Smith is one of the few who is localand thats an advantage, he says. Knight began selling off its Alden holdings in 2012, and got completely out in 2014. The most feared owner in American journalism looks set to take some of The chief executive of Odey Asset Management has resigned, Portfolio Adviser has learned, marking the second senior departure from Crispin Odeys hedge fund business in a month. Alden manages over $764 million, according to, , but has controlled billions before. The returns rolled in. LoanDepot's Anthony Hsieh Buys North Palm Beach Home - The Real Deal Their coverage won the 2017 Pulitzer Prize for Breaking News Reporting. But put me at a party thats not about business, and Ill be the guy in the corner chain-drinking and looking at my watch to see when I can leave., Smith was befriended by John Sughrue, who had come to Dallas from New York and whos now one of the developers behind Museum Tower. Their coverage won the 2017 Pulitzer Prize for Breaking News Reporting. Meet the Hedge Fund Boss Who Just Bought Tribune's Newspapers D. Smith & Company, whose office near Wall Street fittingly overlooks the Trinity Church graveyard, the Times wrote, is profiting from other peoples misery by trading the stock and debt of troubled companies, both for itself and its customers.. Photo: Karen K. Ho. The man behind a rising tide of private equity newspaper company investments and takeovers has kept fromthe public eye even the barestinformation about himself and his companies. Randall D. Smith is Alden Global Capital's Chief of Investments. Hes also a recluse. Last year, the company failed in an attempted hostile takeover of Gannett, which owns, , and many more papers. All rights reserved. Alden Global Capital is a hedge fund based in Manhattan, New York City. Both provided Alden's office in Manhattan's Lipstick Building as their address. He started his first investment firm at home while still working for Bear Stearns, with $20,000 he and his wife won in the late 1960s on Dream House, a television game show. However, as an investment banker with 45 years experience and a pioneer of so-called vulture investing,Smith hasleft a few tracks. Randall Smith Bio, Returns, AUM, Net Worth With offices in New York City, Dallas, Houston, Dubai, London and Mumbai, Randall Smith's Alden Global Capital has grown to become a. He welcomes tipsabout real estate news on the island. He favors jeans and polo shirtssocks optional. Alden also got two seats on the Tribune Publishing Company board and increased its ownership stake to thirty-two percent. At the time, he told the staff, Dont hold back on overtime and stuff like that. By the end of that week, a team of more than a dozen reporters had written investigations and narrative reconstructions of the night of Oaklands deadliest fire and the lives of its victims. He insisted that inaccurate media reports about the company abound, their ownership is a cause for celebration, and Google and Facebook are to blame for the death of local news. Hes a major Republican donor. Randall took a draft deferment, earned an MBA, and landed a job at Bear Stearns, where he would come to be an early pioneer in distressed asset investingthe Wall Street euphemism for pulling the last of the money from failing companies. In 2010, Alden Global Capital, a New York-based hedge fund, acquired enough stake of MediaNews Group to give the hedge fund a significant say in the papers futures. Alden Global Capital net worth Apr, 2023 Alden Global Capital is a hedge fund based in Manhattan, New York City. Gabe Plotkin wasnt sleeping. RandallSmith founded Alden Global Capital a privately held hedge-fund firm inNew York City. The then-29-year-old says he wasnt sure what would kill him first, the Dallas heator boredom. I still had hair down to my ass, Smith says. Sondes (empreintes DIGITALes, IMED 9948, 1999) L'oreille voit (empreintes DIGITALes, IMED 9416, 1994) List of works. Distressed debt is another area of expertise for Alden Global, and Randall Smith's team also studies the emerging markets quite closely. Randall D. Smith. In fact, he seemed to support anyone but Trump, giving only a few smaller donations to Marco Rubio and Paul Ryan. The real jewel: a 12-acre tract that connects the Arts District with a downtown DART rail station, on which Smith plans to build a massive mixed-use neighborhood called The Spire., I dont know of any other 12-acre plot of land in the central business district of a major city, certainly not in Texas, Smith says. Randall Smith Net Worth Randall Smith biography. Tribune Publishing Company was founded in 2013 and is headquartered in Chicago, Illinois. But were not a real estate company; were an investment company, he says. Its also arguably the most secretive news chain owner in the country. Three years ago, as his brother, , Smith celebrated his 75th birthday on the tiny Caribbean island of