliver.com/default2.aspx enter "LEE" and click search.
http://www.coordinatedlegal.com/SecretaryOfState.html
http://regsho.finra.org/regsho-Index.html
http://www.shortsqueeze.com/?symbol=LEE&submit=Short+Quote%99
DTCC (PENSON/TDA) Check - (otc and pinks) - Note ~ I did not check for this chart blast. However, I try and help you to do so with the following links.
IHUB DTCC BOARD SEARCH #1 http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=LEE
IHUB DTCC BOARD SEARCH #2: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=14482&srchyr=2011&SearchStr=LEE
Check those searches for recent LEE mentions. If LEE is showing up on older posts and not on new posts found in link below, The DTCC issues may have been addressed and fixed. Always call the broker if your security turns up on any DTCC/PENSON list.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=Complete+list
For a complete list see the pinned threads at the top here ---> http://tinyurl.com/TWO-OLD-FARTS
MACDlinks
Fat finger maybe
yup it sure is been hidden buyer on LEE for 2 days
great 3 month chart
w range
give it time $LEE will go pop pop pop
I think $1.70 is where LEE will go into breakout and we'll be finally back above $2.
When is $LEE earning's? April 17th 2012?
We should have a run into 1.50 - 1.70 soon?
$LEE will be above 2.50 in the coming sessions.
Warren Buffet has been Buying LEE debt...the lower tier 15% variety; he started buying back in November, and if you look at the end of the article, he's been adding as recently as a week ago:
http://online.wsj.com/article/SB10001424052702303624004577338070658967732.html?ru=yahoo&mod=yahoo_hs
If there is one skill Goldman Sachs Group Inc. GS traders pride themselves on, it is the art of buying low and selling high.
But last year, anticipating new regulatory restrictions on proprietary trading and seeking to reduce the bank's exposure to risky assets, Goldman loan traders unloaded hundreds of millions of dollars of leveraged loans at a loss, people familiar with the matter say. Making matters worse, many of those loans have since jumped in value.
Goldman unloaded loans of troubled publisher Lee Enterprises, taking a loss. But Warren Buffett has made a tidy paper profit on the deal.
Details of one trade in particular have recently caused a stir in the market. In November, Goldman sold about $85 million of loans in troubled newspaper publisher Lee Enterprises Inc. LEE +3.51% Goldman sold the debt at about 65 cents on the dollar, having bought it months before at around 80 cents, resulting in a loss of at least $13 million.
The buyer: a unit of Warren Buffett's Berkshire Hathaway Inc., BRKB +1.28% according to several people familiar with the matter.
Mr. Buffett has since made a tidy paper profit on the loans, which are now worth about 82 cents on the dollar, the people said.
A Goldman spokesman declined to comment on the loan sales. Mr. Buffett didn't return requests for comment.
Deal Journal: Is Warren Buffett Building a Newspaper Empire?
The sale of loans came amid discussions of new regulations that Goldman officials worried might restrict its ability to own and trade loans, and concerns within the firm that financial markets could take a turn for the worse after a promising start to the year. Goldman, as well, was conducting a broad consolidation of its credit-trading desks as it focused more on facilitating trades between customers.
Goldman decided in the spring of 2011 to vastly reduce the amount of loans held by its biggest loan-trading desk, called the global bank-loan trading and distressed-debt investing unit, which had a portfolio of more than $4 billion. The desk sold heavily through the summer, just as U.S. and European markets were collapsing. In October, that desk was merged with another desk, whose traders continued to sell, creating additional losses.
To be sure, the losses on the loan sales made up a small portion of Goldman's overall performance, and some of its trades were profitable over the course of 2011, according to people familiar with the matter. The loan desk also used hedges to offset some of its losses, the people said.
Goldman sell the Lee loans November 2011 82¢
The value of Lee loans recovers, April 2012
.
But Goldman traders also sold at a loss loans of Clear Channel Communications Inc. and Harrah's Las Vegas PropCo LLC, which have since rebounded in price, according to people familiar with the matter.
"There's no question that when decisions are made to de-emphasize trading business, decisions are going to be made that are uneconomic," said one of the people.
