Hedge Fund Says Rival Is Misusing Media Co. For Profit
Law360 (March 6, 2018, 10:59 PM EST) -- Solus Alternative Asset Management LP hit the parent company of Digital First Media Inc. and MediaNews Group Inc. with a books and records suit in Delaware’s Chancery Court on Monday, accusing majority shareholder and much-maligned “vulture fund” Alden Global Capital LLC of secretively reshaping the newspaper conglomerate for its sole benefit.
Solus, a New York City-based hedge fund, is MNG Enterprises Inc.’s largest minority shareholder with an ownership stake of roughly 24 percent. In Monday’s complaint, Solus says rival hedge fund Alden is using its controlling 50.1 percent stake in MNG to force it to invest hundreds of millions in Alden...
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