Putting the Raleigh N&O and Char-O in a precarious position:
The refinancing of the company made Chatham — the principal owner of American Media Inc., the publisher of the National Enquirer supermarket tabloid — the largest debt holder in McClatchy.
Enter Alden Global Capital, a New York hedge fund that has become a major force in the newspaper business. In a surprise move on Wednesday, Alden filed an emergency motion in a U.S. Bankruptcy Court asking Judge Michael E. Wiles to stop Chatham from attempting to buy McClatchy through a credit bid, a transaction that would allow it to put the company debt it had assumed toward the purchase price.
Full disclosure: I don't know diddly about how bankruptcy courts operate, and I hope I never become learned on the subject. But I also believe in "learning from the mistakes of others," and Alden should be the last company allowed to control NC's flagship newspapers: