2004
R.I.P. - HIRAM FONG (POLITICIAN)
Hiram
L. Fong, a Hawaii Republican who served in the U.S. Senate from 1959
to 1977 and rose from poverty to become a venerable figure in Pacific
politics, has died. He was 97.
2004
CITIES WITH OVER 50% ASIANS
Asians
now make up 61% of the population in Cerritos, 58% in Walnut, 52% in
Rowland Heights and 50%
in San Gabriel, San Marino and Rosemead.
2004
PHILIP ANSCHUTZ PURCHASES FANG FAMILY'S "EXAMINER / FANG LAWSUIT
Philip Anschutz bought the Examiner from the Fangs in
2004, launching him into the newspaper business and representing the
kind of underappreciated asset that fits Anschutz's portfolio. His strategy
is to grow circulation and attract advertisers by concentrating on local
news and providing free home delivery to upper-income households. However,The
Fangs' lawsuit claimed that Anschutz and his advisors conspired with
an Examiner executive to acquire the paper at a depressed price. The
suit sought to overturn the sale, along with $11 million in damages.
Court records show
that Anschutz hired former Denver Post Publisher Ryan McKibben as a
consultant in 2003 to help acquire the Examiner. His brother, P. Scott
McKibben, was then the Examiner publisher and had been asked by the
Fangs to find a buyer for the money-losing newspaper. The
Fangs alleged in court papers that the McKibben brothers tilted the
sale in favor of Anschutz. They contended that Scott McKibben leaked
confidential information to the Anschutz organization and failed to
market the newspaper to other potential buyers. According
to internal memos, Anschutz played an active role in the transaction.
Two days before
the deal closed, Anschutz's executives demanded the family include the
paper's archives at no additional cost, said E.
Robert Wallach, the Fangs' attorney.
After the sale,
Anschutz retained Scott McKibben as publisher of the Examiner, paying
him a $420,000 salary with a $180,000 bonus and a country club membership,
court records show. He also named Ryan McKibben chief executive of Clarity
Media Group, his newspaper holding company. News
organizations reported that Anschutz paid $20 million. But a copy of
the sale agreement obtained by The Times shows that Anschutz paid $10.7
million for the Examiner, the Independent newspapers, a printing business
and other assets.
Anschutz agreed
that day to a confidential settlement, which included a provision to
destroy his deposition testimony. According
to sources familiar with the deal, Anschutz consented to several demands
made by the Fang family, including donating the archives in
the name of Florence Fang to UC Berkeley. Still,
Anschutz figures to cash in. By donating the archives, his company is
eligible for a substantial tax deduction. The precise amount could not
be confirmed, but a copy of an independent appraisal obtained by the
Examiner in November 2004 offers a clue. The
archives were assessed at $18.4 million — more than what Anschutz
paid for the entire newspaper.