By: (AP) A federal judge has upheld a $355 million appraisal of
The Salt Lake Tribune, a ruling that could hamper efforts by former owners to reacquire the newspaper.
MediaNews Group Inc. bought the newspaper in January 2001 for $200 million.
A group of the newspaper's former managers, led by Salt Lake City insurance executive Philip G. McCarthey, have been trying to regain ownership ever since being ousted by the new owners.
The McCarthey group appealed the appraisal in U.S. District Court, but Judge Ted Stewart ruled Monday that the arbitration process that set the paper's price was valid.
The Salt Lake Tribune Publishing Co., the group comprised primarily of McCarthey family members, said it would appeal.
The McCartheys allege the appraisal by New Jersey-based Management Planning Inc. failed to meet industry standards and was tainted by fraud. Stewart said there was no evidence of fraud.
Comments
No comments on this item Please log in to comment by clicking here