.
The carbuncle on the butt of journalism known as the
Columbian is facing extinction at the hands, of all people, the Bank of America.
There's something of an irony, here. A mismanaged bank that exists only because of massive bail outs from the government
with our tax dollars, foreclosing on our
worthless turd of a newspaper.
The reasons the Columbian are a financial disaster dovetail quite closely with the incompetence of their management. Their decision to continue on as before without addressing the issues that have hammered them into this kind of condition presage their demise. And frankly, when this rag goes under...
...it won't be missed.
Bank of America seeks $15 million; paper will survive, publisher saysMonday, April 6 5:45 p.m.
BY JULIA ANDERSON
COLUMBIAN STAFF WRITER
Bank of America is preparing to take debt foreclosure action against the Columbian Publishing Co.
The bank is expected to seek $15 million in primary debt plus accrued interest of $800,000 from the newspaper company in a case to be filed in Clark County Superior Court.
"This isn’t unexpected and The Columbian has been fully prepared for this," said Columbian Publisher Scott Campbell on Monday. "We have been a tough, determined and strong business for as long as we’ve been around and we fully expect to emerge from these exceptionally difficult economic times in a strong position."
The publishing company with 259 employees owns The Columbian newspaper established in 1890, which serves Clark County and Southwest Washington and also operates the Web site www.columbian.com.
The business has been privately held by three generations of the Campbell family since Herbert Campbell, Scott Campbell’s grandfather, purchased the business in 1921.
Talks to intensify
The pending court action is expected to intensify negotiations between the publishing company and the bank, which funded construction of a $35 million six-story newspaper office building south of Esther Short Park three years ago.
The newspaper moved its newsroom, advertising and circulation operations into four floors of leased space in the new building in January 2008.
Declining revenue forced the newspaper to reverse course and return to its former location at 701 W. Eighth St. in December.
Campbell said the publishing company continues to negotiate with the bank to restructure the debt.
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