Mirror Shares Crash Over Piers Hacking Claims

Trinity Mirror’s share price has crashed 12.5% this morning. It closed at 72p yesterday, opening at 65p when it was revealed overnight that the Mirror‘s publishers faced legal action over phone-hacking allegations, dropping again to 62p as the morning went on. £18 million was wiped from the value of the company. And there is more to come…

UPDATE: Trinity Mirror has a market capitalisation of £163 million, the group already has a pension fund deficit estimated to be £159.5 million, almost equal to the struggling media firm’s market capitalisation. Given News International has paid out some £200 million in hacking legal costs already the actual solvency of the firm could be in danger if claims mount up. Murdoch could afford to take the hit, Morgan’s old mates can’t…



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GuidoFawkes Quote of the Day

Boris tells the Sun:

“I think it’s a measure of his desperation, isn’t it, that yesterday we had one of the most absurd political spectacles that this country has ever seen. Not since the Tsar and Tsarina prostrated themselves and asked for economic guidance from Grigori Rasputin, has there been such a ridiculous political pilgrimages as the mission of Ed Miliband – the heir of Keir Hardie for heavens sake – to seek economic guidance from Russell Brand.”

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