Kaua’i couple interested in Star-Bulletin purchase

HONOLULU (AP) — A Kaua’i couple has expressed interest in purchase of the

Honolulu Star-Bulletin.

Peter and Jane McClaran recently submitted a letter

of interest to newspaper broker Dirks Van Essen and Murray.

They are

co-publishers of Kauai Business Report, a monthly business

newspaper.

McClaran said he has the financial backing of Jeff Lindner, a

wealthy Kaua’i developer and member of a Cincinnati family whose business

interests include Chiquita Brands International Incorporated and the Cincinnati

Reds.

Lindner is considering investing up to $3 million to bankroll the

newspaper in its first months of new ownership, McClaran said.

The Kalaheo

couple also plans to put up their life savings, McClaran said. He said he

believes the Star-Bulletin can break even by keeping expenses down.

Keeping it afloat would be a matter of employee teamwork, he said.

The

McClarans’ own publication is barely breaking even, and it remains to be seen

if they are deemed “serious” contenders.

Philip Murray, lead broker at

Dirks Van Essen, has said that only financially qualified candidates will

receive the financial data needed to make a bid.He has declined to disclose how

many submitted formal expressions of interest by Monday’s deadline, citing

confidentiality agreements. But the results of the broker’s six-week search

foar a buyer could be known later this week after a meeting with U.S.

Magistrate Barry Kurren.

McClaran said he hopes his commitment will attract

other investors, including Star-Bulletin employees.

A group of

Star-Bulletin reporters and editors already has submitted a letter of

interest. Former Congressman and broadcast executive Cecil Heftel also has

expressed interest.

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