He also wrote a letter to Senators Dick Durbin and Tammy Duckworth, in response to their concerns about Aldens history of layoffs and lack of transparency. Distressed debt is another area of expertise for Alden Global, and Randall Smith's team also studies the emerging markets quite closely. Pohrer declined to comment about the sale or his clients, who couldnt be reached. D. Smith & Company, whose office near Wall Street fittingly overlooks the Trinity Church graveyard, the, wrote, is profiting from other peoples misery by trading the stock and debt of troubled companies, both for itself and its customers., Smith founded a successor company, Alden Global Capital, in 2007. In the past Mr.. Last year, the company failed in an attempted hostile takeover of Gannett, which owns, , and many more papers. its play on distressed financial institutions fizzled. If Alden executives had other thoughts, Brady adds, I have no idea what they are., Theres a story about Smith that his eldest son, Caleb, once recounted in D Magazine: When Caleb asked his father why he worked, Smith told his son, Its a game and I love it. How would he know who won the game? Hedge fund titan Clifford Asness joined traders in slamming the London Metal Exchange after the platform cancelled trades a move that may have helped stem losses at a fund that was short the metal New York hedge-fund firm Aravt Global LLC is shutting down after sustaining significant losses recently, a sign of the severe pain the selloff in growth stocks is inflicting. We recommend you to check the complete list of Famous People born on . The most recent stock trade was executed by Michael Norman Lavey on 2 April 2021, trading 1,875 units of TPCO stock currently worth $32,363. [2] [3] By mid-2020, Alden had stakes in roughly two hundred American newspapers. Smith has major media interests through Alden Global Capital's 70% ownership stake in MediaNews Group and its 31.6% stake in Tribune Publishing. Representing journalists, media workers and other activists. Tribune Publishing Company operates in eight markets with Chicago Tribune, New York Daily News, The Baltimore Sun, Orlando Sentinel Sun Sentinel, Daily Press and The Virginian-Pilot, The Morning Call of Lehigh Valley, Pennsylvania, and the Hartford Courant titles; and BestReviews engages in business of testing, researching, and reviewing consumer products. He is from American. Despite earning higher profits than is typical in the industry, the NewsGuild, that between 2012 and 2019, Alden cut seventy-one percent of jobs in the hedge funds Guild-represented newsrooms. In 2002, together with his second wife Barbara (a Houston native), and his brother Jeffrey Smith, they bought the historic 100-room 1924 Sam Houston Hotel, extensively remodelled it, and reopened it in 2005 as the Alden Hotel. He continued to work for his father through high school, then got a job at a restaurant washing dishes and peeling calamari. Jen Psaki continues her strong TV start with comments about Tucker Carlson and Fox News. David Einhorn enjoyed a strong fourth quarter as his hedge fund Greenlight Capital outperformed the S&P 500's 11% gain by returning 18.6%, according to the billionaire investor's latest 13F filing. Since they bought their first newspapers a decade ago, no one has been more. The Smith family, which includes brothers David, Robert, Frederick, J. Duncan and a flurry of family trusts, is worth a combined $1.2 billion, Forbes estimates, based on the family members'. He is from American. I found a hint in the April 2010 issue of Aldens Monthly Update to clients, which found its way onto the Web. Winning a Pulitzer Prize doesnt change the economics of the company, he says, so why would it change the attitude of the owners?, THE MEDIA TODAY: Dean Baquet, Marty Baron, and protecting the institution. However, as an investment banker with 45 years experience and a pioneer of so-called vulture investing,Smith hasleft a few tracks. Less than two weeks later, Alden Global Capital co-founder Randall Smith gave $50,000 to Donald Trump's "Trump Victory" fund. Its all about the spreadsheets and the numbers. Paul Huntsman, who bought a newspaper, the, , back from Alden, says the attitude is common among hedge funds. In fact, he seemed to support anyone but Trump, giving only a few smaller donations to Marco Rubio and Paul Ryan. As part of the deal, Alden agreed to a standstill, which Tribune says is typical for large shareholders. Mr. Smith graduated from Cornell University and received an MBA from the Wharton School of the University of Pennsylvania. Over the last 4 years, insiders at Tribune Publishing have traded over $117,929,877 . EVO TRANSPORTATION & ENERGY SERVICES, INC. After working as a securities analyst for three years, he took some time off to think about whether he really wanted to work on Wall Street. The Arts District was always intended to be a neighborhood, with office, retail, and residential, Ruff says. Instead, Aldens wealth extraction strategy is expanding throughout the newspaper industry. After a year, he realized he missed investments and took on some consulting projects for his father and