Alden also owns 1.8% of Gannett Co. and 5.9% of Lee Enterprises. The impetus behind the transition is not fully clear, but Smith invested in the real estate business in the years before. That is an if. Alden might choose not to consolidate and simply sit on investments it believes will appreciate. But I live here. Suite 2100 But Aldens track record whether it takes over newspapers, shoe stores or pharmacies proves otherwise. Tribune Publishing Company operates in eight markets with Chicago Tribune, New York Daily News, The Baltimore Sun, Orlando Sentinel Sun Sentinel, Daily Press and The Virginian-Pilot, The Morning Call of Lehigh Valley, Pennsylvania, and the Hartford Courant titles; and BestReviews engages in business of testing, researching, and reviewing consumer products. (Smith's father, billionaire Randy Smith, is now known as one of the world's leading distressed-asset investors; his Alden Global Capital generated a 187 percent return. On average, Tribune Publishing executives and independent directors trade stock every 31 days with the average trade being worth of $6,589,782. Under the circumstances, one can only infer what Alden likes about the news industry and what next steps in its strategy may be. Both provided Aldens office in Manhattans Lipstick Building as their address. Hedge Fund and Insider Trading News: Cathie Wood, Paul Tudor Jones, Steve Cohen, Elliot Management, Alden Global Capital, Bireme Capital, Tesla, Inc. (TSLA), Thor Industries, Inc. (THO), and More, Top 10 Stock Picks of Randall Smith's Alden Global, Hedge Fund and Insider Trading News: Cathie Wood, Jim Simons, Jamie Dinan, Alden Global Capital, Odey Asset Management, Atlant Fonder, Nickel Digital Asset Management, Burford Capital, Global Water Resources Inc (GWRS), Twilio Inc (TWLO), and More, Hedge Fund and Insider Trading News: Clifford Asness, Farallon Capital Management, BlueCrest Capital Management, Marshall Wace LLP, Fir Tree Capital Management, Alden Global Capital, Aravt Global LLC, Reservoir Media Inc (RSVR), DoorDash, Inc. (DASH), and More, Hedge Fund and Insider Trading News: Ray Dalio, Bill Ackman, Alden Global Capital, Oaktree Capital Management, Aravt Global LLC, Veritex Holdings Inc (VBTX), and More, Hedge Fund and Insider Trading News: Steve Tananbaum, Bill Ackman, Starboard Value LP, Light Sky Macro LP, Coeli Asset Management, Strategic Education Inc (STRA), and More, Hedge Fund and Insider Trading News: Bill Ackman, Warren Buffett, Alden Global Capital, Hudson Bay Capital Management, Dillard's, Inc. (DDS), First Majestic Silver Corp. (AG), and More, Hedge Fund and Insider Trading News: Edward Eisler, Ray Dalio, Whitney Tilson, Steve Cohen, James River Capital, Alden Global Capital, IAA Inc (IAA), and More, Hedge Fund and Insider Trading News: Gabe Plotkin, David Einhorn, Dan Loeb, Ray Dalio, Bill Ackman, Sachem Head Capital Management, Brummer & Partners, Alden Global Capital, Reservoir Media Inc (RSVR), Moderna Inc (MRNA), and More, Hedge Fund and Insider Trading News: George Soros, Melvin Capital Management, Brevan Howard Asset Management, Elliott Management, Point72 Asset Management, Tybourne Capital Management, Verizon Communications Inc. (VZ), and More, Hedge Fund and Insider Trading News: Nelson Peltz, Kyle Bass, Ray Dalio, Alden Global Capital, Heptagon Capital, Blackwells Capital, Oracle Corporation (ORCL), and More, Hedge Fund and Insider Trading News: Ray Dalio, VGI Partners, Alden Global Capital, Radcliffe Group, Spouting Rock Asset Management, Dimensional Fund Advisors, Thornburg Income Builder Opportunities Trust (TBLD), TG Therapeutics Inc (TGTX), and More, Hedge Fund and Insider Trading News: D1 Capital Partners, Two Sigma Advisors, Alden Global Capital, Bridgewater Associates, Brummer & Partners, Hyatt Hotels Corporation (H), Starwood Property Trust, Inc. (STWD), and More, Hedge Fund and Insider Trading News: D1 Capital Partners, Alden Global Capital, Universa Investments, Immersion Corporation (IMMR), Keysight Technologies Inc (KEYS), and More, Hedge Fund and Insider Trading News: Anthony Scaramucci, Elliott Management, Alden Global Capital, Amber Capital, Macellum Advisors, Quantology Capital Management, Stonex Group Inc (SNEX), ICON PLC (ICLR), and More, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. So who is Randall Smith and what does he want with all these newspapers? Alden manages over $764 million, according to SEC records, but has controlled billions before. I thought to myself, Thats foolish. Smith's net worth is not publicly available, but indications are that it's vast. Posted 02/27/2022 in Turns out, Sughrue