News of Freedom Communications Inc. filing for bankruptcy protection Tuesday stirred bittersweet emotions.
It’s bitter in that Freedom — for which some of us have worked many years — may well no longer exist as Freedom when the company emerges from bankruptcy proceedings.
It’s sweet in that the company will continue, our jobs will remain and the company is in better shape to move forward today than it was Monday.
It’s also bitter, however, in that the company’s founding family, descendants of R.C. Hoiles, will no longer command the helm that’s guided the business since its inception during the early 1900s with the purchase of small town newspapers in Ohio.
But it’s also sweet in that Freedom’s legacy — of promoting personal freedom and liberty — will continue in the hearts and minds of people who value those principles. We’d hope that’s about everyone.
Interviewed by telephone Tuesday, Dick Wallace said he hopes people will remember Freedom for its commitment to those core values that Hoiles, the grandfather of Wallace’s wife, strived to live by and do business by every day.
He maintains a hope that his family will retain some ownership of the new business that emerges.
Wallace, who started with Freedom as a salesman for national advertising with what is today The Orange County Register on Dec. 13, 1961, retired about a year ago. He’s remained active, however, with the family’s commitment to what’s been called the Freedom Philosophy.
“The family has no control over it now, but I hope it will continue through editorials and those sorts of things,” Wallace said.
It was a decades-long family squabble that led to what became a massive debt that helped lead the company to bankruptcy proceedings Tuesday.
Some of Hoiles’ descendants cried out in 2004 for the company to “show me the money.” They took it and ran.
Some, however, stayed with Freedom. Wallace was among them.
“Those of us who stayed wanted to support the company and its core values going forward,” Wallace said. “We were not in this for the money.
“We have a little bit of the company left, and hopefully there’s something that will be left in the new business and that the newspaper business will turn around,” Wallace added. “If the industry doesn’t turn around, it will be a sad day for all newspapers.”
Sad indeed.
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