My Canwest stock death watch continues.
At an all-time low of $3.01. Will it fall through the $3.00 barrier today?
Will the banks call?
UPDATE: By 11:20 this morning the stock fell through $3 and was trading in the $2.90s. Nearly 200,000 shares of Canwest traded by noon, all of them at a loss to the sellers. That's quite the little vote of non-confidence.
UPDATE: At 3:30 p.m. more than 700,000 shares had been ditched in capitulation trading, with the stock going for $2.90, down about 6% on the day. Everyone who sold those shares lost money. If you don't think Lenny and Davie and Gail are following these numbers, dream on.
I seem to be the only person writing about the collapse of a company that has near-monopoly status in the newspaper business in Vancouver, Calgary, Edmonton, Windsor, Ottawa and Montreal, owns a national newspaper and a TV network. The company has bank debts of $2.8 billion and another $1 billion in other liabilities such as pensions.
Scroll down for my various posts on why Canwest's rather decent media assets have lost so much value. Basically, the company, from the boardroom to the newrooms, is managed by retards. Sure, there are many bright people working for Canwest. You can tell who they are: they're the ones who look sad and hunted.
TOTAL DAMAGE: 800,000 shares of Canwest traded today. All of them were sold through all-time lows, meaning each one was an investment loss. Every one of those shares was sold by someone who had given up on Canwest and believed it would go nowhere but down.
Meanwhile, I heard more stories today of Canwest content cuts and vile treatment of employees. It's time for the Asper heirs to realize they and their stooges are in way over their heads and sell the company. Definitely, the sum is worth more than the parts, but this is looking like a situation like Air Canada, where the stock will go so low that the banks will foreclose and the company will be reorganized, leaving the shareholders with worthless paper.
(A month ago, I was so blown away by the collapse of this stock that I almost bought some at $3.40. Almost. Now, um, I think I'll pass.)