was right. Both provided Alden's office in Manhattan's Lipstick Building as their address. Mr. Smith and his wife contributed $100,000 in 2019 to the Trump Victory Fund in August 2019. Dallas, Texas 75201. If Alden executives had other thoughts, Brady adds, I have no idea what they are., Theres a story about Smith that his eldest son, Caleb, once recounted in D Magazine: When Caleb asked his father why he worked, Smith told his son, Its a game and I love it. How would he know who won the game? It was founded in 2007 by Randall D. Smith. Tribunewhich analysts and union officials believe is already acting under Aldens influence, though Freeman denies this in his letterhad tried to implement even heavier cuts. Randall D. Smith is many things, but he's not a man who's ever showed an interest in protecting journalism. Kathryn went on to a PhD program. ProPublica / Justin Elliott, Patricia Callahan, and James Bandler / Jun 24 "Hedge fund manager Randall Smith, whose Alden Global Capital has gutted newspapers around the country, had $252.6 million in his." . Could it be that Smith, like Puzder, fears that legislators efforts to make private equity more transparent are actually a conspiracy to punish the successful?, Puzder maintainsthat private equitys goal is always growth and value creation, not bankruptcy.. There seems to only be one picture of him on the Internet, seen in the New York Post, and it appears as though the camera had to zoom in closely, like he is unaware hes being photographed. . Randall Smiths income source is mostly from being a successful . Randall Smith is 77, he's been the Director of Tribune Publishing since 2020. (Neither Smith, Alden, the current president of Alden, nor MediaNews Group responded to repeated requests for comment or interview for this story. They sat next to another couple on a set decorated with shiny curtains and long beams dotted with iridescent light bulbs. The Smiths $100,000 came in the form of two $50,000 contributions to Trump Victory. As Smith climbed the ladder at Bear Stearns, and the couple raised a boy and a girl in Short Hills, New Jersey, he started a new investment firm, R.D. Copyright 2023 Surperformance. Smith & Company, in 1985, . Alden's founder is one of the ultrawealthy investors using Roth IRAs to amass untaxed fortunes. The Arts District was always intended to be a neighborhood, with office, retail, and residential, Ruff says. D. Smith & Company, whose office near Wall Street fittingly overlooks the Trinity Church graveyard, the, wrote, is profiting from other peoples misery by trading the stock and debt of troubled companies, both for itself and its customers., Smith founded a successor company, Alden Global Capital, in 2007. Florida real estate records show he has since sold a couple of them.). Randall Smith may feel fresh pressure to get just a little transparent and go public with a charm offensive as his company becomes a bigger ownership force. Smiths net worth is not publicly available, but indications are that its vast. It has created a unique opportunity, and that is not lost on us.. With word getting out about The Spire, Ruff says people in the real estate community are shocked to learn how much land Smith has assembled. Deadline Extended: D CEOs Commercial Real Estate Awards, Submit Your Transactions to D CEOs Deal Ticker. At Bryan Tower, Smith finally found his true calling: commercial real estate. Last August, he gave over $55,000 to Donald Trumps presidential campaign and over $44,000 to the Republican National Committee; in 2012, he gave $72,800 to Mitt Romneys presidential campaign. Our strength is having an intimate knowledge of the markets were in, he says. He earned a bachelor's degree from Cornell University in 1965, followed by an MBA from the Wharton School of the University of Pennsylvania in 1967. . Brings new meaning to the phrase Sunday Funday. An entity linked to Palm Beach real estate investor Barbara Stovall Smith and her investments manager husband, Randall D. Smith, has sold a Midtown house on Cocoanut Row for . We recommend you to check the complete list of Famous People born on . Tribune Publishing has struck a deal with its largest shareholder, Alden Global Capital, that adds the hedge fund's co-founder, Randall Smith, to the newspaper company's board, while extending . The most active insiders traders include Michael W Jr Merrick Media,, Global Capital Llc Freeman , and Terry Jimenez. Alden has helped steer PayLess ShoeSource and Freds Pharmacy into bankruptcy. Keep in mind, though, that the distressed investment specialists have a stomachfor