Several senior loan traders left the firm last year. The head of the European business, Allen Ukritnukun, left the bank in the late summer, and a senior trader in the U.S., Courtney Mather, departed in October, the people said. Buckley Ratchford, who ran the loan trading unit globally, and Blake Mather, head of bank-loan sales, retired shortly thereafter, the people said.
The losses on the loan desk contributed to a $907 million net loss reported by Goldman for the third quarter from debt securities held across all its investing and lending businesses, though it is unclear how much. Goldman as a whole for that period booked its first quarterly loss since 2008.
By late October, about half of the trading desk's loans had been sold.
The value of the Harrah's loan, which was one of the larger positions that Goldman sold, dropped 18% in the third quarter. The unit also lost money on European loans, which were hit by the region's sovereign-debt crisis, the people said.
Still, not all sales produced a loss and some traders in the global bank-loan business made money in 2011, including on loans of bankrupt media company Tribune Co., they said.
At the end of October, Goldman combined the loan-trading desk with a trading desk that specialized in bonds. The difference between the two was large. The loan desk was a private desk with access to confidential information about the borrowers of the loans it held, a crucial advantage in proprietary trading. The bond desk only had access to public information.
But the two were combined because maintaining both was costly and "a majority of our clients prefer access to a fully integrated leveraged finance business," the Goldman spokesman said.
Traders on the enlarged public desk jettisoned many of the loans they inherited because they didn't want to risk losses on positions they weren't familiar with, the people said.
That included the Lee Enterprises loans, they said.
In November, Goldman received a call from a loan trader at Citigroup Inc., C +3.00% who said an unidentified client was interested in buying Lee Enterprises loans, the people said.
Goldman had been working with other Lee creditors, including Monarch Alternative Capital LP and Mudrick Capital Management LP, on a bankruptcy plan for the struggling publisher that was on the verge of coming together.
Nevertheless, Goldman traders agreed to sell the Lee loan.
At the time, the bank didn't know the buyer was Mr. Buffett, who also had made more than $1.5 billion on an investment he made in Goldman during the financial crisis. While the trade was agreed in November, it wasn't until March that Mr. Buffett's identity leaked out.
Through BH Finance LLC, Mr. Buffett has been buying more Lee loans, snapping up $5 million worth last week, said a person familiar with the situation. This time he paid 81.5 cents on the dollar, 25% more than he paid Goldman.
long some $LEE here looks like it had a buyer yesterday.
chart setting up rather nicely
$LEE: Buyers will come back soon.
Totally no sellers yesterday. Volume tells the whole story.
$LEE will be over 2+ dollars in short - medium term.
Stocks like $LEE can gap higher 50-100% one good morning.
So watch out. The short term chart looks weak. But medium to little longer term chart tells you we are heading higher.
Chart is a beauty. Market Makers are trying to scare people before the break out.
Volume: 108,711
Avg Vol (3m): 506,012
http://finance.yahoo.com/q?s=lee&ql=1
Sellers dried up at lower levels. $LEE is in strong hands.
Newspapers erect pay walls in hunt for new revenue
Nearly 300 US newspapers now charging for access on websites, smartphones and tablets
good luck, michael
http://finance.yahoo.com/news/newspapers-erect-pay-walls-hunt-174925264.html
03/29/2012 2:56PM Form(3)Initial.Statement.of.Beneficial.Ownership
LINK
Employee Stock Options (Right to Buy)
9/28/2011 Date Excerisable
9/28/2020 Expiration Date
34,700 Shares of Common Stock
Conversion of Excercise Price= $2.57
ALERT! LEE "Downloads.of.our.smartphone.apps.are.up 308% verses 2/2011"
They expect the numbers to "climb" with the added features RELEASED TODAY!
READ REPORT 3/28/2012 @ 4:10pm After-market
Click Here For Report
Lee Newspapers Roll out Updated and Enhanced Apps for Smartphones
Lee Enterprises (NYSE:LEE)
Wednesday 28 March 2012
Lee Enterprises, Incorporated (NYSE: LEE) has deployed a major upgrade of its applications for iPhone and Android smartphones in all 52 of its newspaper markets, improving mobile delivery of local news, information and advertising throughout the day.
