Hard Times on Cedar Street

According to bankruptcy papers, Cedar Street Times is barely breaking even.

 

No one said the newspaper business is easy. Especially not in little Pacific Grove, where the owner of a community paper is grappling with debts to three other newspapers in bankruptcy court.

Marge Ann Wimpee, also known as Marge Ann Jameson, editor of P.G.’s Cedar Street Times, is filing for Chapter 13 bankruptcy. Among her biggest creditors: The Pacific Grove Hometown BulletinThe Salinas Californian and The Register-Pajaronian.

According to filings with U.S. Bankruptcy Court, Jameson has almost $133,000 in unsecured debt. The big media creditors: Pacific Grove Hometown Bulletin, Inc. ($45,000); the Pajaronian($19,000) and the Californian ($17,000).

Jameson lists her monthly net income as $475 and values her personal property at $50,000. Most of that, $44,000, is tied up in Cedar Street stocks, interests and accounts receivable.

Jameson responds by email: “It’s a Chapter 13… no one’s business but mine and the creditors.”

Former Bulletin co-owner Xavier Maruyama says he and Edie McDonald sold Jameson the paper in 2013 for about $70,000. Jameson made the first payment of about $30,000, Maruyama says, but hasn’t paid since. “We had to sue her,” he says. “We found out we’re third in line.”

Maruyama says he and McDonald have already spent about $12,000 on attorneys. They were counting on the Bulletin buyout money for travel in their retirement.

Jameson later responds by email: “[Maruyama] did not deliver the product. If he is out of business, it’s his problem, not mine.”

Californian attorney Dennis Klavdianos says he doesn’t remember what services Jameson owes his client for. Pajaronian attorney Matthew Aulenta says about $17,500 of her debt is for printing.

According to court records, Jameson failed to provide acceptable I.D. at the first meeting of creditors. A continuance is set for Dec. 3 in Salinas.

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(2) comments

phillygirl

It's beyond the CST sucking, which it does big time. When Jameson agreed to buy her rival paper, the Hometown Bulletin, she killed that paper, and only wanted to get the contracts for advertising revenue through the deal. She lost a lot of them quickly, probably as soon as they saw how biased her rag is. I sure hope someone starts another paper to replace it--call it the Beacon, the Gazette, the PG Press, the Hometown Bulletin--or whatever--just lose the CST.

The Dog Father

Ultimately, the paper failed because it sucked. I mean, it REALLY sucked. It was agenda-driven, with no publishing of ANY dissenting opinion. I called it the "happy joy-joy" paper. Support for the status-quo (i.e. - bankrolling public employee unions) and reporting high school sports was about the only thing the paper did. BORING. If ever a paper deserved to go out of business, this one was it.

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