INM responded with a market update saying it was aware of his views and that it’s “difficult to see how Mr. O’Brien’s actions assist in the resolution of the financial restructuring”. As CEO Gavin O’Reilly told Guardian.co.uk last week, the company argues that shutting the titles would incur large costs as it would have to pay to end the papers’ contractual relationships. O’Reilly is confident that severe staff cuts and moving into DMGT’s London offices will see the titles break even by the end of 2010 and he’s more keen to divest “non-core” assets such as INM Outdoor and stakes in other media businesses.

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O’Brien doesn’t stop there. He also wants chairman Brian Hillery to be removed only six months after his election; the proposed sale of South African advertising business INM Outdoor to be reversed; executives’ expenses to be cut back to 2000 levels and the end to payments to former CEO and Gavin’s father Anthony, now president emeritus. INM rejects all his requests and argues that O’Reilly senior doesn’t receive any payments anyway. The company notes, angrily, that O’Brien has gone public before the board has had chance to debate his pleas in private.

It appeared the company had smoothed over its differences with O’Brien when Anthony O’Reilly stepped down in March: O’Brien wrote to the board approving of a series of director appointements, leading HIllery to declare: “We are working with Denis towards a common goal in the interests of all shareholders which will enable us to… more successfully enhance the group’s future prospects.” What a difference six months makes.

But, O’Brien has a point. INM devalued its UK newspapers by €71.8 million last week, and a business that only expects to break even in 15 months’ time—only then to find itself with even less advertising revenue than it has now—can’t be giving shareholders great value for money. But if Gavin O’Reilly is anything, the World Association of Newspapers president is a true believer in print and while the board must be considering a sale of Indie, it will hold on to it for as long as possible.