I saw that today also. Such an ownership level, by one institution, is down right astonishing.
By the way, FWIW, I now consider LEE the 2011 award winner for best managed publicly traded newspaper company in America. Their outperformance in print ad revenue declines for the quarter just reported, and dramatic outperformance, on digital ad revenue growth, represents excellent execution, plain and simple.
I also believe that LEE did not cut in the somewhat "scorched earth" way an MNI did (who is now paying the price in continued ad revenue declines).
Lee had a well deserved reputation for good management. The current billion dollar debt wasn't incurred until they went outside the company and hired the current CEO. Lloyd Schermer would never have signed off on the St. Louis deal. If Lee returns to their former business principles, they will succeed beyond market expectations. Even in a declining industry.