The die cast by the absence of either a vote or an abstention by “passive” investor Patrick Soon-Shiong, Tribune Publishing passed to Alden Global Capital on Monday.

Its flagship masthead, the Chicago Tribune has reported that the $633 million acquisition approved on Friday was completed this Monday, and with it, two new loans totalling US$278 million. One of these – with Alden subsidiary MNG Enterprises – attracted a hefty 13 per cent interest on US$60 million, the Tribune says, quoting SEC filings.

Alden president Heath Freeman has put himself in as chief executive, replacing Terry Jimenez who left with a “golden parachute” compensation package worth US$2.5 million, the Tribune says, quoting SEC filings.

All seven members of the Tribune Publishing board have been removed – including Alden’s Randall Smith – with two Alden and one MNG executives being added.

Jimenez, who moved from chief financial officer to chief executive in February is notable as having been the only director to have voted against the Alden acquisition in February.

The sale to Alden was approved because a voting paper from Tribune’s largest shareholder, Patrick Soon-Shiong left the ‘abstain’ box unchecked, even though his office said it was his intention to abstain. In accordance with rules, Tribune therefore counted it as a vote in favour.

Picture Chicago Tribune