By: Mark Fitzgerald
Gay newspaper chain Window Media has stopped some payments on its purchase of the New York and Washington Blade papers and is seeking a $428,350 “adjustment” of the price it agreed to pay in May of last year, according to a lawsuit filed by two former owners of the papers.
Don Michaels and James Lamont claim in a lawsuit in District of Columbia Superior Court that Window’s Washington Blade Inc. unit is violating the sales agreement for the Washington Blade and the New York Blade. They and a third majority owner, Lisa Keen, were to split most of a $1.9-million cash payment.
Window co-founder William Waybourn sent E&P a statement that read, in part: “The suit does not seek to reverse the sale, just that those individuals be paid earlier than the agreements would otherwise require. … These issues, along with substantial monies we claim are due us by the sellers, are standard in a transaction this size, and all parties expect them to be resolved amicably.” Michaels and Lamont could not be reached.