User 490679

Triple Crown Media: A Complicated Spin-Off With Motivated Management

This is somewhat dated so I don't know if it will get to you. I would be very interested in hearing your detailed opinions regarding this venture. As you probably know, TCMI has filed for bankruptcy, but terms of the restructuring allow for the management team to be compensated with new stock issue. As you say, the more you scratch around, the more this smells. Hope to hear from you ([e-mail]). Thanks


On 2006 Sep 24 08:06 PM James Marsh wrote:

> I would be very careful with this management team. Do a bit of research
> on how Gray merged their newspapers into Bull Run to create TCMI.
> The only reason Gray's management team contributed the newspaper
> assets to TCMI (rather than selling them to the highest bidder and
> benefitting all shareholders) was to allow Bull Run to sufficiently
> deleverage, allowing Bull Run to refinance and eliminate J. Mack
> Robinson’s personal guarantee of debt approaching $59.1 million.
> Truly a scumbag move, imo. The more you scratch around, the more
> this thing smells. I would have 0 confidence in management to do
> the right thing.