Greg Schermer, Lee vice president for interactive media, said the advanced apps include an improved user interface, expanded content and new advertising opportunities.
“We’ve added features our readers have been asking for -- detailed weather forecasts, classified advertising, and obituaries," he said. "We've also added the ability for users to access our deeply discounted deals of the day via a 'deals' tab."
Schermer noted that the apps enable users to sign up for breaking news alerts and notices about daily deals on their smartphones.
Joyce Dehli, Lee vice president for news, said the upgraded apps showcase the commitment of Lee's journalists to delivering the latest local news to the company's fast-growing mobile audience. "During the past two years, our newsrooms have dramatically increased their capacity to report news as it occurs around the clock, in formats that serve mobile audiences' desire for immediacy and utility," she said.
"Our daily newspapers continue to lead the industry in providing smartphone users with access to local news and information on these devices," Suzanna Frank, Lee vice president for audience, said. "Downloads of our smartphone apps are up 308 percent versus February of 2011 and we expect, with the added features and functionality in this release, that those numbers will continue to climb. Our total mobile views are up 139 percent to 31.5 million versus February of last year.”
Mary Junck, chairman and chief executive officer, said mobile audience and revenue growth are among Lee's top priorities.
"In addition to improving our mobile audiences’ experience with our apps, these upgraded apps afford Lee opportunities to drive additional revenue through new advertising positions and highly interactive rich media ads. These will allow our advertiser customers to engage with a rapidly growing and attractive segment of our audience and drive even greater results to their businesses. ”
Lee Enterprises is a leading provider of local news and information, and a major platform for advertising, in its markets, with 48 daily newspapers and a joint interest in four others, rapidly growing digital products and nearly 300 specialty publications in 23 states. Lee's newspapers have circulation of 1.3 million daily and 1.7 million Sunday, reaching nearly four million readers in print alone. Lee's websites and mobile and tablet products attracted 22.7 million unique visitors in January 2012. Lee's markets include St. Louis, MO; Lincoln, NE; Madison, WI; Davenport, IA; Billings, MT; Bloomington, IL; and Tucson, AZ. Lee Common Stock is traded on the New York Stock Exchange under the symbol LEE. More information about Lee is available at lee.net.
WTH are they thinking?...What investor cares about anything but the issue of a RS right now?...good luck, michael
Well, we got some news. While it is good news, there is no mention of the potential RS, neither yea nor nay. They need to confront the issue.
http://ih.advfn.com/p.php?pid=nmona&article=51808576&symbol=LEE
GLTA
I am right there with ya!..I like the co. but that pr spooked me...took profits going to watch a bit..sure killed a great run..good luck, michael
IMO, they need to put out a PR pre-market. Preferably telling us something to the effect of:
'We appreciate our shareholders standing behind the company, by voting to approve the use of a RS, if needed, to help us keep the company from being delisted. We realize that nobody likes the thought of a RS, and know that your authorizing one had to be an extremely hard decision. That said, we are pleased to announce that, due to the recent increase in our share price, the RS will not be needed at this time. Again, we thank you for your support, and vow to do everything in our power to avoid a similar circumstance in the future.'
These are just my ramblings. As a business owner, I like to look at situations and try to see how I would handle different situations.
GLTA
Ditto..Going to keep an eye on it..may get back in for another round once I see whats up...good luck, michael
Let it go at 1.26 in that crazy EOD action.....Up/down 5 cents every few seconds. Figured something was up and sold-out. Apparently a reverse stock split is in the works:
http://biz.yahoo.com/e/120327/lee8-k.html
GLTA
LEE ON FIRE~$1.70 TARGET...good luck, michael
Absolutely! Sold at 1.23 as sp was coming down from 1.29. Figured headed back to mid-teens like last 2 attempts to break-out big. When it held that 8% gain I knew something was different and kept watching. Re-bought at 1.26 when stock heated-up this afternoon. Got her on a short leash, but hoping I won't need it. :)
1.40+ tomorrow??
LEE~ON THE MOVER UP!...good luck, michael
Wait, now I'm confused......Looks like Today/Thursday, but person forwarding to me on StockTwits indicated Friday. ???????? Probably nothing. Cripes.
