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Hedge Fund Wins Control of 'Chicago Sun-Times' Parent

Magazine article Editor & Publisher

Hedge Fund Wins Control of 'Chicago Sun-Times' Parent

Article excerpt

The activist hedge fund Davidson Kempner Capital Management LLC has claimed victory in its proxy war with Sun-Times Media Group to take control of struggling publisher's board.

Davidson Kempner late Friday, two days before the regulatory deadline, said it had received and delivered the required number of consents by holders of a majority of shares outstanding to oust all Sun-Times directors but one.

Replacing all directors but Robert Poole, who holds 11% of Sun-Times shares, will be Jeremy L. Halbreich, the former Dallas Morning News general manager; Robert A. Schmitz, a specialist in business restructuring; and Michael E. Katzenstein, another executive with experience restructuring troubled companies.

"Through the provision of these consents, the stockholders have made clear their desire and support for a board of directors that is made up of professionals experienced in publishing and restructuring," Davidson Kempner said in a statement. "Given the operating and financial challenges before Sun-Times, we believe that the reconstituted board has the better potential to guide and lead Sun-Times. …

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