Word: maynards
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...background is newspapering, but Robert Maynard showed the cunning of an investment banker last week in preventing the Oakland Tribune from closing down for good. Maynard, the only black owner of a metropolitan newspaper in the U.S., raised the last-minute cash by playing on the rivalry between the paper's largest creditor, the Gannett chain, and that company's retired chief, Allen Neuharth...
...Maynard bought the paper from Gannett for $22 million in 1983 but stopped payments in 1986. Now owing $31.5 million, including interest, he threatened to close the money-losing daily unless Gannett settled for $2.5 million. Maynard then arranged for financing from the Freedom Forum, which was known as the Gannett Foundation until its leader, Neuharth, had a falling-out with his former employer earlier this year. Neuharth's foundation will invest $5 million in the paper for an option to buy a 20% stake. Gannett will receive a $2.5 million note payable in 1994, plus preferred stock...
...Maynard G. Krebs' 1950s beatnik look is once again a sign of absolute cool...
Atlanta is promoting itself as the vanguard of the New South and the site of the 1996 Summer Olympics. One flaw in its progressive image, however, is the thousands of homeless beggars in its downtown area. Last week Mayor Maynard Jackson proposed an ordinance to ban aggressive panhandling, sleeping in vacant buildings and hanging out in parking lots. Violators could get 60 days in prison, a $1,000 fine, or both...
...proposals to extend government control over the cable industry, the letter bitterly criticized signal quality, response to service requests and "dramatic" rate increases. "Under the current statutory framework, we lack the authority to address many of these complaints," said the signers, led by Mayors Sharpe James of Newark, Maynard Jackson of Atlanta and Raymond Flynn of Boston...