Wednesday, February 18, 2009
Weird Goings-On at 'Star' -- Are They Bankruptcy Clues?
We've received word from a couple of folks over at Tucson Newspapers that something rather strange is going on.
Here's what we've heard: Star employees, who normally are paid on Friday, got paychecks today--and those paychecks included cash-outs for whatever Lee Enterprises stock the employee had.
What does all this mean? Our best guess--and this is JUST a guess--is that this may be a prelude to a bankruptcy filing by Star parent company Lee Enterprises, which is overleveraged in debt and has been trying to renegotiate the terms of some of that debt.
We'll keep you posted as we find out more.
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