We've essentially been "pegged" at $1.11-1.12, for the last month and a half. Meeanwhile, MNI is now up to $2.95, which, based on historical precent (and adjusting for the recent addl dilution), seems to justify a CONSIDERABLY higher stock price for Lee (like $1.50).
I am not clear on the "formula" you use for relative valuation of MNI vs. LEE, but I think the simplest is just the price ratio of the 2 before LEE went into BK, LEE traded around 2/3 the price of MNI.
I agree, but you have to factor in the dilution. I also think you have to factor in, temporarily, at least, a minor adjustment for the fact that a lot of people are in on LEE at significantly lower prices, and will be inclined to sell on rallies. Therefore, my adjusted "short term" value is about 50% of MNI, or $1.45-1.50. Over the next 6 months, I think 60% of MNI is more in order, which would be $1.75-1.80.
Incidentally, I'll likely not be making the annual meeting this year.