Pop, I haven't heard anything about eliminating health insurance for new hires when they retire. Is that a fact or rumor? The rampant rumor by us is that they want to eliminate the 5th week of vacation for new hires. Not that most of these new people will work there 20+ years anyway.
Retiree health insurance-wise: there currently is the leper plan they instituted 3 years ago. If you retire between ages 55-65, you are placed in a separate group with all the other �early retirees� for health insurance, irregardless of years of service! Your premiums are adjusted each year based on the health of that small aging group, rather than averaged on the entire active employee payroll. If too many get sick, dramatic rise in premiums each year. My favorite quote from that announcement, and I have it hanging on my office wall at work is: ��our guiding objectives: To manage costs so we can provide an appropriate return to unitholders and to provide competitive benefits that help attract and retain great employees. Retiree medical benefits do not strongly support either of those objectives. In fact, retiree medical coverage is an exceptionally costly benefit for the company.� In other words your years of service mean nothing to them.
All shareholders got the meeting notice from Bob Lie.
tuck,Like I said LONG TERM.I just received a letter from DYE.The company is going to have seminars on the Class B stock.Did anyone else receive it?I wasnt unaware of NO PENSION.As Crappy as it is.At least its something.I heard they got rid of the Health Insurance for new hires, when they retire.Really why would anyone want to work for this place as a New Hire?No Pension,No Health Insurance,when you retire.WOW.Then if your in the Newpaper Production Department ,you work nights and weekends.How are they ever going to get Great New employees?It looks like the game plan is to sell it, ALL.Just like we all agree upon.This would make it a easier sale.With No liablities.
Pop, while I�m in total agreement that many little people have prospered by buying Journal Units, myself included, this is a completely different ballgame and this isn�t Units of Beneficial Interest we�re dealing with anymore. This is a publicly traded stock subject to the whims of the market. Granted, for long term investments, that should be of little concern, but I don�t think blanket statements about the future of the shares, based on a completely different stock system in the past, are justified. At current prices, the dividend yield is only 1.7%, hardly stellar compared to the 5% yield we used to get on Units. The earnings performance so far is nothing to write home about. The new Journal is not a proven performer.
That being said, regular investments in anything are a terrific thing, but if I was just starting out, I would fully fund an IRA and 401-K, investing the max in both, before I put a dime in this stock. If somebody is lucky enough to still have money left over, then I would buy JRN, but not before.
I don�t know how long you have been retired, but new hires no longer get a pension from the company, crappy as it is, so they definitely need to care for themselves. There is no more �mother journal�
Just my bitter two cents!
boise,Believe me.Long term it has made alot of Blue collar workers Millionairs.If you can buy it now at this 10% discount do it.Buy a little every week.Things might get tight short term.But the long run its a great place to but your money
People at my location got their first opportunity to purchase ("rotation") in late 2002, right before rotations were halted. Our cost basis on the stock is very different from most JRN employees. This isn't turning out to be the best investment around, and from the posts I have read here it looks like it is going to get worse over the short term.
outside,WOW!!!!!!!! That was the Bob Kahlor gift to the JRN.Look good by cutting.All those Millions lost on Lawsuits.Then he gets a $500,000 retirement Bonus.From what I having been hearing on these boards that hasnt changed.Lets hope at least the lawsuits have stopped.The Stock your right we have a while togo before its worry time.Unless like I stated someone wants to keep the price Down.To get at a Steal.
I tried to offer that idea to my former division, move into the open space at 4th&State but upper management did not like the idea of commuting to downtown and so we built a shiny new castle in Brookfield. If you have ever toured Tribune, they have a super space in the basement(their old printing facility!!!) where they house their internet division. We could have been that interesting but are run by boring people who are already set for retirement anyhow so why bother to try to save millions of dollars now? If you read the book "Big Bucks" by Ken Blanchard, it fortells an interesting thing happening across all JRN divisions, chasing reveune growth by cutting expenses. Does not work. Neither does keeping ineffective managers who surf the internet all day looking for a date, get us sued for firing employees with no paper trail and scream/cuss at people, while the good ones who give a damn about customers and employees are conveniently boxed right out. The only regret I have is not buying more stock in the past so that I could have an even bigger loan looming over my unemployment checks today. Nothing to do now but hold it until December when the revenues from all of the ad cause the stock to go up into the $21 range. Don't even think about trying to sell in Sept/Oct./Nov.
jrnguy,Are you reading what I wrote?Im giving you a example of what could happen.Maybe its happening already.Where did I say anything about MY STOCK LOAN.With the dividens its paid for in 2 years.Im hardly hurting.Using a tender offer to buyback is very Small talk.Use any words you like its the same thing.Where in the paper do you work?I was a employee there for over 30 years.Lets not turn this message board into a arguement.Were all in the same boat.You seem to be agreeing with me more then disagreeing.How to get to A Shares and the buyout of the company.I was one of the people that helped start the 401 plan.I didnt like the choices they gave us but it was a srart.I realy cant understand why Employees arnt buying stock at this 10% reduction.Just buy $25 ever pay check.I hope employees arnt hurting that much with the increases in Health care.Another thing.Why dont we sell the 4th and State sight?Talk about a Waste.Taxs,Utilities,etc.On property that 85% empty.I talked to upper management about this before we went public.Answer, that makes sence.Same old, same old.Have a nice weekend.If your off!!!! Just kidding
I have worked at the paper 24 years surisepop46. I also think I have a firm understanding of how the stock IPO is working. First off, Its not a buyout its a tender offer. Buyouts are when the company tosses a wad of cash or benefits at you to leave early. Its not JRN's problem if your stock loan is too big. You could have sold nearly half your stock in the first tender offer. Then 16 percent in the last one. That would have retired a 66 or more percent of holdings stock loan. If you have a bigger loan than that, not much should be left over, unless you got greedy and did not sell in those tender offers. If you did its not their problem. Get that....Not their problem anymore. They are not your mom or your dad. They are under NO obligation to protect you. The only promise you have from them is to do exactly what they said they would in published statements mailed to you. This is big-time, real business, hundreds of thousands of dollars, you have to get professional advice if your not sure what to do and when.
No employees are not taking advantage of buying stock. We need to diversify not buy more for goodness sakes. Last thing a guy needs is more of the only stock in his portfolio. New people just starting to work is another matter. They may well be interested. But young people today seem to put, cars, apartments, a good time and girls or guys above their interest in investments for a bit of time. Not all but most. Plus the 10 percent discount is only through payroll deductions. So if you have a wad of cash available your going to see your broker and get good old free and clear A shares. Not many people have any money to spare from their checks. If they did they would put in their 401K to diversify. There is that word again. Its not that Journal stock is not a good investment, it just should not be your only investment.
This employee controlled thing is not going to work. Everyone is going to find a way to get A shares in short order. Then it will be easy for the company to be bought, and that will be the end of that. Under 10 years it will happen.
Sunrise, If you put a price limit on, the clock doesn't begin ticking until the NYSE price hits that number. If I specify $18.50 and the stock doesn't close at that point for a year, my shares are in limbo. And, if I read the info correctly, I can't cancel the order. In theory, you could hold the shares forever without being able to sell because you set the price too high and can't cancel the order. But, Steve and Doug are doing OK, and in the end, isn't that all that matters! As long as they're taken care of, I sleep better at night;)