“Fear the Vulture: Alden Destroys News Organizations While Promising to Save Them”
This heavily sourced article examines Alden Global Capital’s history of insider deals and cronyism. It traces the career of Alden founder and Tribune Director Randall Smith from a “bottom feeder” in the 1980s to a retail titan in the 2010s who oversaw the elimination of over 20,000 jobs.
It looks at Alden’s liquidation strategy for the papers it controls within MediaNews Group (Alden owns 70% of MNG). It examines how Alden used MNG to extract cash from newspapers to finance a failed investment in a southern pharmacy chain.
It explores how Alden appears to have breached its fiduciary duties when, as trustees of MNG newspaper pension plans, it vastly over-invested in Alden assets.
Tribune Shareholders: On May 21, vote AGAINST Item #1, Alden Global Capital’s bid to takeover Tribune Publishing.