By: Mark Fitzgerald On its last day of trading on the New York Stock Exchange Tuesday, Sun-Times Media Group stock plummeted 26% to reach an all-time low of 34 cents a share in a massive sell-off.
Nearly 5.2 million shares changed hands, more than eight times an average day's trading volume.
Sun-Times (SVN) will now trade on the OTC Bulletin Board. It was de-listed by the Big Board because it was unable to keep its stock price above $1 a share, or meet market capitalization requirements of $75 million.
Tuesday's close indicated a market cap of $27.3 million.
Also Tuesday, Tweedy Browne & Co. -- the firm that precipitated the long financial slide of the parent company of the Chicago Sun-Times when it challenged then-Chairman Conrad Black about fees and payments that were later alleged to be improper -- reported in a regulatory filing that it had reduced its stake in the company by more than half.
Tweedy Browne said its holdings represent about 2.2 million shares of common stock constitute about 3.37% of outstanding shares. In its last filing at the end of March, Tweedy Browne held about 4.6 million shares, or 7.08% of shares outstanding.
Largely because of the Tweedy Browne complaints, a corporate and later federal investigation was launched into the company, then known as Hollinger International Inc. Black ultimately was convicted of mail fraud and obstruction of justice in a U.S. federal court, and is serving a six-year sentence in a Florida detention facility.
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