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Judge rules Santa Barbara Independent publisher sell shares to Editor-in-Chief

By Ilissa Gilmore
august 9, 2011  12:57 pm
Judge rules Santa Barbara Independent publisher sell shares to Editor-in-Chief
A judge ordered Monday that Randy Campbell, publisher of The Santa Barbara Independent and its majority shareholder must sell his shares for more than $1.3 million to Marianne Partridge, editor-in-chief and minority shareholder.

Partridge sued Campbell in February 2010, trying to force a sale of his shares after she said he "reneged on a deal" proposed in 2009 that would have sold the paper to Southland Publishing for $2.7 million.

Despite her objection, as one of the three minority shareholders, Campbell "gave a notice of intention to the others that he planned to sell all of his shares, as well as a notice to the shareholders of their first refusal rights."

Judge Denise de Bellefeuille said the case was a matter of Campbell making an offer that "was not withdrawn before Ms. Partridge accepted.”

Both Partridge and Campbell, who co-founded the paper 25 years ago, will return to court Aug. 25 to sort out the specifics of the transaction, including the date by which it should be made.
View full article at The Santa Barbara Independent
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