NEW YORK – For the second time in as many months, the daily newspaper business in New York last week came close to losing one of its four papers. This time it was the ‘New York Post.’ At the last minute, however, a white knight emerged to save the Post from the creditors of owner Peter Kalikow, a bankrupt real estate developer. Yet last week as-yet-unanswered questions of financial credit-worthiness began to emerge around this white knight. He is Steven Hoffenberg, a Brooklyn-born, self-described ‘self-made man’ who’s has no previous newspaper experience. His company, Towers Financial Corp., is a financial services/debt-collection firm.
Copyright Adweek L.P. (1993)