Praetorian Capital Amends Lee Enterprises Stake

TL;DR

Praetorian Capital just updated their 13D filing for LEE. Big players involved.

AI Summary

On November 7, 2024, Praetorian PR LLC, along with Mongolia (Barbados) Corp, Praetorian Capital Fund LLC, and Harris Kupperman, filed an amendment (No. 3) to their Schedule 13D for Lee Enterprises, Inc. This filing indicates a change in their beneficial ownership of the company's common stock.

Why It Matters

This amendment signals a potential shift in the control or influence of Lee Enterprises by major shareholders, which could impact the company's strategic direction and stock performance.

Risk Assessment

Risk Level: medium — Schedule 13D filings often precede activist campaigns or significant changes in corporate control, which can introduce volatility.

Key Numbers

• 0001019056-24-000307 — Accession Number (Unique identifier for this SEC filing)
• 20241107 — Filing Date (Date the amendment was filed with the SEC)

Key Players & Entities

• Praetorian PR LLC (company) — Filer of the Schedule 13D/A
• Mongolia (Barbados) Corp (company) — Group member with Praetorian PR LLC
• Praetorian Capital Fund LLC (company) — Group member with Praetorian PR LLC
• Harris Kupperman (person) — Group member with Praetorian PR LLC
• Lee Enterprises, Inc. (company) — Subject company

FAQ

Key Financial Figures

• $0.01 — ated (Name of Issuer) Common Stock, $0.01 par value (Title of Class of Securiti
• $641,489 — : (i) The Fund sold 32,951 shares for $641,489 on October 24, 2024. (ii) The Fund so
• $718,564 — (ii) The Fund sold 39,100 shares for $718,564 on November 5, 2024. (iii) Mongolia s
• $37.20 — 024. (iii) Mongolia sold 2 shares for $37.20 on November 5, 2024. (d) The Reportin

Filing Documents

• lee_13da3.htm (SC 13D/A) — 111KB
• 0001019056-24-000307.txt ( ) — 112KB

Interest

ITEM 5. Interest in Securities of the Issuer Item 5 of the Schedule is hereby amended and restated as below: (a)-(b) The Fund may be deemed, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, to be the beneficial owner of an aggregate of 281,670 shares of Common Stock as of the date hereof, which represent 4.55% of the Issuer’s outstanding shares of Common Stock. (i) Sole power to vote or direct vote: 0 (ii) Shared power to vote or direct vote: 281,670 (iii) Sole power to dispose of or direct the disposition: 0 (iv) Shared power to dispose of or direct the disposition: 281,670 The Adviser may be deemed, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, to be the beneficial owner of an aggregate of 357,947 shares of Common Stock as of the date hereof, which represent 5.78% of the Issuer’s outstanding shares of Common Stock. (i) Sole power to vote or direct vote: 281,670 (ii) Shared power to vote or direct vote: 76,277 (iii) Sole power to dispose of or direct the disposition: 281,670 (iv) Shared power to dispose of or direct the disposition: 76,277 Mr. Kupperman may be deemed, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, to be the beneficial which represent 5.78% of the Issuer’s outstanding shares of Common Stock. (i) Sole power to vote or direct vote: 281,670 (ii) Shared power to vote or direct vote: 76,277 (iii) Sole power to dispose of or direct the disposition: 281,670 (iv) Shared power to dispose of or direct the disposition: 76,277 Mongolia may be deemed, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, to be the beneficial owner of an aggregate of 76,277 shares of Common Stock as of the date hereof, which represent 1.2% of the Issuer’s outstanding shares of Common Stock. (i) Sole power to vote o

Contracts, Arrangements,

ITEM 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. Item 6 of the Schedule is hereby amended and restated as below: As of January 1, 2023, Praetorian PR LLC, by replacing Praetorian Capital Management LLC, became the investment adviser to Praetorian Capital Fund LLC, and is now controlling the shares owned by Praetorian Capital Fund LLC. As of January 1, 2023, Praetorian Capital Management LLC is responsible for managing day-to-day operations of Praetorian Capital Fund LLC. Praetorian PR LLC has an understanding with Mongolia (Barbados) Corp with respect to shared voting, purchase and disposition of 76,277 shares of Common Stock held by Mongolia (Barbados) Corp. Praetorian PR LLC intends to communicate with the management of the Issuer about ways to increase shareholder value and improve operations.

Material to be Filed as

ITEM 7. Material to be Filed as Exhibits. Not applicable. CUSIP No. 523768909 13D/A Page 9 of 9 Pages SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: November 7, 2024 PRAETORIAN CAPITAL FUND LLC By: Praetorian Capital Management LLC, its manager By: /s/ Harris Kupperman Name: Harris Kupperman Title: Owner PRAETORIAN PR LLC By: /s/ Harris Kupperman Name: Harris Kupperman Title: Owner HARRIS KUPPERMAN By: /s/ Harris Kupperman Name: Harris Kupperman MONGOLIA (BARBADOS) CORP By: /s/ Genevieve Walkden Name: Genevieve Walkden Title: Chief Financial Officer The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative other than an executive officer or general partner of the filing person, evidence of the representative’s authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature. NOTE : Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties for whom copies are to be sent.

View Full Filing

View this SC 13D/A filing on SEC EDGAR