<\/a> Chicago Sun-Times<\/p><\/div>\n
Hoping to thwart Chicago Tribune owner tronc,<\/a> a former Chicago alderman and a suburban hedge fund manager are expected to step up with competing bids for the Chicago Sun-Times<\/a> and the Chicago Reader,<\/a> according to multiple sources.<\/p>\n
Monday is the last day prospective bidders may provide an initial offer, according to an agreement <\/a>between the U.S. Department of Justice Antitrust Division and Wrapports Holdings LLC, parent company of the two publications. If an acceptable offer is not received by 5 p.m., the daily Sun-Times and the weekly Reader are on track to be sold to tronc, which signed a letter of intent<\/a> last month.<\/p>\n
Edwin Eisendrath<\/p><\/div>\n
The former alderman is Edwin Eisendrath, who represented the 43rd Ward on Chicago\u2019s North Side from 1987 to 1993 and unsuccessfully sought the Democratic nomination for governor of Illinois against incumbent Rod Blagojevich in 2006. Eisendrath now is managing partner of StrateSphere Global Initiatives, <\/a>a consulting firm aiding young adults in emerging economies.<\/p>\n
Eisendrath\u2019s partners in the group expected to bid for the papers, sources said, include the Chicago Federation of Labor,<\/a> an umbrella organization for about 320 unions affiliated with the AFL-CIO in Cook County.<\/p>\n
Thane Ritchie<\/p><\/div>\n
The other identified potential bidder is Thane Ritchie, CEO of Ritchie Capital Management,<\/a> the private equity firm he founded in 1997 in west suburban Wheaton.<\/p>\n
In 2010 Ritchie also made an unsuccessful bid for Newsweek magazine.<\/p>\n
According to a Chicago magazine <\/a>profile by Carol Felsenthal, Ritchie is the biological son of former Washington Post\u00a0reporter Scott Armstrong, who coauthored The Brethren: Inside the Supreme Court<\/em> with Bob Woodward. Ritchie was adopted by his stepfather, Joe Ritchie, a legendary Chicago options and commodities trader. He was raised in the Wheaton-Glen Ellyn area, and was an All-American linebacker at Wheaton College.<\/p>\n
Wrapports<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Hoping to thwart Chicago Tribune owner tronc, a former Chicago alderman and a suburban hedge fund manager are expected to step up with competing bids for the Chicago Sun-Times and the Chicago Reader, according to multiple sources. Monday is the last day prospective bidders may provide an initial offer, according to an agreement between the... Continue reading