other clients, working primarily in Russia and Eastern Europe. Randall Smith serves as Director of the Company. [2] Hes also a recluse. Tribune Publishing has struck a deal with its largest shareholder, Alden Global Capital, that adds the hedge fund's co-founder, Randall Smith, to the newspaper company's board, while extending . The company operates in two segments, M and X. Singleton said that he has enormous respect for Smith and others at Alden. Its managing director is Heath Freeman. Alden, a hedge fund, got into the newspaper business about a decade ago. Randall Smith was born in 1942. The union launched an ultimately failed campaign to attempt to unseat Aldens board members. Its also arguably the most secretive news chain owner in the country. Many Palm Beach buyersbuy a house and then weigh their options, whether it's renovating, makingplans tobuild a new custom home orusing the house as a home base whilethey shop for something else. Sotheby's International Realty agentChristine Gibbons, who does businesses asTina Roberts, represented the Smiths in many of their previous transactions in Palm Beach. Alden's founder is one of the ultrawealthy investors using Roth IRAs to amass untaxed fortunes. The money for the attempted acquisition of Gannett and now, Aldens $9.2 million purchase of stock in the Lee Enterprises chain last month didnt come from Smith or Freemans pockets. By mid-2020, Alden had stakes in roughly two hundred American newspapers. . Many of the homes were marketed for lease. Alden also owns 1.8% of Gannett Co. and 5.9% of Lee Enterprises. We share the belief that Americans need and deserve robust local journalism that operates with editorial independence, he wrote. There are no older and 9 younger executives at Tribune Publishing. Then on Monday, we learned that Tribune CEOTim Knight is stepping downin a sign that the Chicago Tribune may be moving closer to the apocalypse, as Chicago media analyst Robert Feder put it. Knight began selling off its Alden holdings in 2012, and got completely out in 2014. The same day, his wife Barbara gave exactly the same amount. Our strength is having an intimate knowledge of the markets were in, he says. He also composed music and sang and played guitar in a rock band and a blues band. , under ownership of the Bay Area News Groupwhich is, in turn, owned by MediaNews Group. The buyers were a couple from Wilmington, North Carolina Harry MitchellShaw, a developer who cofounded S&W Ready Mix, a concrete manufacturer; and retail entrepreneur DeeDee Shaw, who founded Monkees, a chain of 38 franchised apparel stores. Smith's net worth is not publicly available, but indications are that it's vast. A new category has been added to this year's programwhich honors projects, deals, and industry executivesfor emerging leaders under 40. The East Bay Times had been so diminished, it barely knew its own name. Palm Beach real estate investor Barbara Stovall Smith and her financier husband, Randall Smith of Alden Global Capital, have used a shell company to sell an investment property on the North. Mr. Smith has been investing in event driven, value and emerging market securities for more than 50 years. Russ Smith, a conservative libertarian, for 20 yearswrote a weekly column, The Mugger, which often ran to more than 10,000 words. Its eminently possible that, after that date, as the country focuses on a historic pandemic and attempts to turn social uprisings toward concrete change, the fund will acquire a majority stake in Tribune and become the owner of some of Americas proudest newsrooms. The duo aims to create a project that will transform downtown Dallas, and they refuse to compromise their vision. The Smiths donations, as is customary these days with large contributions, were made to Trump Victory, a joint fundraising committee that under new campaign finance laws providesa convenient way to circumvent contribution limits. As the industrys recent dire circumstances focused minds on the business of news, including those of lawmakers, Freeman broke with Smiths strategy of avoiding the spotlight, and gave his first ever interview, in which he seemed to argue he was attempting to save newspapers by cutting them. Alden has helped steer PayLess ShoeSource and Freds Pharmacy into bankruptcy. Palm Beach Daily News. (Reuters) - Shares in Unilever rose 6% on Monday on reports that activist investor Nelson Peltz has built a stake in the consumer goods giant whose strategy is under scrutiny after a short-lived pursuit Australian hedge fund VGI Partners is considering a merger of sale of its business with several rival firms including Regal Funds Management, according to a report in the Sydney Morning Herald. Alden Global was founded in 2007. (Theyve since acquired a controlling stake.). Denver journalists rally against ownership group Alden Global Capital on May 8, 2018, outside The Denver Posts office and printing plant in north Denver. So who is Randall Smith and what does he want with all these newspapers? ), But its mode of operation remains roughly the same as R.D. He earned a bachelor's degree from Cornell University in 1965, followed by an MBA from