For 1,200 News-Journal Pensioners, a Bittersweet Victory in Appeals Court’s Overrule

After ousting the publisher of the Daytona Beach News-Journal to end its lavish support of three music groups, Cox Enterprises–the News-Journal’s former minority partner–sold the paper nearly two years ago for $39.3 million in cash and real estate.  Now, because of an appeal filed by the government, Cox may have to surrender most of that money to a federal pension insurance fund.

The 11^th Circuit Court of Appeals ruled Jan. 4 that U.S. District Court Judge John Antoon II in Orlando misread Florida law when he brushed aside a $26.5 million claim from the Pension Benefit Guaranty Corp. to cover present and future retirement payments for News-Journal employees.