End of the road?

Financial troubles at Chicago Defender force owners to seek new investors

as estate trustee with instructions to provide for his six grandchildren, of whom Myiti is the oldest. Her adult brothers, Omhari, Saief and Hasami, are all involved in the business.

Fain and co-attorney Elias Matsakis have been soliciting offers for Sengstacke Enterprises; Duff & Phelps L.L.C. will conduct the auction. “[We're] working to create a transaction which best protects the interests of the beneficiaries,” says Matsakis.

Myiti Sengstacke dismissed Northern Trust in 1998 after the bank insisted on selling the newspapers for an estimated $10 million to $12 million. But attempts to gain an immediate infusion of capital and simultaneously retain daily control over Sengstacke Enterprises have seemingly backfired on the family.

PublicMediaWorks had offered $12 million for Sengstacke Enterprises when Northern Trust first announced its sale nearly two years ago but was turned down. While PublicMediaWorks and Equal Access Media are confirmed bidders for the newspaper chain, no amount has been specified. Kurt Cherry, spokesperson for PublicMediaWorks, could not be reached for comment.

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