By Hugh Clark
I have questions and damn few answers. It utterly makes no economic sense, but then Gannett has acted money stupid for some time now. If I were still a stockholder, I would sue. It is not a merger so much as a walk away. I believe the Bulletin had no chance when it elected to become a Honolulu only paper, but it sure did not have the capacity to acquire the Advertiser in any normal business transaction.
That leaves open the questions of union busting in a new sophisticated way or a tax scam to create a giant tax write off. After all, Gannett had at least $350 million invested in The Advertiser, including its purchase and then construction of a new printing plant. I suspect you are dealing with a Goldman Sachs type of management that is crooked to the core.
Reminds me George W. Bush’s legacy â€” two unwarranted wars he left unfinished and a bevy of regulators who watched pornography more often than the crooks on Wall Street. I think my favorite Republican, President Teddy Roosevelt, would blush at all we see today, including this sham sale.
(40-year newspaper veteran Hugh Clark is a fellow Big Island Press Club member, friend and mentor to the Big Island Chronicle.)