Vince Young has resigned from Young Broadcasting, the troubled station group that was founded by his father. After stepping down as CEO in August of 2010, Young had been serving as a non-executive chairman as shareholders attempted to save the company from bankruptcy.
According to TVNewsCheck:
Vincent Young’s departure from the company that bears his family name was, in part, the result of his alignment with the group that unsuccessfully sought to have its bankruptcy reorganization plan imposed.
During Young’s bankruptcy, two competing groups – the secured lenders and the unsecured lenders – submitted restructuring plans but the presiding judge ultimately chose the secured lenders’ plan.
Young Broadcasting, which owns 10 stations across the country, declared Chapter 11 bankruptcy in February of 2009.
Young’s seat on the board has been filled by Soo Kim of Standard General, a hedge fund that owns approximately 25% of the company, making it the largest shareholder.