Newspaper Guild rejects potential investors' demands

Posted Wednesday, February 1, 2012 in News

Newspaper Guild rejects potential investors' demands

by Gina Hamilton

PORTLAND — The Portland Newspaper Guild has rejected a series of breathtaking demands by potential investors in the MaineToday Media newspaper empire.

Talks have "broken down," according to Guild rep Tom Bell in a memo released to the New Maine Times by a fellow union member on Jan. 19.  "... the Guild Negotiations Committee rejected the proposed deal because of the inability to secure an agreement that would protect the contract if the company filed for bankruptcy. No additional meetings between the Guild and these investors are planned," the short memo read in part.

Bell went on to say that he would be planning a series of meetings with Guild members at the end of the month, and one of those meetings was held on Tuesday afternoon at the Waterville Morning Sentinel.

It is unclear how this will affect the possible deal with 2100 Trust LLC.

Other potential investors are in the picture now, however. Sources within MaineToday Media say that one bid might come with some familiar names: Robert C.S. Monks and Michael Payson may make an offer to buy the papers, which is why, according to the source, the Guild feels that it was in a strong enough position to turn down the 2100 Trust LLC proposal.

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