Hopefully better day tomorrow, but afraid that this market may sour for a bit.
Dunno.....Message on Orion page that I was pointed to.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=73549891
Relating to what?... Good luck michael
Welcome!..It's going to be a fun ride.... good luck,michael
Hey Wrinkles, good to see you here.
I just got here today myself, alerted by AugustaFriends:
http://investorshub.advfn.com/boards/board.aspx?board_id=12753)
In at 1.20 looking for at least 1.60.
GLTA
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Lee Enterprises updates business outlook, plans more digital subscriptions
DAVENPORT, Iowa (March 21, 2012) -- Lee Enterprises, Incorporated (NYSE: LEE - News) expects revenue trends for the quarter ending March 25, 2012, to be similar to, or slightly better than, the December 2011 quarter, down in the range of 3% to 4%, with operating expenses, excluding depreciation and amortization, decreasing 4% to 5%, resulting in stable operating cash flow(1) and operating income.
In remarks prepared for Lee`s annual meeting of stockholders this morning, Carl Schmidt, vice president, chief financial officer and treasurer, said operating expenses, excluding depreciation and amortization, for the fiscal year ending September 30, 2012, are expected to decrease 3.5% to 4.5% from the comparable 2011 level, also excluding non-cash impairment charges in the prior year and a 53rd week of business activity in 2012, a significant improvement from previous guidance.
He said the additional week, which will be in September and which last occurred in 2007, will add $9-10 million to operating expenses for this year only, but it also will add an extra week of revenue, so the impact on cash flow and earnings should be positive.
Schmidt added that debt repayments in the quarter totaling $30.4 million made in conjunction with, and since the closing of the company`s debt refinancing on January 30 will reduce the remaining balance to $965.5 million.
Also in remarks prepared for the annual meeting, Mary Junck, chairman and chief executive officer, said Lee plans to introduce digital subscriber programs in more Lee markets within the next three months and expects to have paid digital content in most Lee markets by the end of the year.
She said reception of a digital subscriber program at six newspapers in Montana and Wyoming has been good. She said there has been no adverse effect on digital advertising revenue, that the number of unique visits has continued to grow, and that page views have remained strong.
"We`re excited about the opportunities we see for digital subscriptions," she said. "No other source can match the wealth of unique and indispensable local news and information that we provide around the clock, day in and day out. We see this development as an important part of our future."
She shared updated market studies showing that Lee`s newspapers and digital products reach 82% of the adults in its 12 largest markets over a week, including 80% of people 18-29 years old.
She said mobile and tablet audience growth has been "breathtaking," with page views up 225% in January 2012 compared with a year ago.
She added: "Next week, we`re rolling out another major update for our 104 smartphone apps. The update features an improved user interface, new content and new rich-media advertising, with more options for sharing across social media."
The complete presentation will be available later this morning at lee.net.
Lee Enterprises is a leading provider of local news and information, and a major platform for advertising, in its markets, with 48 daily newspapers and a joint interest in four others, rapidly growing digital products and nearly 300 specialty publications in 23 states. Lee`s newspapers have circulation of 1.3 million daily and 1.7 million Sunday, reaching nearly four million readers in print alone. Lee`s websites and mobile and tablet products attracted 22.7 million unique visitors in January 2012. Lee`s markets include St. Louis, MO; Lincoln, NE; Madison, WI; Davenport, IA; Billings, MT; Bloomington, IL; and Tucson, AZ. Lee Common Stock is traded on the New York Stock Exchange under the symbol LEE.
(1) Operating cash flow, which is defined as operating income before depreciation, amortization, impairment charges, curtailment gains, and equity in earnings of associated companies, is a non-GAAP (Generally Accepted Accounting Principles) financial measure. No non-GAAP financial measure should be considered as a substitute for any related GAAP financial measure. However, the company believes the use of non-GAAP financial measures provides meaningful supplemental information with which to evaluate its financial performance, or assist in forecasting and analyzing future periods. For further information, please refer to the most recent 10-K or 10-Q filing.
