A U.S. District Court judge in Florida has ordered Cox Enterprises Inc. to pay the Pension Benefit Guarantee Corporation $13.9 million to cover the pension liabilities of New-Journal Corp.
Daytona Beach, Florida-based Cox was a long-time minority shareholder in News-Journal, a closely-held publisher of several Florida newspapers.
Cox sued News-Journal in 2004, claiming the publisher’s directors were recklessly handling corporate assets. An effort by News-Journal to buy back Cox’s stake fizzled.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
