While the boat sinks, laugh from shore

What do you get when you take a company in a dying industry, loot it, and leave it with piles of debt that its vanishing revenue stream (read: print advertising) can't cover? That, friends, would be Sun-Times Media (SVN).

Formerly Hollinger International, the company saw its coffers emptied by erstwhile crook/CEO Conrad Black, and was left with a portfolio of cash-burning newspapers and a mountain of payables. Now, as the company drifts towards the Sea of Imminent Doom, you can do some looting of your own--from the pockets of the suckers who still see hope.

Most recently, the stock was run up on rumors of a sale. At a much-anticipated presentation by management last week, the fantastic news was this: "We're not selling, our business sucks, and our plan is to start going out of business."

Short it.

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