the Wharton School of the University of Pennsylvania in 1967. DeeDee Shaw said the couples plans for the house are undecidedbut could include a renovation. It typically takes a new host a couple of dozen shows, at least, to settle in, but Psaki seems to be more than comfortable after only six. The company also provides various digital marketing services, which include the development of mobile websites, search engine marketing and optimization, social media account management, and content marketing for its customers' web presence for small to medium size businesses. Along with investing in Dallas properties, Ruff and Smith have both become actively involved in the community. story, a young couple, Randall D. Smith, and his wife Kathryn, appeared on Dream House, an ABC game show which pitted two couples against each other in several rounds of rapid-fire trivia questions for a chance to win either a new house or cash. At the time, private equity firms were beginning to react to Warrens legislation, and they werent happy about it. Founder of Alden Global Capital LLC and RD Smith & Co., Randall D. Smith is Chairman for Oyster Enterprises Acquisition Corp. and Chief of Investments at Alden Global Capital LLC. It publishes daily newspapers, weekly newspapers, and niche publications and direct mails; and operates local websites and mobile applications. On average, Tribune Publishing executives and independent directors trade stock every 31 days with the average trade being worth of $6,589,782. The PR push coincides with Alden seeking to acquire larger, more historically significant, and more influential papers. Tribune Publishing executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. There are no older and 9 younger executives at Tribune Publishing. (It switched to free in 1996. Three years ago, as his brother, , Smith celebrated his 75th birthday on the tiny Caribbean island of Canouan, which. But Smith is putting his money where his mouth is. What I can expect in the next few months and for the rest of the year, Chicago Tribune Guild president and courts reporter for the paper, Megan Crepeau, says, is a strong newsroom, a united front, because now we know exactly the kind of dirty tricks and exactly the kind of ways that they want to gut us., Dean Baquet, Marty Baron, and protecting the institution, Emergency upon Emergency: How the press reacted to, A Matter of Necessity: Shefali Luthra covers abortion for, Anonymous Woman: Speaking with the press, an abortion fund worker faces an impossible dilemma, Everywhere and Nowhere: Notes from a parachuting national reporter on abortions local stories, Peer to Peer: News you can use, via Google Doc, The Poetics of Posting: A conversation with Mia Sato of, Sources on Sourcing: Six people weigh the risks and benefits of talking with the media, Out of Control: How a search for answers about reproductive health can lead you down a tunnel of misinformation. It was founded in 2007 by Randall D. Smith. He wanted to take over the company, but his philosophy about how to run it clashed with his fathers. The most active insiders traders include Michael W Jr Merrick Media,, Global Capital Llc Freeman a Terry Jimenez. That difference of $15.125 million represents an increase of 190% in . The real jewel: a 12-acre tract that connects the Arts District with a downtown DART rail station, on which Smith plans to build a massive mixed-use neighborhood called The Spire., I dont know of any other 12-acre plot of land in the central business district of a major city, certainly not in Texas, Smith says. While solidly Republican, the Smiths previous donations were typically in the $2000 range, though back in 2012 Randall did give $19,750 and $30,800 to two Republican committees. His net worth has been growing significantly in 2022-2023. . Founder of Alden Global Capital LLC and RD Smith & Co., Randall D. Smith is Chairman for Oyster Enterprises Acquisition Corp. and Chief of Investments at Alden Global Capital LLC. Gabe Plotkin wasnt sleeping. With word getting out about The Spire, Ruff says people in the real estate community are shocked to learn how much land Smith has assembled. According to its 990s, Knight ended up making $185,000 over five years on its initial $13.4 million investment. A study does not show that COVID-19 mask wearing raises risk of stillbirths, other health problems, News from CNN and ESPN, plus other media tidbits and links for your weekend review, To build trust in the age of AI, journalists need new standards and disclosures, Physical Sciences Reporter, C&EN - Washington, DC (20036), Advertising Sales Manager - Spokane, WA (99201), Visiting Faculty in Mass Communication, Journalism & Digital Media Production - Florence, AL (35630), NY Daily News Sr. Hollywood Gossip and Celebrity Columnist - Los Angeles, CA (90006), NY Daily News Hollywood Gossip and Celebrity News Reporter - Los Angeles, CA (90006), Latino Communities News Editor - Bilingual - Hybrid - Meriden, CT (06450), Executive Director - Nashville, TN (37201). Jan 1999 - Present24 years 1 month. Kathryn went on to a PhD program. Reynolds has spent years trying to find details, and