"In a last ditch effort to save his company, American Media CEO David Pecker late last night quietly launched a cash tender offer to buy out holders of $570 million in debt and refinance the tabloid publisher," Peter Lauria reports. For some bizarre reason, this isn't being described as a last ditch effort to save his job. Whether gun-toting Pecker is to blame, or it's the print industry or the credit crunch, the man has overseen the perilous downfall of AMI. The only bright spot on its ledgers these days in the National Enquirer's free publicity, but now that everyone has had their fill of John Edwards, and he's been shunned from the DNC and no cable news channel will even touch the story, even that wonder well is running dry. And yet Pecker continues to arrive at AMI's offices every morning, with job security.
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Where is he getting the cash? An offer to get cents on the dollar would make sense if the alternative is to tie it up AMI in the Courts. I think the equity piece should be deeply discounted because nothing in this mess of his will pan out over time. This company was a bad idea and warmed over doesn't make it any better.