Canouan, which. You can view The Poynter Institutes most-recent public financial disclosure form 990, Poynter ACES Introductory Certificate in Editing, Smiths Alden bought out fellow hedge funds earlier this month and now owns Journal-Register Co.outright. On average, Tribune Publishing executives and independent directors trade stock every 31 days with the average trade being worth of $6,589,782. Any time you put together two companies, there aremanagement efficiencies that add value, he said, and if they are in the same geographical area, there is an opportunity to share operational expenses and create value that way.. They seek out distress, Reynolds says, and suck out what they can before whatever it is dies., They dont care one way or the other about journalism, says Chase. . In addition, it operates Tribune Content Agency, a syndication and licensing business that provides daily news service and syndicated premium content to approximately 2,000 media and digital information publishers. They reside in a West Palm Beach mansion a few miles north of Trumps Mar-A-Lago, and they own around adozen other mansions two in the Hamptons and the rest scattered around West Palm Beach. The reader in Contra Costa, Calif., Singletontold me, doesnt really care where the paper is printed, who delivers it at 5 a.m. or whether the ad production is done in Contra Costa or India.. , had won rave reviews for its shrewd research. Randall Smith is 77, he's been the Director of Tribune Publishing since 2020. To put it simply, the 2014 US Supreme Court ruling in McCutcheon v. FEC allows larger aggregate contributions to candidates as long as a certain cut of the money is diverted to the party. I spoke by phone this week with Dean Singleton, longtime chairman and CEO of MediaNews, whose company was partially taken over by Alden in January 2011. But Aldens track record whether it takes over newspapers, shoe stores or pharmacies proves otherwise. But Singleton, who built his company over decades with acquisitions, said his own view is that further consolidation will play a big role in the industrys recovery and way forward. Alden Global Capital - Wikipedia Alden's founder is one of the ultrawealthy investors using Roth IRAs to Many reporters. I should note here that I, together with reporter Evan Brandt of the Pottstown (PA) Mercury spoke at a press conference about The Stop Wall Street Looting Act. On that same day, the NewsGuildwhich represents the Chicago Tribune Guild and thirteen Alden-owned newsroomstestified before the US House Committee on Financial Services that, according to its calculations, Alden had been responsible for 23,584 American job losses, through PayLess, Freds, and its newspaper empire. Randall Smith Net Worth His net worth has been growing significantly in 2020-2021. His net worth has been growing significantly in 2022-2023. The Smith-affiliated entity paid $7.875 million for the house at 150 El Vedado Road in January 2021, property records show. A boat containing 14 bodies appeared in the Caribbean. Instead, Aldens wealth extraction strategy is expanding throughout the newspaper industry. In the case of one publishing company, Community Newspapers, R.D. Caleb asked. Randall Smith - Alden Global Capital - Insider Monkey Sotheby's International Realty agentChristine Gibbons, who does businesses asTina Roberts, represented the Smiths in many of their previous transactions in Palm Beach. Smiths Alden bought out fellow hedge funds earlier this month and now owns Journal-Register Co.outright. There are no older and 9 younger executives at Tribune Publishing. Alden also owns 1.8% of Gannett Co. and 5.9% of Lee Enterprises. The Smiths own a lakeside estate across town. Tribune Publishing executives and other stock owners filed with the SEC include. In 2019, Forbes put Thiel's total net worth at just $2.3 . Randall Smith may feel fresh pressure to get just a little transparent and go public with a charm offensive as his company becomes a bigger ownership force. But Alden has focused its attention on Tribune Publishing Company, which owns, among others, the, On that same day, the NewsGuildwhich represents the Chicago Tribune Guild and thirteen Alden-owned newsroomstestified before the US House Committee on Financial Services that, according to its. Smith runs Spires Children and the Arts Foundation. He is a founding member of Alden Global Capital LLC, a private investment firm based in New York. Nothing could be further from the truth. Alden Global Capital, the Hedge Fund Killing Newspapers - The Atlantic Meet The Billionaire Clan Behind The Media Outlet Liberals - Forbes Its managing director is Heath Freeman. They have a son, Caleb Smith, who was profiled in 2011 in the Dallas-based D Magazine, and a daughter. , and it appears as though the camera had to zoom in closely, like he is unaware hes being photographed. Alden Global Capital