Tel-Chai Nation

Michelle Malkin presents a chart picture of their awesome mega-drop in over 5 years. And then, no sooner does the news come in then Morgan Stanley, one of their 2nd biggest shareholders, sells out their stock:

Morgan Stanley, the second-biggest shareholder in New York Times Co., sold its entire stake today, according to a person briefed on the transaction, sending the stock to its lowest in more than 10 years.

The person declined to be identified because Morgan Stanley hasn’t made the sale public yet. Traders with knowledge of the transaction said Merrill Lynch & Co. sold New York Times stock worth $183 million in a block trade.

Hassan Elmasry, managing director of Morgan Stanley Investment Management, has unsuccessfully challenged the Sulzberger family’s control of New York Times Co. through super- voting shares that give them control over the board. Shareholders owning 42 percent of the company, parent of the namesake newspaper and Boston Globe, withheld support from directors at the publisher’s April annual meeting.

“This guy has been speaking for a lot of people who are too discreet to speak up and challenge management,” said Porter Bibb, a managing partner at Mediatech Capital Partners LLC in New York and a former New York Times Co. executive.

New York Times shares slid 48 cents, or 2.5 percent, to $18.43 at 12:44 p.m. in New York Stock Exchange composite trading and fell as low as $18.28, a level not seen since January 1997.

News that's really fit to print, about a bad newspaper that's slowly getting the punishment it deserves.

Others on the subject include Cao's Blog, Right Voices, Don Surber.

Labels: msm foulness