has reported on Aldens financial entanglements with debt in Greece, fraud in Mexico, pollution in Russia, and corruption in Brazil. Ive been to every floor of every [downtown] building. And so one has to wonder what benefits would another four years of Trump provide Alden? Its not clear whether the Smiths have met President Trump. Randall Smith Bio, Returns, AUM, Net Worth With offices in New York City, Dallas, Houston, Dubai, London and Mumbai, Randall Smith's Alden Global Capital has grown to become a. Theyre driven by the bottom line., : When Caleb asked his father why he worked, Smith told his son, Its a game and I love it. How would he know who won the game? The program honors North Texas top projects, transactions, dealmakers, and industry leaders. to Senators Dick Durbin and Tammy Duckworth, in response to their concerns about Aldens history of layoffs and lack of transparency. He is a founding member of Alden Global Capital LLC, a private investment firm based in New York. Last August, he gave over $55,000 to Donald Trumps presidential campaign and over $44,000 to the Republican National Committee; in 2012, he gave $72,800 to Mitt Romneys presidential campaign. ProPublica / Justin Elliott, Patricia Callahan, and James Bandler / Jun 24 "Hedge fund manager Randall Smith, whose Alden Global Capital has gutted newspapers around the country, had $252.6 million in his." . By the end of that week, a team of more than a dozen reporters had written investigations and narrative reconstructions of the night of Oaklands deadliest fire and the lives of its victims. Over the last 5 years, insiders at Tribune Publishing have traded over $117,929,877 worth of Tribune Publishing stock and bought 1,611,761 units worth $19,673,649 Theyre driven by the bottom line., Asked what Alden thinks about its role in the industry, Jim Brady, a former top editor with Digital First Media, says the hedge fund sees newspapers only as temporary money makers. We share the belief that Americans need and deserve robust local journalism that operates with editorial independence, he wrote. Smith founded a successor company, Alden Global Capital, in 2007. On December 3, 2016, the morning after the Ghost Ship warehouse in Oakland caught fire, killing thirty-six people, the East Bay Timess new executive editor, Neil Chase, instructed his staff to throw their resources behind the story. With The Spire, we now have an opportunity to provide that neighborhood.. October 10th, 2022 - Hedge Funds Insider Trading, March 29th, 2022 - Hedge Funds Insider Trading, March 11th, 2022 - Hedge Funds Insider Trading, March 10th, 2022 - Hedge Funds Insider Trading, March 2nd, 2022 - Hedge Funds Insider Trading, February 28th, 2022 - Hedge Funds Insider Trading, February 23rd, 2022 - Hedge Funds Insider Trading, February 15th, 2022 - Hedge Funds Insider Trading, January 28th, 2022 - Hedge Funds Insider Trading, January 24th, 2022 - Hedge Funds Insider Trading, January 10th, 2022 - Hedge Funds Insider Trading, December 21st, 2021 - Hedge Funds Insider Trading, December 16th, 2021 - Hedge Funds Insider Trading, December 9th, 2021 - Hedge Funds Insider Trading. The one central theme, the Times reported, seems to be that Smith and its web of affiliates are out, first and foremost, for themselves., R. Life for the Smiths was one of luxury, punctuated by summer trips to Luxembourg and the French Riviera. And then a week or two later, we had to announce twenty people being fired, Chase recalls. Its funds are based in tax secrecy havens like the Cayman Islands and Delaware. Yet through his New York hedge fund firm, Alden Global Capital, Smith controls a U.S. newspaper giant Digital First Media, which publishes scores of papers from the Eastern Seaboard to the San Francisco Bay Area. Support responsible news and fact-based information today! But Caleb says the familys growing net worth didnt change things much at home. Randall Smith Net Worth His net worth has been growing significantly in 2020-2021. Tight supply, big demand and the consequences for Palm Beach real estate. It generates value for investors while creating jobs and wealth for a broad spectrum of individuals and entities.. By 2016, the Oakland Tribune, Contra Costa Times, Daily Review and others became the East Bay Times, under ownership of the Bay Area News Groupwhich is, in turn, owned by MediaNews Group. What were the biggest real estate sales of the summer in Palm Beach? [2] Its managing director is Heath Freeman. Mr. Of course, nothing restricts the RNC from campaigning on Trumps behalf. It had always been called the Contra Costa Times, even through years of mergers with other local papers in the 2000s under its owner, MNG Enterprises (known variably as MediaNews Group or Digital First Media). It was one of more than a dozenproperties Smith-controlled entities bought that year and the nextduring a buying spree on the North End and in Midtown. Hedge Fund and Insider Trading News: Cathie Wood, Paul Tudor Jones, Steve Cohen, Elliot Management, Alden Global Capital, Bireme Capital, Tesla, Inc. (TSLA), Thor Industries, Inc. 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