Mary Junck
Davenport, IA 52801 Chairman, President and Chief Executive Officer
www.lee.net (563) 383-2100
January 23, 2012
Dear Lee Stockholders and Employees:
The comprehensive refinancing of Lee's debt will go into effect on January 30, 2012.
The achievement will mark the successful conclusion of a process that began nearly a year ago
in a difficult credit environment. The refinancing, along with our rapid digital growth, huge
audiences, intensive sales culture and ongoing strong cash flow, will keep Lee on solid financial
footing as we continue reshaping our company and improving our balance sheet.
The agreements extend our existing loan agreements to 2015 and 2017 on reasonable terms that
preserve stockholders' ownership interests with only 13% dilution. I am enclosing our news
release with additional details.
As I noted in my letter of December 2, 2011, completion of the refinancing required a voluntary,
prepackaged Chapter 11 process to bind a small minority of non-consenting creditors to
agreements that had been reached with an overwhelming majority of lenders. The process did
not affect employees, vendors, contractors, customers or any aspect of company operations.
Lee continues to be listed on the New York Stock Exchange, although the stock price currently
remains below the minimum average closing price of $1 per share. We expect investor sentiment
to improve with the conclusion of the refinancing. Regardless, NYSE rules allow the cure period
to extend through Lee's annual meeting in March 2012 because, if necessary, Lee could receive
shareholder approval to enact a reverse stock split. If Lee stock were to be removed from the
NYSE, it would be traded over the counter.
As you may have seen in our earnings report for the first quarter of our fiscal 2012, Lee continues
to gain headway in a still-uneven economy. We expect revenue trends to improve slowly in 2012,
as we press forward with more digital and print initiatives. Because of our intensive sales culture
and evolving array of products, Lee has outpaced the industry in advertising revenue
performance for 33 quarters in a row, and we expect to continue extending that string.
Even in a challenging economy, our print and digital media attract huge audiences. Continual,
extensive research shows that more than 80% percent of adults in our larger markets read or use
our products each week, including two-thirds of 18- to 29-year-olds. We believe the statistics are
even stronger in our smaller markets. That strength reflects the unique and indispensable role we
have earned in our communities and reinforces our optimism for the future.
With deep appreciation for your continuing support,
Mary Junck
Chairman, President and Chief Executive Officer
Enc.: News release
Lee Enterprises Inc.
201 North Harrison Street
Suite 600
Davenport, IA 52801
Phone: 563-383-2100
Fax: 563-323-9608
Web Site: http://www.lee.net/
DETAILS
Index Membership: N/A
Sector: Services
Industry: Publishing - Newspapers
Full Time Employees: 6,200
BUSINESS SUMMARY
Lee Enterprises, Incorporated provides local news, information, and advertising primarily in midsize markets in the United States. It publishes 49 daily newspapers, as well as offers approximately 300 weekly newspapers and specialty publications in 23 states. The company also offers online services and advertising services. In addition, it provides online infrastructure and online publishing services for approximately 1,500 daily and weekly newspapers and shoppers. Further, Lee Enterprises has a joint interest in four newspapers. The company has a strategic alliance with Yahoo!, Inc., which offers its classified employment advertising customer base the opportunity to post job listings on Yahoo!'s HotJobs national platform. Lee Enterprises was founded in 1890 and is based in Davenport, Iowa.
