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. Less than two weeks later, Alden Global Capital co-founder Randall Smith gave $50,000 to Donald Trumps Trump Victory fund. The returns rolled in. Brings new meaning to the phrase Sunday Funday. The returns rolled in. Instead, Aldens wealth extraction strategy is expanding throughout the newspaper industry. Randall Smiths income source is mostly from being a successful . Mr. Smith graduated from Cornell University and received an MBA from the Wharton School of the University of Pennsylvania. So in the Smithfamily, there is one brother who wont stop talking and one who is publicly mute. It appears, , with Wall Street veterans rather than media executives, and until very recently it nearly entirely shunned attention. s new executive editor, Neil Chase, instructed his staff to throw their resources behind the story. He entered the house into the Palm Beach Board of Realtors Multiple Listing Serviceon Sept. 19 at $6.95 million and the deal closed about five weeks later. The company operates in two segments, M and X. And I love it. , 750 North St.Paul St. Randall Smith - Net Worth April 2023, Salary, Age, Siblings, Bio Who is investor Randall Smith and why is he buying up newspaper Mr. Smith has been investing in event driven, value and emerging market securities for more than 50 years. Randall Duncan "Randy" Smith (born 1942) is an American hedge fund manager, and the founder and chief of investments of Alden Global Capital. Any time you put together two companies, there aremanagement efficiencies that add value, he said, and if they are in the same geographical area, there is an opportunity to share operational expenses and create value that way.. Mr. 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. Hes also a recluse. Gabe Plotkin wasnt sleeping. 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? Meet The Billionaire Clan Behind The Media Outlet Liberals - Forbes He met his first wife Kathryn Smith, when both were Cornell students, and she earned a PhD in political science. Value InvestorsThe long hair is gone now, but Smith still doesnt look the part of a Dallas commercial real estate magnate. 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. One union official I spoke to asked me, in sincerity, if Smith is even alive. The most active insiders traders include Michael W Jr Merrick Media,, Global Capital Llc Freeman a Terry Jimenez. . 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 just-recorded sale of the house, real estate attorney Maura Ziska signed the deed as vice present and secretary of the seller, 286 Orange Grove LLC. Freeman, who is the president of Alden, runs its daily operations. . (Smith's father, billionaire Randy Smith, is now known as one of the world's leading distressed-asset investors; his Alden Global Capital generated a 187 percent return. Mr. Smith received an undergraduate degree from Cornell University and an MBA from The Wharton School of the University of Pennsylvania. That difference of $15.125 million represents an increase of 190% in . Over the past several years he has invested heavily in newspapers and media companies through his. Tight supply, big demand and the consequences for Palm Beach real estate. [2] Its managing director is Heath Freeman. He told me, It will take you 10 years to become a Dallasite. Alden Global Capital - Randall Smith assets under management (13F Holdings listing stock ownership and transaction history) provided by Insider Monkey. The whole family chipped in to help. Smiths net worth is not publicly available, but indications are that its vast. Generali's No.3 investor Caltagirone withholds backing for 2022 accounts -sources, Musk says Tesla likely to launch full self-drive technology 'this year', Exclusive: JPMorgan employees gripe about Dimon's return-to-office edict, SpaceX rocket explosion illustrates Elon Musk's 'successful failure' formula, Cucinelli posts 33% rise in Q1 sales, confirms 2023 revenue growth forecast, Exclusive-Peter Thiel, Republican megadonor, won't fund candidates in 2024 - sources, Virginia Governor Youngkin 'humbled' by talk of possible presidential run, European Midday Briefing: Mood Brighter After -2-, Tim Cook unveils new Apple store in India, Morgan Stanley's dealmaking CEO Gorman signals more transactions to come. This Is How a Newspaper Dies - POLITICO Magazine 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. Randall D. Smith - Biography - MarketScreener.com In fact, he seemed to support anyone but Trump, giving only a few smaller donations to Marco Rubio and Paul Ryan. In January, it purchased a 5.9-percent stake in Lee Enterprises, which owns the, , and many other newspapers. Randall D. Smith is many things, but he's not a man who's ever showed an interest in protecting journalism. So, how much is Randall Smith worth at the age of 81 years old? Alden also owns 1.8% of Gannett Co. and 5.9% of Lee Enterprises. By doing so we provide a better service to our tenants, while at the same time, through standard valuation methodologies, exponentially increase the value of the properties, he says. The couple once owned a Palm Beachhouse on Via Vizcaya in the Estate Section. Alden has helped steer PayLess ShoeSource and Freds Pharmacy into bankruptcy. Then newspaper buildings are sold, and staff is consolidated and cut. (He and his wife, physician Jane Lee, have twin 2-year-olds, Savanna and Lillian.). A boat containing 14 bodies appeared