Bass Sues Florida Publishing Firm: The Times...

Bass Sues Florida Publishing Firm: The Times Publishing Co., owner of the St. Petersburg Times, is being sued by Texas billionaire Robert M. Bass and other investors seeking to boost their share of the St. Petersburg, Fla.-based firm’s dividends. The Bass group already owns 5.7% of all Times stock, including 40% of the voting shares. The suit, filed in Tampa, Fla., federal court, claims that company Chairman Andrew Barnes and other members of the board squandered company assets, largely by doling out millions of dollars in dividends to non-voting stockholders. That stock could be redeemed for $318,000, according to corporate bylaws. The suit said the Bass group has repeatedly asked the board to do just that. Barnes has denied any wrongdoing.