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MEDIA DESTRUCTION WATCH….Felix Salmon reports that the latest auction of defaulted Tribune Company bonds produced dismal results:

Much more startling is the price on the senior secured loans: just 23.75 cents on the dollar. I checked in with Nishul Saperia at Markit, and he said that it was the lowest recovery rate he’d ever seen for a secured loan….

I should imagine that today’s news has been greeted with a shudder at the Chicago Tribune, the LA Times, and other Tribune properties: clearly no one on Wall Street thinks they’re worth much even without the huge pile of debt that Sam Zell loaded onto their fragile shoulders. Is David Geffen still interested in buying an uneconomic trophy property? He could turn out to be many employees’ final hope.

I wonder how much longer I’ll be getting a newspaper delivered to my driveway each morning?

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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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