risky positions most investors wont go near. The Black Museum (1993) Collision (1996) Journal Register and Media News can be merged perhaps with Freedom too, if the Alden guys can figure out a fair price to pay themselves. a difficult outcome that was itself a hard-won concession by the union. But Chase, who knew that the company was planning to consolidate some functions of the newsroom, did not share their optimism. But Smith is putting his money where his mouth is. By the end of that week, a team of more than a dozen reporters had written investigations and narrative reconstructions of the night of Oaklands deadliest fire and the lives of its victims. Initial plans for The Spire, designed by WDG Architecture, call for a hotel, 337 residential units, 128,000 square feet of retail space, and 1.7 million square feet of office space. Tue, Apr 5, 2016 10:42AM. A 1987 Time profile reportedthat he is a graduate of Cornell University with a Wharton MBA, who started his career with Bear Stearns in 1967. As Nicholas Shaxson, author of The Finance Curse: How Global Finance is Making Us All Poorer, recently told DFMworkers.org, Alden is about the most opaque hedge fund hes ever seen. I still had hair down to my ass, Smith says. . Its real-estate transactions, in particular, are difficult to trace. The most recent stock trade was executed by Michael Norman Lavey on 2 April 2021, trading 1,875 units of TPCO stock currently worth $32,363. Sorry, no results has been found matching your query. Temporarily, it cannot increase its stake in Tribune. The Smiths donations, as is customary these days with large contributions, were made to Trump Victory, a joint fundraising committee that under new campaign finance laws providesa convenient way to circumvent contribution limits. The most recent stock trade was executed by Michael Norman Lavey on 2 April 2021, trading 1,875 units of TPCO stock currently worth $32,363. In January, it purchased a 5.9-percent stake in Lee Enterprises, which owns the Buffalo News, the Omaha World-Herald, the Tulsa World, and many other newspapers. Randall Duncan "Randy" Smith is an American hedge fund manager, and the founder and chief of investments of Alden Global Capital. By the time he left at the end of 2018, he says, the company was down to 160. is not unique. That difference of $15.125 million represents an increase of 190% in . Randy Smith founded Alden Global Capital in New York City as a privately held hedge fund. Tribune Publishing executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens. Your California Privacy Rights/Privacy Policy. The East Bay Times had been so diminished, it barely knew its own name. They won, the committee determined, for relentless coverage of the deadly fire, and for reporting after the tragedy that exposed the citys failure to take actions that might have prevented it., The staff celebrated with champagne and was, momentarily, uplifted. Randall Duncan "Randy" Smith (born 1942) is an American hedge fund manager, and the founder and chief of investments of Alden Global Capital. Alden has shielded its transactions through a convoluted network of LLCs and offshore accounts. Bankruptcy always attracts their attention, says Julie Reynolds, a former reporter at the, Media observers note that they make cuts almost from day one. In addition, it operates Tribune Content Agency, a syndication and licensing business that provides daily news service and syndicated premium content to approximately 2,000 media and digital information publishers. Alden is the hedge fund mostrecently described asthe gelatinous cube scouring the news industrys dungeon. Or, more simply, as adestroyer of newspapers.. Randall Smith was born in 1942. In addition, it operates Tribune Content Agency, a syndication and licensing business that provides daily news service and syndicated premium content to approximately 2,000 media and digital information publishers. It publishes daily newspapers, weekly newspapers, and niche publications and direct mails; and operates local websites and mobile applications. So I agree with Martin Langeveld and other analysts who speculate that MediaNews is the logical launch pad if Alden moves to consolidate its newspaper holdings. ), But its mode of operation remains roughly the same as R.D. And so one has to wonder what benefits would another four years of Trump provide Alden? Hes also a recluse. He favors jeans and polo shirtssocks optional. Under MediaNews Groups ownership in those years, the Bay Area News Group shrank from around 380 staffers to around 250, Chase says. cites as the place where