Friday, June 03, 2016
Will tronc re-naming trump Gannett takeover try?
Tribune Publishing, trying to avoid a takeover bid by Gannett, has changed its name to tronc (which it says stands for Tribune Online Content).
That’s to let the world know that it’s branding itself as a digital company while moving its stock listing from the more prestigious New York Stock Exchange to the smaller Nasdaq, which Ponzi scheme fraudster Bernie Madoff once was chairman or president.
All the Tribune/tronc directors were reelected but a substantian percentage of shares were withheld from the voting as a protest encouraged by Gannett.
Various large-percentage have filed lawsuits or pushed Tribune/tronc to take the Gannett offer which was $864 million.
Ironically, tronc (from the French term “tronc des pauvres”) in English is “poor box.”