Well Crikey, it seems as if the Palamedia story is getting quite interesting. The Director that’s lending them money at 20% (John McNiven) has taken operational control of the business telling the Board that if he’s putting in his own money he wants to be in control.
And the Adjunct Professor of Accounting, Executive Chairman and Company Secretary, David Champtaloup, has cleared out his desk and hasn’t been sighted for a week. It seems their friendship has become quite strained.
But don’t feel sorry for McNiven, he’s called in the International Editor of one of Palamedia’s mags, Insto, to help with the workout. Her name is Samantha Swiss and was previously living in Spain – it seems a long way to go to get someone he can rely on.
Surprise, surprise her outcome is that Insto is worth saving and the rest isn’t. David Koch is tipped to buy the Broadcast division (that way he can do a better deal with Seven). The staff have been told work harder, but no jobs can be guaranteed – known as McNiven motivation.
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And it seems the Export Awards that they told everyone they had won, have been awarded to someone else. Seems Austrade didn’t appreciate their negotiating style. Oh well, just another chapter in the Palamedia saga. And guess what – no announcements to the ASX.