net worth and salary income estimation Founder of Alden Global Capital LLC and RD Smith & Co., Randall D. Smith is Chairman for Oyster Enterprises Acquisition Corp. and Chief of Investments at Alden Global Capital LLC. The union launched an ultimately failed campaign to attempt to unseat Aldens board members. Its one that bucks the trends, expanding in bad times and contracting in good times. Randall Duncan "Randy" Smith (born 1942) is an American hedge fund manager, and the founder and chief of investments of Alden Global Capital. On December 3, 2016, the morning after the Ghost Ship warehouse in Oakland caught fire, killing thirty-six people, the East Bay Timess new executive editor, Neil Chase, instructed his staff to throw their resources behind the story. In 2002, together with his second wife Barbara (a Houston native), and his brother Jeffrey Smith, they bought the historic 100-room 1924 Sam Houston Hotel, extensively remodelled it, and reopened it in 2005 as the Alden Hotel. sold in thepast two-and-a-half years during the real estate rush, Another house linked to Randy Smith of Alden Global Capital sells in Palm Beach, Seaside estate sells for $39 million, nearly $14 million more than in June, Tight supply, big demand and the consequences for Palm Beach real estate. Nearly two years and several extraordinary measures later, they identified 33 of the 43 people who had set off from West Africa. As Smith climbed the ladder at Bear Stearns, and the couple raised a boy and a girl in Short Hills, New Jersey, he started, a new investment firm, R.D. He also has invested heavily in newspapers and media companies through his Digital First Media and NewMedia Group. The program honors North Texas top projects, transactions, dealmakers, and industry leaders. I once had to train a 40-year-old how to do it, Smith says. The same day, his wife Barbara gave exactly the same amount. As of this year, through MediaNews Group, Alden has stakes in about two hundred American newspapers. He is from American. (Smith's father, billionaire Randy Smith, is now known as one of the world's leading distressed-asset investors; his Alden Global Capital generated a 187 percent return. He returned home, finished up his degree in New York, then got a job as a bartender, with an eye toward opening his own restaurant. Why is he working when he could be playing?, Now here I am today, 41 years old, and Ill explain it to my girls in the same way. [1] Early life [ edit] Smith was born in 1942. But the real estate investor wants to do more than just live here; he wants to be a driving force in shaping the citys future. Randall Smith - President - SKA Financial Group | LinkedIn Randall Smith serves as Director of the Company. Mr. Smith has been investing in event driven, value and emerging market securities for more than 50 years. In meetings, he likes to knock back cans of diet orange Sunkist and fiddle with a stress ball. David Resnick, who represented MediaNews Group in their debt restructuring with Alden around 2009, says he visited the Alden office many times during the deal but never once saw Smith. Hundreds of millions of dollars have been siphoned from the papers while newsrooms struggle with only a quarter of previous staffing levels and offices are sold out from under them. The host, in a suit and tie, quizzed them. He also wrote a letter to Senators Dick Durbin and Tammy Duckworth, in response to their concerns about Aldens history of layoffs and lack of transparency. Business records link his wife to Smith Management LLC, which public records haveidentified as Aldens parent company. Last year, the company failed in an attempted hostile takeover of Gannett, which owns USA Today, the Arizona Republic, the Des Moines Register, the Louisville Courier Journal, and many more papers. The PR push coincides with Alden seeking to acquire larger, more historically significant, and more influential papers. The Black Museum (1993) Collision (1996) . Randall Smith Net Worth (2022) | wallmine GB As a child, Smith says he once asked his father why he worked: He said, Its a game and I love it. I thought to myself, Thats foolish. , under ownership of the Bay Area News Groupwhich is, in turn, owned by MediaNews Group. Mr. Smith and his wife contributed $100,000 in 2019 to the Trump Victory Fund in August 2019. They sat next to another couple on a set decorated with shiny curtains and long beams dotted with iridescent light bulbs. In addition, it operates Tribune Content Agency, a syndication and licensing business that provides daily news service and syndicated premium content to approximately 2,000 media and digital information publishers. Smiths mother died of ovarian cancer, and he moved home to help take care of his younger sister. If Im talking about business, Ive got no problems. Both provided Alden's office in Manhattan's Lipstick Building as their address.