Daytona Beach officially sold

Re: Daytona Beach officially for sale

I have no answer to that question, given that it's my belief that Cox's $129 million is actually worth a tad over $12 million (47.5 percent of $26 million) at this point.

 

Re: Daytona Beach officially for sale

Speaking of Heartland, this week they announced that all 40-hour employees are going to 37.5-hour weeks ... (to go with our insurance cost increases that kicked in May 1) ...

 

Re: Daytona Beach officially for sale

Allegedly, Hopson and Lindley told the newsroom yesterday that the sale (to HarborPoint, this time) has been postponed for at least another week.

(Yeah, yeah, yeah ... postponed yet again.)

Apparently Hopson said the deal has been settled since the end of September but that HarborPoint's lender is "very nervous." I define "nervous" as "scared shitless of financing either party in the deal, much less both" but I could be wrong.

 

Re: Daytona Beach officially for sale

HarborPoint CEO Michael Redding has formed two corporations, one called Halifax Media Acquisition LLC and the other called Halifax Media Holdings LLC. Presumably Acquisitions would buy it and then somehow merge with Holdings. Other partners in the corporations include two guys from his financial backer, Stephens Capital Partners, and Rupert Phillips of Liberty Newspapers; in a previous (or possibly a parallel) corporate life he was a bigshot at Better Built Media, the company that sold the Leesburg paper to HarborPoint. Phillips also has a long apparently-unofficial history with Gannett; most notably, he was the guy who tried the buy-and-close with the Honolulu Star-Bulletin (Gannett, of course, owns the Honolulu Advertiser).

1stADD: Stephens Capital Partners also owns the company that owns the Las Vegas Review-Journal along with a shitload of Arkansas papers. http://www.stephensmedia.com/newspapers/

So why is Redding setting up a company separate from HarborPoint to buy the News-Journal? At first glance, it looks like they're planning to make the buy and spin it the whole thing off to Gannett. At second glance, maybe Harbor Point couldn't get clearance on its own. Possible third glance: Eventually the News-Journal ends up a Stephens paper. Fourth glance: Or Gannett?

 

Re: Daytona Beach officially for sale

2k-a-day Hopson has put the sale to the above group in the hands of the judge. Despite being valued at $300 million by experts when this all started, Halifax Media Acquisition turns out to be the high bidder . . . at $20 million.

http://www.news-journalonline.com/NewsJournalOnline/News/Headlines/frtHEAD02010710.htm

 

Re: Daytona Beach officially for sale

Redding is apparently leaving HarborPoint to become CEO of Halifax and publisher of the N-J.

So that'll make two ex-owners of the Daily Commercial in Leesburg involved in owning the N-J. Very strange.

 

Re: Daytona Beach officially for sale

Davidson family opposing the sale, saying the $20 million bid is too low and not enough bids were considered. Asking the judge to postpone the sale until the economy improves.

http://www.news-journalonline.com/NewsJournalOnline/breakingnews/njsale011910.htm

 

Re: Daytona Beach officially for sale

Is the Hopson who's listed as the receiver the same James Hopson who used to run Capital Newspapers?

 

Re: Daytona Beach officially for sale

That's ol' 2k-a-day his ownself.



Second objection filed to the sale, this time by a group of former News-Journal journalists (hmmm ... News-Journalists?) because the pension plan is short $14.37 million.

http://www.news-journalonline.com/NewsJournalOnline/News/Headlines/frtHEAD04012110.htm

 

Re: Daytona Beach officially for sale

Just doing some math on the palm of my hand ... since the potential new owners have magnanimously agreed to keep at least 75 percent of the current work force then that's over 100 people potentially facing the chop.

And the paper's turning a 15 percent profit. The fact that a 15-percent profit isn't considered "good enough" is a sad commentary on the industry.

 

Re: Daytona Beach officially for sale

Judge brings the process to a halt, much to my surprise. He wants more independent appraisals of the involved property.

http://www.news-journalonline.com/NewsJournalOnline/News/EastVolusia/evlEAST05021310.htm

 

Re: Daytona Beach officially for sale

Good luck to the folks in Daytona if Hopson's running the show. I worked under him in Wisconsin...always struck me as a bit in over his head.

And I am guessing Heartland's bankruptcy filing takes it out of the running...unless the new owner, GE Capital, wants to dig into its pockets.