The well-regarded Orange County Business Journal reports this morning that the “sale of the Santa Ana headquarters of the Orange County Register to developer Mike Harrah is expected to close within a few days”.
The transaction has been planned since late last year, and is expected to mitigate some of the debt accumulated by the Register’s questionable expansion into the IE, Long Beach and Los Angeles. The OCBJ also reports on current financial issues at the paper and its parent:
Sources familiar with the company’s operations said that Freedom has recently missed on some severance payments tied to those earlier buyout agreements…attributed reports of missed severance payments to “an issue with our payroll processing system.” Morgan said the company would issue checks to meet the severance payments later today. Court filings related to a lawsuit two former Register executives brought against Kushner and Freedom suggest a bulk of the money raised from a sale of the paper’s headquarters is already spoken for…Freedom and its entities owe about $24.7 million in senior loans, and the former executives are owed $4 million in severance payments…
I have to admit: it would make one hell of a homeless shelter.
Sure, so your extended offshore family can move in. Do all have green card or are they overstaying visa.
Give us your HOMELESS and DISTRESSED Orange County, Santa Ana will take them, so that people (mostly feel good liberals) in Brea and Irvine can feel safe and comfortable.
Actually this move, will only help to solidify Pulido’s power, as he is close to Harrah who will continue bring good union construction jobs and development to Santa Ana, unlike Roman Renya who will create more freebee’s for a non-contributiong population.