"The Journal Register is the old Ingersol group... They were facing backruptcy in the early 1990s because they had so much debt in junk bonds.
"These people are ruthless, don't give a damn about newspapers other than to make money. It is sad that they were able to acquire so many publications. The debt from those acquisitions is now their albatross.
"I suspect we'll see some other groups that have had major acquisitions in the last decade facing the same problems. The shrinking of classified ads, the end of real estate and auto ads (some of their biggest costomers) turned those investments sour."