I wonder if perhaps we're thinking entirely wrong about this whole save the Press effort.
After all, the entire JRC company is worth, at the moment, just $236,000. Maybe the way to save the newspapers we care about is to buy the whole company and then spin off the Connecticut properties in some way that they would not carry the hundreds of millions in corporate debt with them.
I know other enterprises have done that sort of thing in the past. Of course, they are much more clever about corporate finance than I am, or, apparently, than the folks who formerly ran the JRC.
That would free not just the Press, the Herald and the 11 weeklies facing a Jan. 12 closure deadline. It would also ensure that the company's other Connecticut papers, including the New Haven Register, would have a viable shot at survival.
Is there anyone out there who understands this stuff? Am I nuts?
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