Not sure if thats meant to be sarcastic, but I'm honestly curious to hear the case from some informed longs. What's the upside here? Is this one of those, "it can't possibly go any lower, they already filed for bankruptcy.....this must be bottom" arguments?
The first is that the whole concept of "newspapers are a dying industry" is false. Newspapers are a transitioning industry. Online revenues are increasing in the double digits every quarter.
Secondly, people were shorting this stock because of a possible BK and shareholder wipeout. That didn't happen. Now we have a company which is safe for 4 more years, with growing cash flow and reduced debt every year...and it's trading at 1x cashflow and .25 book value.
That's simply a classic value play that has a great risk/reward ratio.