[ajsnigrutin]

> Alden is best known for buying up local newspapers like The Chicago Tribune, New York Daily News and The Baltimore Sun, cutting staff, and selling some of their downtown buildings.

How does that work?

I mean... were the companies sold for less than the realestate was worth?

[bsder]

Generally, you split the company and the real estate. Then you force the company pay rent on the real estate. Then you jack the rental rates to extract the cash out of the company. Then you put the company into bankruptcy. Then you walk off with the real estate.

Anything with old real estate is subject to this. Massachusetts had a similar issue with selling off a bunch of the old Catholic hospitals. The company bought the hospitals, extracted the real estate, and now they're closing all the hospitals. Oops.