billionaires go to escape millionaires. He has accumulated a row of mansions in Palm Beach, Florida. to Senators Dick Durbin and Tammy Duckworth, in response to their concerns about Aldens history of layoffs and lack of transparency. Pohrer declined to comment about the sale or his clients, who couldnt be reached. Barbara Stovall Smith and her husband, Randall "Randy" Smith, the co-founder and chief investment officer of Alden Global Capital, a multibillion-dollar hedge fund also led by co-founder. But Caleb says the familys growing net worth didnt change things much at home. The deal expires on June 30. Tribune Publishing Company, together with subsidiaries, publishes newspapers worldwide. Unlike Angelo, Gordon, an earlier leader in distressed newspaper investments, Alden allows website access only to customers. Socially, Im very shy. He also composed music and sang and played guitar in a rock band and a blues band. They include the. Agent Gary Pohrer of Douglas Elliman Real Estate had the listing for the property and it was a quick sale. The real jewel: a 12-acre tract that connects the Arts District with a downtown DART rail station, on which Smith plans to build a massive mixed-use neighborhood called The Spire., I dont know of any other 12-acre plot of land in the central business district of a major city, certainly not in Texas, Smith says. RandallSmith founded Alden Global Capital a privately held hedge-fund firm inNew York City. They won, and took the $20,000. Randall Smith knows the game plan but he isnt saying. By the time Caleb was 8 years old, he was making trades on a Quotron computer. But Singleton, who built his company over decades with acquisitions, said his own view is that further consolidation will play a big role in the industrys recovery and way forward. Then on Monday, we learned that Tribune CEOTim Knight is stepping downin a sign that the Chicago Tribune may be moving closer to the apocalypse, as Chicago media analyst Robert Feder put it. By doing so we provide a better service to our tenants, while at the same time, through standard valuation methodologies, exponentially increase the value of the properties, he says. If you look at Dallas on paper, youd say only an idiot would build office now, Smith says. The most active insiders traders include Michael W Jr Merrick Media,, Global Capital Llc Freeman a Terry Jimenez. , had won rave reviews for its shrewd research. Value InvestorsThe long hair is gone now, but Smith still doesnt look the part of a Dallas commercial real estate magnate. The PR push coincides with Alden seeking to acquire larger, more historically significant, and more influential papers. He also wrote a letter to Senators Dick Durbin and Tammy Duckworth, in response to their concerns about Aldens history of layoffs and lack of transparency. . Randall Smith's net worth Well count down the biggest leases and sales in our Real Estate Annual. Sondes (empreintes DIGITALes, IMED 9948, 1999) L'oreille voit (empreintes DIGITALes, IMED 9416, 1994) List of works. Palm Beach real estate investor Barbara Stovall Smith and her financier husband, Randall Smith of Alden Global Capital, have used a shell company to sell an investment property on the North End of Palm Beach for a recorded $6.7 million. Mr. Smith graduated from Cornell University and received an MBA from the Wharton School of the University of Pennsylvania. In January, it purchased a 5.9-percent stake in Lee Enterprises, which owns the, , and many other newspapers. As a child, Smith says he once asked his father why he worked: He said, Its a game and I love it. Ruff filled him in on the history of the Arts District, which was being expanded nearby, and encouraged him to keep adding parking lots and land. (Neither Smith returned calls asking for comment.). Alden Global was founded in 2007. Palm Beach real estate investor Barbara Stovall Smith and her financier husband, Randall Smith of Alden Global Capital, have used a shell company to sell an investment property on the North. Newsguild CWA members protested and spoke out against the layoffs and also the attack on community news and information by these "greed heads". (Randall Smith started making these purchases in 2013, a year after he acquired the Digital First Media newspaper chain, spending $57 million on 16 mansions. 