In a Hedge Fund’s Bid for Tribune’s Newspapers, a Hidden Risk Lurks in the Fine Print

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In its bid to acquire Tribune Publishing, the hedge fund Alden Global Capital vowed to provide $375 million in cash to the owner of the Chicago Tribune, the Baltimore Sun and other titles — a theoretically welcome influx to an investment-starved newspaper chain.

But industry and financial experts have looked at the fine print and see something starkly different...

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