in the Caribbean. Since taking the helm of Spire, he has grown its portfolio to 3.5 million square feet of office space in Dallas, Austin, and Houston, plus 21 acres of urban land thats ripe for development. Mr. Smith has been investing in event driven, value and emerging market securities for more than 50 years. Alden has helped steer PayLess ShoeSource and Freds Pharmacy into bankruptcy. Randall Smith Net Worth (2022) | wallmine GB Randall Smith is 77, he's been the Director of Tribune Publishing since 2020. Most recently it has been among the first to have one publisher or editor oversee several newspapers, to treat groups of newspapers as a single entity for totalingaudited circulation, and to create merged or outsourced copy editing and design desks. a difficult outcome that was itself a hard-won concession by the union. 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. Randall Smith Social Network It generates value for investors while creating jobs and wealth for a broad spectrum of individuals and entities.. [2] [3] By mid-2020, Alden had stakes in roughly two hundred American newspapers. One newsroom was missing hot water. Last updated: 1 April 2023 at 11:00am EST. Along with acquiring office buildings, including 500 E. John Carpenter Freeway in Irving, Smith began quietly buying parking lots along San Jack as an amenity for tenants at Bryan Tower. Randall D. Smith - Wikipedia Pens and notebooks disappear from newsrooms. Randall Smith knows the game plan but he isnt saying. Smith & Company, in 1985. Its not clear whether the Smiths have met President Trump. Smith is one of the few who is localand thats an advantage, he says. Paton has transformed Journal Register to digital first, and that aligns with MediaNews likely direction. Many of the homes were marketed for lease. 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. 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 But Smith is putting his money where his mouth is. There are no older and 9 younger executives at Tribune Publishing. Under MediaNews Groups ownership in those years, the Bay Area News Group shrank from around 380 staffers to around 250, Chase says. Smiths success also coincided with the beginning of the end for many American newspapers. In the past Mr.. Smith has major media interests through Alden Global Capital's 70% ownership stake in MediaNews Group and its 31.6% stake in Tribune Publishing. It was founded in 2007 by Randall D. Smith. Agent Stephen Hall of Compass Floridapresented the Shaws when they bought the house on Orange Grove Road. published at least twenty articles and videos in the first two days after the fire. Another house linked to Randy Smith of Alden Global Capital sells in Randall Smith - Media Nation Singleton remains there, as a new board of directors searches for a new CEO; when they find one, Singleton will then become Executive Chairman advising the company on strategy. Its competition. I said, How do you know who wins? He told me it was whoever dies with the most money. In the late 1960s, the couple used their quick wits to win furniture and $20,000 in cash on the television game show Dream House. Jan 1999 - Present24 years 1 month. Its managing director is Heath Freeman. Last updated: 1 April 2023 at 11:00am EST. Caleb asked. 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., NEW AT CJR: Kayleigh McEnany, media critic, TOP IMAGE: Journalist George Kelly protesting Alden Global Capital outside the hedge-fund's headquarters in New York, in May 2018. He returned home, finished up his degree in New York, then got a job as a bartender, with an eye toward opening his own restaurant. Randall Smith - President - SKA Financial Group | LinkedIn It has created a unique opportunity, and that is not lost on us.. 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. The Press offered tough competition to the Village Voice, with free distribution, while the Voice was a paid publication. Randall Smith was born in 1942. His father replied, Whoever dies with the most money., Smiths net worth is not publicly available, but indications are that its vast. Things changed after his junior year at Macalester. Socially, Im very shy. Smith founded a successor company, Alden Global Capital, in 2007. Smith is known as a pioneer of vulture capitalism, the purchase and dismantling of distressed firms. And then a week or two later, we had to announce twenty people being fired, Chase recalls. It was founded in 2007 by Randall D. Smith. We're goingto move in for the season and see what we're going to do, she said. 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, Amid the coronavirus pandemic, the company has laid off and furloughed many dozens of newspaper workers. 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. Mr. Smith and his wife contributed $100,000 in 2019 to the Trump Victory Fund in August 2019. 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. Randall Smith serves as Director of the Company. 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. Some editors have already left. Randall Smith Biography, Age, Height, Wife, Net Worth, Family Its real-estate transactions, in particular, are difficult to trace. The screenshots below show where the Smiths contributions ended up, as listed on OpenSecrets.org: These were large contributions for the Smiths, and this was the first time Randall Smith had given to any campaign or party since 2017, according to FEC records. Alden co-founder Heath Freeman doesnt show any political contributions in the FECs database. 