Right On Schedule, MediaNews’ Parent Exits Chapter 11

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Right On Schedule, MediaNews’ Parent Exits Chapter 11

As it promised back in January, Affiliated Media, the holding company for newspaper chain MediaNews Group, has emerged for Chapter 11 bankruptcy protection. The owner of the Denver Post and San Jose Mercury News was able to shrink its debt from a staggering $930 million debt to a more manageable $165 million. That 82.3 percent reduction in its debt, allowed it to end the bankruptcy period. This was a pre-packaged reorg, meaning its lenders are all in agreement. None of the newspapers will be affected, and Dean Singleton will remain chairman and CEO. Release

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David Kaplan

@davidaKaplan Mar 19, 2010 6:13 PM ET

Photo: AP Images

Posted In: Media & Publishing, Newspapers, Money, Bankruptcy

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Jeff

This whole "land-grab" strategy that spinvox speaks of is really not applicable anymore. So they're saying whoever grabs the carriers now will win the game? Maybe 5 - 10 years ago when business moved at a slower pace and technologies were not so open. Now if someone wants to take a carrier away from Spinvox, they just whip together some fancy api and have the carrier switch the service address they use. Easy peasy Japanesy

Connor

Dear Jack,

WELL SAID! I agree 100%. Personally, I am delighted that Domecq is being called on the carpet over the way she spends other people's money. And how easily she makes "other people's money" her own.

It is such a great trick, we all should be doing it.

Seriously, Jack, you and I seem to be on the same exact page on this matter and I would love to corespond with you privately. Write me at clsweetman at yahoo.com.

I would love to chat about this matter in private.

thetimessays

Spinvox in probe over finances

http://business.timesonline.co.uk/tol/business/industry_sectors/telecoms/article6788633.ece

JACK

Alright folks…hard not to post at least one more time regarding the disclosure of Ms. Domecq's annual salary…over $850,000!!!! Are you kidding me?

Mr. Andrews…

How about a quick analysis regarding how this compares to the salaries of other VC-backed, tech (or not so much tech) start ups in both the UK and US….love to see where the media savvy, tremendously talented and experienced 31 year old, Christina Domecq compares to other tech savants!

Also it would be great to know what Mssr, Doulton pulls in annually….I am sure it is on the upside of $500,000.

Additional questions:

1) What is the value of their "other" benefits…cars, staff (i.e. drivers, trainers, chefs, etc…), vacations/excursions, et al.

2) Who makes up the "compensation committee"? Obviously the CFO contribution is absent but who are the narcoleptic board members signing off on this thievery?

3) Has there ever been an independent audit of the Spinvox financials to ensure compliancy…at least with tax reporting laws at a bare minimum?

This is a WORLD CLASS fleecing of investors (who have only themselves to blame), employees, vendors, probably the tax authorities and at some point customers…DO NOT let up on this sham…save what value this company may have in the market by continuing to ask these very valid questions.

If there is an overwhelming stench of something rotten…don't plug your nose and walk on by…find the source and THROW IT OUT!!!

Observer

I love the fact the CEO made a cameo appearance, failed to answer any questions of substance and then disappears.

Still if I was paid over Â£500K by my own company, I doubt I would be able to answer any questions either. Except maybe what kind of Cherry I would like while I decide which Â£100K+ car I shouldn't drive to the office because I pay someone else to do that menial chore.

Sounding more like a pump and dump every day.

JACK

Meaningless dog & pony show…

Let's ride the sham out…Spinvox will "yard sale" for pennies on the dollar in the next 9 to 12 months…anotherÂ£15m flushed…glad it's not my money ;-)