Well, this could have interesting consequences:
Torstar, cash at hand, leads CanWest bidding
CanWest's bankers have put a priority on getting their money back fast, so any bid financed by debt has a lower chance – and the publisher of the Toronto Star has a wealthy backer
Final offers to buy CanWest's newspapers are starting to filter in, but in a twist, the highest bidder won't necessarily walk away owning Canada's largest chain of dailies. Instead, cash will be king.
The 46 newspapers are being sold off by creditors that include the country's major banks, which are looking to recoup $950-million owed to them by financially strapped CanWest Global Communications Corp.
As they enter the final stage of the sale, the banks are hunting for cash – even if it means passing on offers that are higher on paper but involve the banks not getting all their money right away, or staying on as creditors.
Sources indicate a bid that includes newspaper owner Torstar Corp. is now emerging as a favourite, since it is expected to involve more cash than other offers.
And if Star owner Torstar is successful and some of the current crop of yobs from the Post are kept on, they would finally learn what an "editor" does. And it will be a painful learning experience for the lot of them.