1 villain for having cheapened and starved not just its Denver paper but many of the titles. Enjoy Dallas' best trends, hot properties, and tips from local designers to help you nest in style delivered weekly. Caleb asked. Agent Stephen Hall of Compass Floridapresented the Shaws when they bought the house on Orange Grove Road. Mr. Journalists of South Bend Tribune unionize, adding momentum to organizing surge, The Finance Curse: How Global Finance is Making Us All Poorer, a convenient way to circumvent contribution limits, Were looking for an administrative secretary, New York Times staffers protest shareholders meeting, Washington Post workers walk out at lunch, Hundreds of Insider workers walk out in protest of proposed layoffs, NewsGuild of New York responds to the shutdown of BuzzFeed News, California guilds submit letter of support for the California Journalism Preservation Act. Alden also owns the largest share of Freedom Communications, whose Orange County Register and other newspapers are up for sale (with MediaNews a potential buyer). So, flattering as Aldens courtship of the industry has been to date and likely as it is to continue,newspapers could get dropped in a heartbeat, as did Emmis, if fundamentals take another dive. Randall Smith serves as Director of the Company. He also has invested heavily in newspapers and media companies through his Digital First Media and NewMedia Group. He is a founding member of Alden Global Capital LLC, a private investment firm based in New York. Of course, nothing restricts the RNC from campaigning on Trumps behalf. The host, in a suit and tie, quizzed them. Bankruptcy always attracts their attention, says Julie Reynolds, a former reporter at the Monterey Herald and intrepid chronicler of Alden. I found a hint in the April 2010 issue of Aldens Monthly Update to clients, which found its way onto the Web. By the early nineties, though he had made partner at Bear Stearns, he left to dedicate himself fully to his own company. This article first appeared on Feb. 4, 2020, on the website of dfmworkers.org. Gabe Plotkin wasnt sleeping. Tribune Publishing Company, together with subsidiaries, publishes newspapers worldwide. Smith was accused of getting in the way of more responsible deal-makers seeking a rescue, and ensuring it landed in bankruptcy courtall in a search for a few extra cents per share. Under MediaNews Groups ownership in those years, the Bay Area News Group shrank from around 380 staffers to around 250, Chase says. I spoke by phone this week with Dean Singleton, longtime chairman and CEO of MediaNews, whose company was partially taken over by Alden in January 2011. Randall Duncan "Randy" Smith (born 1942) is an American hedge fund manager, and the founder and chief of investments of Alden Global Capital. In the just-recorded sale of the house, real estate attorney Maura Ziska signed the deed as vice present and secretary of the seller, 286 Orange Grove LLC. But Alden has focused its attention on Tribune Publishing Company, which owns, among others, the Chicago Tribune, the New York Daily News, and the Baltimore Sun. On average, Tribune Publishing executives and independent directors trade stock every 31 days with the average trade being worth of $6,589,782. In addition, it operates Tribune Content Agency, a syndication and licensing business that provides daily news service and syndicated premium content to approximately 2,000 media and digital information publishers. It appears sparsely staffed, with Wall Street veterans rather than media executives, and until very recently it nearly entirely shunned attention. , and houses in the Hamptons. Their coverage won the 2017 Pulitzer Prize for Breaking News Reporting. The most recent stock trade was executed by Michael Norman Lavey on 2 April 2021, trading 1,875 units of TPCO stock currently worth $32,363. He is a founding member of Alden Global Capital LLC, a private investment firm based in New York. But put me at a party thats not about business, and Ill be the guy in the corner chain-drinking and looking at my watch to see when I can leave., Smith was befriended by John Sughrue, who had come to Dallas from New York and whos now one of the developers behind Museum Tower. Randall Smith Bio, Returns, AUM, Net Worth With offices in New York City, Dallas, Houston, Dubai, London and Mumbai, Randall Smith's Alden Global Capital has grown to become a. Also learn how He earned most of networth at the age of 81 years old? The impetus behind the transition is not fully clear, but Smith invested in the real estate business in the years before. 1635 Shaw Ave. Clovis, CA 93611. The week the Smiths made their donations to Trump was also the week the Gannett and GateHouse newspaper chains merged, a bitter pill for Alden because its own takeover of Gannett was thwarted earlier in the year.
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