We knew one was hurtin’ — maybe both are.
The latest take on McClatchy: A kick in the groin for anyone who rode the stock from $76 to $12 in the past two years. Or as Forbes put it, “Holy smokes–what happened to McClatchy?”
Meanwhile, Bloomberg notes (in a story I cannot find a link for) that Lowe’s Motor Speedway had the credit rating on a $500 million revolving-credit fund cut to near-junk status by Moody’s Investors Service. Moody’s was reacting to Bruton Smith’s move to buy the New Hampshire International Speedway, which required banks to up the credit fund from $400 to $500 million.
Bruton bought the New Hampshire track for $340 million — $300 million from the fund and the rest in cash. Question: If he only has $200 million left, how does he ever walk away from Concord and start from scratch elsewhere?
He doesn’t. Ever. Also explains why he was looking for a government handout.
Well, played.
