Tribune board members acted in their own interests, not their newspaper chain’s, while Alden failed to disclose a secret investor meeting and misrepresented its cash position.
The ink wasn’t dry, but the hushed deal to finance Alden Global Capital’s takeover of Tribune Publishing fell quickly into place in May.
So quickly that the terms for saddling Tribune with hundreds of millions in debt must have been worked out well in advance by Alden and its attorneys.
Now that the purchase appears complete, the actions of Tribune’s former board come across as self-serving, while the facts suggest violations of both securities and corporate law.
It’s stunning that the three Alden-affiliated directors — Randall Smith, Dana Goldsmith Needleman, and Christopher Minnetian — haven’t been sued by shareholders for acting in their own interests rather than Tribune’s.
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