Vancouver Columbian stiff-upper-lips possible foreclosure woes
Posted by Scott "The Piper" St. Clair - April 09, 2009Out of the Bellingham Herald comes this AP story about the possible foreclosure by Bank of America on the parent company of The (Vancouver) Columbian newspaper. Owed nearly $16 million in principle and accrued interest, BofA, no slouch in the dead-beat department itself, is preparing to move against Columbian Publishing Co.
Replete with moves from one location to another and what appear to be complex financial deals and convoluted security interests, the story reads more like that of someone staying one step ahead of the sheriff rather than one of Washington state's most important newspapers. But these days, newspapers seem to fall like dominoes - remember the Seattle P-I?
Columbian management, on the other hand, is putting on a good face in an effort to make this turn of events look normal. Publisher Scott Campbell was quoted saying, "This isn't unexpected and the The Columbian has been fully prepared for this...(We) fully expect to emerge from these exceptionally difficult economic times in a strong position."
Oh boy...
The sad state of newspapers and their affairs is a momentous event. Since momentous events need theme music, let me offer the following together with the question: Who's next?
The Piper
Thoughts? Add Comment -
Trent said on Apr 09 2009 at 1:29pm
The Seattle what now?
wallllyo said on Apr 09 2009 at 4:13pm
Arrogance has its price and now the Colubian is settling is accounts therein. As a heavy advertiser years back I had to fight constantly to get my words in my adds rather than those of an arogant ad manager