The end is near
Folks, the end of days are nearing for the insidious overlords of JRC, the corporate raiders that have decimated both the Saratogian and its sister paper, the Troy Record. After announcing they wouldn’t bother challenging the delisting of their abysmally performing stock last month, JRC officials announced this week the company will no longer be publically traded.
In other words, grab your parachutes, boys; this plane is going down. Don’t have one? Well, too bad.
JRC’s crack team of corporate swindlers filed the forms with the feds Thursday, indicating the company no longer intends to report its earnings and losses to the federal Security Exchange Commission. In a remarkably upbeat news release, they claimed the measure would save them the capital they were expending on such meddlesome things as accountants, administrators and other business executives needed to operate a publically traded company.
“The board of directors believes that deregistration will result in significant savings to the [JRC], permit management to focus more completely on the Company’s business operations and enable the Company to redeploy resources currently devoted to compliance reporting,” the news release stated.
Translation: we’re continuing to pillage the company, but really can’t do it as efficiently with the feds watching over us. Once we’re private, we can finish gutting all of our holdings and squirreling money away in off-shore accounts for when the company finally files for bankruptcy protection.
But the adept spin doctors at JRC put a much sweeter gloss of sugar on the whole affair. Instead, they claim the privatization of the company will help them rebound. And surely they’ll still report to the stockholders “through press releases” and annual “independent” audits.
Best of all, JRC plans to maintain the “corporate governance improvements” made in recent years. You know, the same “improvements” that led to their stock plummeting from $12.18 to less than a quarter in two years. And this company has the utter gall to call itself “a leading U.S. media company.”
Sources have indicated JRC will ratchet up its penny pinching –or shall we say corporate pillaging –starting Sunday. Apparently, the New Haven Register mysteriously stopped including the standard television programming guide in its Sunday paper last month. This lead to a subscription revolt at the Register, which is often considered the crown jewel of JRC’s dwindling assets. Apparently, a similar phenomenon is expected to occur with the Saratogian this weekend, in spite of the paper actually gaining more than 100 subscribers for their Sunday edition.
As much as this blog has been devoted to prodding the Saratogian’s staff into going the extra mile in the face of their JRC overlords, these recent developments have thrust the poor pawns into an untenable situation with their livelihood. The fact that they still come to work each week is either an act of extreme courage, extreme drunkenness or abject stupidity; perhaps a smattering of all three. They are to be commended, and the bastards who put them in this situation should be brutally flogged until they resemble something passed through a meat grinder.
Nonetheless, JRC’s bow has official dipped beneath the turbulent seas of newspaper journalism. This happened after years of deliberate corporate mismanagement filled the company’s proverbial hull with water. There is no turning back now, the ship is going down. Not to worry. There are enough life jackets for the women and children. Rather, there are enough for one woman, whose column appears in the Life section most Saturdays. When the everything is said and done, chances are pretty good she’ll be among a sparse few sitting high and dry.