AHC - A Concerning Quarter Undercuts The Bull Case For A.H. Belo
I've had an on-again, off-again interest in A.H. Belo (AHC). The owner of the Dallas Morning News has an attractive SOTP case, which led me to buy shares as AHC drifted below $5 last summer. $50 million-plus in cash on the balance sheet and potential proceeds from the sale of its former headquarters support much of the current equity value.
But the question - as is so often the case in the micro-cap value space - is what management plans to do with that cash. Two shareholders - outgoing CEO Jim Moroney and