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. ), When the rivalrywas at its peak in 1999, Voice writer Cynthia Cotts produced an acid profile of the brothers,headlined Vulture Press.She concluded byquoting an acquaintance saying, Randy is so rich hes the kind of guy who divests himself every couple of years, so he doesnt make the lists of the worlds richest people.. As Smith climbed the ladder at Bear Stearns, and the couple raised a boy and a girl in Short Hills, New Jersey, he started a new investment firm, R.D. . In addition, it operates Tribune Content Agency, a syndication and licensing business that provides daily news service and syndicated premium content to approximately 2,000 media and digital information publishers. Both provided Aldens office in Manhattans Lipstick Building as their address. Alden Global Capital net worth and salary income estimation Could it be that Smith, like Puzder, fears that legislators efforts to make private equity more transparent are actually a conspiracy to punish the successful?, Puzder maintainsthat private equitys goal is always growth and value creation, not bankruptcy.. Smiths mother died of ovarian cancer, and he moved home to help take care of his younger sister. Its very clear that Alden has faith in the future of the business and so do I. Recordings. But it had also received complaints from some of its partners and customers. Who Profits From Alden Global Capital? You'd be surprised. The story of the East Bay Times is not unique. But Chase, who knew that the company was planning to consolidate some functions of the newsroom, did not share their optimism. Well count down the biggest leases and sales in our Real Estate Annual. 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. A 1987 Time profile reportedthat he is a graduate of Cornell University with a Wharton MBA, who started his career with Bear Stearns in 1967. Of course, nothing restricts the RNC from campaigning on Trumps behalf. I spoke by phone this week with Dean Singleton, longtime chairman and CEO of MediaNews, whose company was partially taken over by Alden in January 2011. Hedge fund manager Randall Smith, whose Alden Global Capital has gutted newspapers around the country, had $252.6 million in his. Another house linked to Randy Smith of Alden Global Capital sells in Palm Beach, Another Smith-linked sale: Seaside estate sells for $39 million, nearly $14 million more than in June. Ive been to every floor of every [downtown] building. Both provided Alden's office in Manhattan's Lipstick Building as their address. Unlike Angelo, Gordon, an earlier leader in distressed newspaper investments, Alden allows website access only to customers. Look at everything that has changed since then: the Internet, electrical systems, HVAC systemsnot one of those office buildings was built for todays efficiencies., Most Dallas office towers are owned by outside investors. Alden Global Capital is a hedge fund based in Manhattan, New York City. He wanted to take over the company, but his philosophy about how to run it clashed with his fathers. , 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). But Alden has focused its attention on Tribune Publishing Company, which owns, among others, the, On that same day, the NewsGuildwhich represents the Chicago Tribune Guild and thirteen Alden-owned newsroomstestified before the US House Committee on Financial Services that, according to its. The company was formerly known as tronc, Inc. and changed its name to Tribune Publishing Company in October 2018. He was given responsibility for Dallas in mid-1999. The Arts District was always intended to be a neighborhood, with office, retail, and residential, Ruff says. Then newspaper buildings are sold, and staff is consolidated and cut. The company, the New York Times noted in 1991, had won rave reviews for its shrewd research. No spam, ever. But when you do, you wont want to leave. . As TheSunlight Foundation reports, In the majority opinion in McCutcheon, Justice Samuel Alitodismissedconcerns that joint fundraising committees would be used to solicit massive checks for individual candidates as wild hypotheticals.. Pohrer declined to comment about the sale or his clients, who couldnt be reached. Their coverage won the 2017 Pulitzer Prize for Breaking News Reporting. Even the most experienced specialists dont succeed with every pick. Get the Poynter newsletter that's right for you. The Smiths $100,000 came in the form of two $50,000 contributions to Trump Victory. Temporarily, it cannot increase its stake in Tribune. There seems to only be. He continued to work for his father through high school, then got a job at a restaurant washing dishes and peeling calamari. He started his owncompany, the first of many,in 1985. A New Jersey native who has traveledand livedall over the world, he came here in 1998 to oversee renovation of Bryan Tower, a 40-story downtown office building his father had just acquired. Top 10 Stock Picks of Randall Smith's Alden Global Less than two weeks later, Alden Global Capital co-founder Randall Smith gave $50,000 to Donald Trump's "Trump Victory" fund. On average, Tribune Publishing executives and independent directors trade stock every 31 days with the average trade being worth of $6,589,782. The Shaws are not alone in deciding what dowith theirnew home. They include the Denver Post, Boston Herald, St. Paul