Wednesday, August 27, 2008
A Tony Ridder What-If
Tony Ridder lost his company, his professional identity and, briefly, his cool when McClatchy bought Knight-Ridder. He has since dealt away some of his stock, in a good timing-bad timing kind of deal.
Through the journalistically invaluable moneycentral.msn.com site, it's possible to quickly track insider trading. We find that Mr. Ridder last November sold 29,800 shares, valued at $407,249. http://moneycentral.msn.com/investor/invsub/insider/trans.asp?Symbol=MNI
Nice, right? But look at it this other way: McClatchy shares were trading at $13.66 when he sold. In July 2006, when Knight Ridder went away, McClatchy shares were hovering around $24; or, in Mr. Ridder's terms, $715,200. Lost opportunity, right? But look at it this other, other way. McClatchy closed Tuesday at $3.53. If Mr. Ridder had held on to sell yesterday, it would brought only $105,194.