Board members James Poueymirou, James Withrow and Mike Lowenthal pointed out the fiscal constraints of an insolvent institution that cannot get debtor-in-possession or a commercial loan, even with offers of help as large as Bruce Sagan's $500,000.
Not even the last-minute offer of a half-million-dollar loan by HydePark businessman and Herald owner Bruce Sagan would persuade the board, led by Board president Jim Poueymirou, to explore a $3.4 million loan offer by the National Cooperative Bank (NCB) [actually a term sheet].
expressed deep disappointment a the news.
"54 years ago the manager of the Hyde Park Co-Op knocked on my door to ask me, a young newspaper reporter working downtown, if I would like to try to save the failing neighborhood newspaper, the Hyde Park Herald," Sagan said.
promised that he
would help support that effort to revitalize the community's newspaper.
Monday I tried to return the favor."
For more than three hours, more than 70 members, including employees, urged the board to explore the loan option before making a final decision.
Nominating committee head Jay Mulberry said ignoring the offer from Sagan was a criminal act of neglect.
is offering $500,000, but he
has 100,000 friends who have another $500,000.
With an offer like that, something can really be done.
It was nice of Bruce Sagan to offer $500,000 on the day the U. of c. offer was to expire, but since the Co-Op president had been in touch with him for at least three weeks and explained the timing and deadlines the Board was facing, the offer can only be classified as a nice gesture, but too late.
The article went on to document the community meeting that preceded the Co-Op board's final vote and how the brave and valiant Bruce Sagan (who happens to be the Herald's owner and probably penned the article, which was mysteriously missing a byline), had promised a half a million to the Co-Op to save it.
staff weren't the only ones who couldn't understand why anyone would want to put the Co-Op
out of its miser.