Bankruptcy has been very, very good to WEEK’s corporate overlord
Granite Broadcasting’s Chief Executive W. Don Cornwell wants the $460,000 in bonuses owed to him while the company, owner of WEEK TV, was in bankruptcy, which is “raising the ire” (a phrase found only in the media of creditors and shareholders, and no doubt the lowly peons who work for them. From CNN Money:
Cornwell, a former Goldman & Sachs & Co. investment banker, pocketed millions of dollars under Granite’s Chapter 11 reorganization plan. Under the plan, Cornwell kept his job and $629,000 annual salary. A $3.3 million loan Granite made to the CEO was forgiven, and the company paid the $2.5 million tax liability on the loan. Granite emerged from bankruptcy in June under the control of Silver Point Capital. Silver Point edged out a rival bid by hedge fund Harbinger Capital Partners, which shareholders favored. They thought the Silver Point deal unfairly benefited Cornwell.
I saw Mike Dimmick walking down West Main Street the other day, and he wasn’t wearing the suit and tie he wears when he’s on the air. Obviously, the company is on hard times and my homies at WEEK are suffering. Be strong, Mike! Better days are ahead, I’m sure.
Billy Dennis is a former reporter and editor at small daily and weekly newspapers in Illinois and Missouri. He comments on media, news and politics. He also owns and operates 
what does not wearing a suit have to do with anything? He's not an anchor 24/7. Most anchors only wearing suits for 1 1/2 day anyway. Any "hardships" over at WEEK are their own fault. If they'd raise their ad rates to reflect their ratings, not only would they be doing better, but it'd help the other two stations as well.WEEK is suffering no more and probably less than WMBD and WHOI….they're just used to being in the penthouse so they're taking it harder.
heh.
And Mike should be wearing a suit and tie at all times……because? We're all just glad that you don't walk around downtown in the outfit you wear when blogging!
Actually, Mike was on his way to the Mission for a quick bite before going to the Courthouse to sell some WEEK pencils. For an extra nickle, he'll shapen one for you.
… and was that Lee Hall I saw walking out of the place where you go to sell blood? I was on my way inside, but I was in a hurry, so i didn't say "hello."