ARIZONA
Arizona Daily Sun, Flagstaff
Arizona Daily Star, Tucson
CALIFORNIA
The Sentinel, Hanford
The Kingsburg Recorder, Kingsburg
Lemoore Advance, Lemoore
The Selma Enterprise, Selma
The Lompoc Record, Lompoc
Napa Valley Register, Napa
Inside Napa Valley, Napa
American Canyon Eagle, Napa
St. Helena Star, St. Helena
Weekly Calistogan, St. Helena
North County Times, Oceanside/Escondido
Santa Maria Times, Santa Maria
Adobe Press, Nipomo
El Tiempo, Santa Maria
Times Press Recorder, Arroyo Grande
Santa Ynez Valley News, Santa Maria
HAWAII
The Garden Island, Lihue, Kauai
IDAHO
Ag Weekly, Twin Falls
The Times-News, Twin Falls
ILLINOIS
The Pantagraph, Bloomington
The Southern Illinoisan, Carbondale
Journal Gazette and Times-Courier, Mattoon/Charleston
Herald & Review, Decatur
Prairie Shopper, Decatur
INDIANA
The Times, Munster
IOWA
Iowa Farmer Today, Cedar Rapids
Quad-City Times, Davenport
Globe-Gazette, Mason City
Mason City Shopper, Mason City
Britt News-Tribune, Britt
Forest City Summit, Forest City
Winnebago/Hancock Shopper, Forest City
Mitchell County Press-News, Osage
Muscatine Journal, Muscatine
Classic Images / Films of the Golden Age, Muscatine
Sioux City Journal, Sioux City
The Courier, Waterloo-Cedar Falls
KENTUCKY
The Ledger Independent, Maysville
MINNESOTA
Minnesota Farm Guide, Bismarck, ND
Winona Daily News, Winona
MISSOURI
Daily Journal, Park Hills
Democrat News, Fredericktown
The Farmington Press, Farmington
St. Louis Post-Dispatch, St. Louis
Suburban Journals, Greater St. Louis
MONTANA
Billings Gazette, Billings
Thrifty Nickel, Billings
Mini Nickel, Bozeman
The Montana Standard, Butte
The Prairie Star, Great Falls
Ravalli Republic, Hamilton
Independent Record, Helena
The Adit, Helena
LewisandClark.com, Helena
Montana Magazine, Helena
Missoulian, Missoula
Grizzly Nickel, Missoula
Sellitmt statewide classifieds
NEBRASKA
Beatrice Daily Sun, Beatrice
Columbus Telegram, Columbus
Fremont Tribune, Fremont
Lincoln Journal Star, Lincoln
Midwest Messenger, Tekamah
Midwest Producer, Tekamah
Plattsmouth Journal, Plattsmouth
NEVADA
Elko Daily Free Press, Elko
NEW YORK
The Citizen, Auburn
Skaneateles Journal, Skaneateles
The Post-Star, Glens Falls
NORTH DAKOTA
The Bismarck Tribune, Bismarck
Farm & Ranch Guide, Bismarck
FarmEquipmentCenter.com, Bismarck
Dickinson Finder, Dickinson
The Finder, Mandan
Mandan News, Mandan
OREGON
The World, Coos Bay
Bandon Western World, Bandon
The Umpqua Post, Umpqua
Democrat-Herald, Albany
Gazette-Times, Corvallis
Lebanon Express, Lebanon
PENNSYLVANIA
The Sentinel, Carlisle
SOUTH CAROLINA
The Times and Democrat, Orangeburg
SOUTH DAKOTA
Rapid City Journal, Rapid City
Black HIlls Weekly Group, Black Hills
Tri-State Neighbor, Sioux Falls
UTAH
The Daily Herald, Provo
Nebo Reporter, Payson
The Pyramid, Mt. Pleasant
Spanish Fork Press
Springville Herald
WASHINGTON
The Daily News, Longview
WISCONSIN
Agri-View, Madison
Baraboo News Republic, Baraboo
The Chippewa Herald, Chippewa Falls
Chippewa Valley Newspapers, Chippewa region
Daily Citizen, Beaver Dam
Tradin' Post Buyer's Guide, Eau Claire
Foxxy Shopper, La Crosse
La Crosse Tribune, La Crosse
River Valley Newspapers, La Crosse-Winona region
Onalaska/Holmen Courier-Life News, Onalaska/Holmen
Wisconsin State Journal, Madison
Juneau County Star-Times, Mauston
The Chronicle, Melrose
Dunn County News, Menomonie
Portage Daily Register, Portage
The Journal Times, Racine
Pennysaver, Racine
Reedsburg Times-Press, Reedsburg
Sauk Prairie Eagle, Sauk City
Foxxy Shopper, Sparta
Tomah Journal/Monitor Herald, Tomah
Vernon County Broadcaster, Viroqua
Coulee News, West Salem
Westby Times, Westby
Wisconsin Dells Events, Wisconsin Dells
WYOMING
Casper Star-Tribune, Casper
Casper Journal, Casper
LATEST SEC FILINGS http://www.otcmarkets.com/stock/LEE/financials
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