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New York (HedgeCo.net) – Hedge fund manager Thane Ritchie announced that he has been wrongly blocked from meeting with The Chicago Newspaper Guild and developing a coalition offer to buy the Sun-Times Media Group. A Chicago Newspaper Guild representative stated that until today, the union had no idea of Ritchie’s interest, much less its desire to work with the Guild in devising a Private Equity/Union coalition bid.
“The American newspaper is not just another recession driven victim industry like autos or housing,” Ritchie said, “its ink is the lifeblood of our political system and democracy, as our Founding Fathers emphasized by enshrining only this commercial endeavor by name in our Constitution.”
Despite requests to set up such a meeting, Ritchie was told that it was against Federal labor laws for a potential bidder to have a conversation with the Guild, which represents many of those employed at Chicago’s #2 daily and associated sister publications, according to Steve Denari of Third Millennium Group strategic consultants, Ritchie’s point man looking at the investment.
When Ritchie heard of this blockage, he became personally involved and retained labor experts to review it. “This is a travesty — why shouldn’t forward looking private equity sources be able to form a coalition offer with a union, which represents the largest set of stakeholders here? The only bidder reportedly has made it clear that not only do they refuse to negotiate with the Guild, but that they would actually like to withdraw their bid unless the Guild gives in on everything.”
Lexington Herald-Leader – A bankruptcy judge agreed Tuesday to postpone a hearing on a hedge fund’s request for the appointment of an examiner in horse track owner Magna Entertainment’s Chapter 11 bankruptcy case.
At the request of attorneys, a hearing originally scheduled for Tuesday on the request by Greenlight Capital Offshore Partners was postponed until Aug. 18.
Philadelphia Bulletin – Chrysler LLC dissident lenders must reveal their identities by 10 a.m. today, a bankruptcy judge ruled, rejecting claims that their safety was at risk.
U.S. Bankruptcy Judge Arthur Gonzalez in New York forced the group to file a list of its members publicly, denying their request to reveal their identities only to the bankruptcy court. Judge Gonzalez said the lenders have no evidence that keeping their identities private would help protect them. The group seeks to block an auction of most company assets to an entity managed by Fiat SpA, an outcome Chrysler said would force it to liquidate, costing thousands of jobs.
CJBK – A bankruptcy judge on Monday agreed to grant final approval of a modified financing plan for horse-track owner Magna Entertainment Corp. (TSX:MEC.A).
Ontario-based Magna Entertainment is the largest horse track owner in the United States. Its holdings include Golden Gate Fields in Northern California, Gulfstream Park in Florida, Lone Star Park in Texas and Baltimore’s Pimlico racetrack – host of the Preakness Stakes, the second leg of the Triple Crown.
New York Daily News – A federal judge charged with slapping his wife hired a big shot defense attorney as he faces a misdemeanor charge that could land him in the clink.
James Peck, 63, the bankruptcy judge overseeing the breakup of Lehman Brothers, hired Barry Bohrer, a prominent criminal defense lawyer whose clients have included Sam Israel, the hedge fund swindler who went on the lam last summer after faking his own suicide to avoid a 20-year jail term.
Peck, who was briefly assigned to handle the Bernard Madoff bankruptcy until he recused himself in December, told cops when they came to his Park Ave. apartment Saturday afternoon that "I was defending myself."
