Issue #20.30 :: 02/18/2009 - 02/24/2009
Morris reorganizing
BY TOM GRANT
AUGUSTA, GA - In preparation for bankruptcy, Morris is taking a new name with a superhero feel: Questo!
As part its reorganizing, Morris formed Questo, Inc., in January. According to the filing with the Georgia Secretary of State, Questo will have the authority to issue three million shares of common stock, 27 million shares of non-voting common stock and 500,000 shares of preferred stock.
A filing with the Securities and Exchange Commission refers to Questo as “the new common parent” of Morris Publishing, Morris Communications and Shivers Trading and Operating Company.
Morris has also formed MPG Newspaper Holdings LLC. According to the SEC, Morris Communications gave ownership of all its interests in Morris Publishing to MPG. MPG and Morris Communications are both owned by Shivers.
Morris has already hired bankruptcy lawyers. One newspaper blog (newsosaur.blogspot.com) lists it as one of two newspaper groups most likely to go bankrupt in the near future.
Can Questo save the day? Morris Chief Financial Officer Steve Stone had stepped into a phone booth — er, was away on vacation and unable to comment.
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