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Wednesday, 26 August 2009

INM agree another monthly stay of execution

Sounds like INM have agreed another month of standstill in their fight to sort out their debts and continue as a viable business, having lost 80% of their value in the last 12 months. This makes it the 4th month in a row that they have managed to postpone the release of the guillotine blade.

18 months ago, the talk was all about the struggle between O'Reilly and O'Brien, and much was made over the very public fight to gain control of the business. Seems to me that if the Board had been more focused on the external environment and its effect on the numerous businesses, rather than on the internal power struggle, INM may have been in better shape than it currently is, as they look down into an empty basket with all the hairs on the back of the neck standing up.

In the meantime, the Indy continues to lose circulation in the UK, making it less and less attractive on a daily basis for any potential purchasers. I wouldn't buy it now, too much damage has been done in a very unforgiving market.

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