Pioneer Press, Orange County Register, Macomb Daily, The Trentonian, The Saratogian, Los Angeles Daily News, The Pottstown Mercury, Chico Enterprise-Record, Boulder Daily Camera, and many more. According to its 990s, Knight ended up making $185,000 over five years on its initial $13.4 million investment. The AP set off to learn their identities. Tribune Publishing Company was founded in 2013 and is headquartered in Chicago, Illinois. Except thats exactly whats happened ever since. Randall Duncan "Randy" Smith (born 1942) is an American hedge fund manager, and the founder and chief of investments of Alden Global Capital. He is a founding member of Alden Global Capital LLC, a private investment firm based in New York. RandallSmith founded Alden Global Capital a privately held hedge-fund firm inNew York City. You can view The Poynter Institutes most-recent public financial disclosure form 990, Poynter ACES Introductory Certificate in Editing, Smiths Alden bought out fellow hedge funds earlier this month and now owns Journal-Register Co.outright. There are years of Smiths life that are difficult to account for, including recent ones. Despite earning higher profits than is typical in the industry, the NewsGuild says that between 2012 and 2019, Alden cut seventy-one percent of jobs in the hedge funds Guild-represented newsrooms. 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. The impetus behind the transition is not fully clear, but Smith invested in the real estate business in the years before. 1635 Shaw Ave. Clovis, CA 93611. Randall D. Smith - Biography The same day, his wife Barbara gave exactly the same amount. "We may see a situation in which neither side accepts losing and that conflict could be bad," says Ray Dalio. Its all about the spreadsheets and the numbers. Paul Huntsman, who bought a newspaper, the Salt Lake Tribune, back from Alden, says the attitude is common among hedge funds. EVO TRANSPORTATION & ENERGY SERVICES, INC. Journalists of Springfield News-Leader Vote Unanimously: Union, Yes! Randy Smith founded Alden Global Capital in New York City as a privately held hedge fund. Newsguild CWA members protested and spoke out against the layoffs and also the attack on community news and information by these "greed heads". (Theyve since acquired a controlling stake.) We dont have anyone to answer to.. The company operates in two segments, M and X. Spire Realtys Caleb Smith: The Next Trammell Crow? Thats why Trammell Crow was so successful. Russ Smith, a conservative libertarian, for 20 yearswrote a weekly column, The Mugger, which often ran to more than 10,000 words. I firmly believe that Randall Smith and Heath Freeman could weather this timeframe if they wanted to, says Patricia Doxsey, the president of the Kingston NewsGuild and a government reporter at the Alden-owned. It was a bankruptcy trading firm described as devoted exclusively to the tired and the poor of the corporate community, by Hilary Rosenberg in her 1992 book The, Vulture Investors: The Winners and Losers of the Great American Bankruptcy Feeding Frenzy. Rather than looking solely at occupancy, Ruff says Spires strategy is to fundamentally improve each assets value, taking it from a Class B to a Class A, for example. (Minnetian was Aldens pick for the board of Tribune Publishing after the hedge fund took a 32 percent stake in the publisher of the Chicago Tribune, Baltimore Sun and other papers.). In this article, we will be taking a look at the top 10 stock picks of Randall Smith's Alden Global. But it had also received complaints from some of its partners and customers. Its real-estate transactions, in particular, are difficult to trace. Distressed debt is another area of expertise for Alden Global, and Randall Smith's team also studies the emerging markets quite closely. (Theyve since acquired a controlling stake.). Randall Duncan "Randy" Smith (born 1942) is an American hedge fund manager, and the founder and chief of investments of Alden Global Capital. Discover Randall Smith's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. 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. He is a founding member of Alden Global Capital LLC, a private investment firm based in New York. We share the belief that Americans need and deserve robust local journalism that operates with editorial independence, he wrote. Temporarily, it cannot increase its stake in Tribune. The most active insiders traders include Michael W Jr Merrick Media,, Global Capital Llc Freeman , and Terry Jimenez. 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. Randall Duncan "Randy" Smith is an American hedge fund manager, and the founder and chief of investments of Alden Global Capital. It publishes daily newspapers, weekly newspapers, and niche publications and direct mails; and operates local websites and mobile applications. He is a founding member of Alden Global Capital LLC, a private investment firm based in New York. (Neither Smith returned calls asking for comment.). Alden owner is deeply in Trump's camp now - Save Local News Under the circumstances, one can only infer what Alden likes about the news industry and what next steps in its strategy may be. This is where we invest., The East Bay Times published at least twenty articles and videos in the first two days after the fire. Knight began selling off its Alden holdings in 2012, and got completely out in 2014. Alden Global Capital - Randall Smith - 13F Holdings - Insider Monkey