Newspapers
The board of directors of Gannett, which owns a bunch of New Jersey newspapers including the Courier-Post and Asbury Park Press, rejected a takeover bid from that company backed by that hedge fund guy, Heath or something, who went to Duke, which is big news and all but let’s face it, ladies, who among us hasn’t received an unsolicited offer from some guy named Heath who went to Duke and runs a hedge fund?
I remember it like yesterday, outside Mars 2112.
“Hey, do you guys like finance?” he said.
$670.3 Million
Elsewhere in hedge funds, New Jersey’s public pensions paid out $670.3 million in fees and bonuses in the 2018 fiscal year, many of them to managers like Heath whose family was rich enough to have a building named after it at Duke in the first place.
As shocking as that $670.3 million figure is, it’s down somewhat from fiscal 2017 when it was closer to $700 million.
$15
Elsewhere in compensation, Phil Murphy signed the $15 minimum wage bill into law yesterday.
It’s fun to watch all the armchair economists get out their slide rules to hem and haw over how we’re going to afford $15 an hour, but giving $1.5 billion to Heath from Duke every couple of years is in the natural order of things.
Wrestling
In non-finance-related news, Bill Evans at NJ.com has a great feature on the Rutgers-Princeton rasslin’ match from Sunday, which featured the top two wrestlers in the country at 149 (Anthony Ashnault and Matthew Kolodzik) as well as a smoke machine, which I have to tell you I find a little disappointing, as a purist.
Rutgers has ten New Jerseyans on the team, and Evans’ story has one Sopranos reference, one Springsteen reference and one Turnpike reference–all in the lede. You’re flagged, Evans!
$806,201
Elsewhere in Silly Money, Bob Hugin gave $806,201 to Republican county parties in 2018, in the best year ever for party committees across the state. Democratic and Republican committees raised $9.7 million combined.
Sister Jean’s Kitchen
Lastly, David Danzis and Amanda Auble at the Press report Sister Jean’s Kitchen is getting kicked out of the Victory First Presbyterian Church after the structure was deemed unsafe by Licensing & Inspection.
This story actually has a couple of twists and turns, so you should read it for yourself! And subscribe to the Press!
For more feats of journalism…
Egg Harbor Township man charged with leading A.C. drug ring sentenced–MAYS LANDING — An Egg Harbor Township man charged with leading a drug ring out of an Atlantic City hotel, where an alligator was recovered, was sentenced to 20 years in prison Friday. www.pressofatlanticcity.com
Trash-filled lots and boarded-up homes–ATLANTIC CITY— A few doors down from Sheila Freeman’s quaint, bayside house sits a home with its windows boarded up and overgrown grass spilling onto the sidewalk. www.pressofatlanticcity.com
LAWMAKERS APPROVE MECHANISM TO SUPPORT ARTS THROUGH PROPERTY TAXES–In what’s being hailed as a potential boon to the arts in New Jersey, the state Assembly has approved a bill allowing local governments to seek voter approval for a tax levy dedicated to artistic and cultural projects in their communities. www.njspotlight.com
Quilts of Valor a moving tribute to South Jersey veterans–SEAVILLE – John Watson thought he was going to a party with his stepdaughter Ashley Hennessey. www.downbeach.com