Strib Bankruptcy Watch: Profiling the vulture circling overhead
Buried deep in the Star Tribune's fascinating profile of hedge fund manager and minority Wild owner Philip Falcone is this nugget:
Falcone is also rumored to have bought a 5 percent stake in the Star Tribune's debt, which he also won't discuss.
So is this good news or bad news for the Strib? We suspect the latter, based on Chris Serres's elegant description of how Falcone does business:
Known on Wall Street as a "vulture investor," he buys large stakes in troubled or bankrupt companies and then agitates for change -- often using the courts when managers fight his wishes.
Hope he liked the story ...
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