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Mortgage of U-T's Lynch in Default

Assessor/recorder/county clerk records show a mortgage of Union-Tribune Chief Executive John T. Lynch is in default. The document lists his wife Catherine and the Lynch Family Trust. (This blog is a collaboration of three Reader journalists: Dorian Hargrove exchanged three emails with Lynch, Matt Potter pulled the records and I got the original tip and did the writing.)

In the first email, Lynch told Hargrove, "I know you will attempt to make something celatious (sic: see below) of this, but several of my assets were tied up for 15 months when I was in a lawsuit with the former partners of the two radio companies of which I was a part owner. The lawsuits have been settled. And frankly, my personal balance sheet is in good shape. I have no (0) debt other than this one mortgage." In a second email, Lynch said that the mortgage originator was seized by the FDIC and the loans sold for 40 cents on the dollar. In a third email, he said, "I stopped paying the mortgage when the new lender, who acquired at a discount, raised the payment unilaterally. The intent was to force a renegotiation, which it has." The matter should be settled this week, Lynch says.

Then Lynch asked, "Why is my personal financial information being analyzed by the Reader?" Among many things, the reason is that the default is a matter of public record, and Lynch is an important person in San Diego.

I am not sure I understand why Lynch used the word "celatious." It is a rare word -- almost non-existent. A 1934 Webster's says that celation is "concealment, esp. of a pregnancy or childbirth." Currently, the word is used infrequently, seemingly in matters concerning concealment of a child born out of wedlock. The word "cellacious" is a new coinage of salacious or lustful material communicated by mobile phone. The Reader has nothing celatious, cellacious, or salacious in mind when pursuing this financial matter.

Click here for a copy of the notice of default document

Click here for a copy of the assignment document

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Assessor/recorder/county clerk records show a mortgage of Union-Tribune Chief Executive John T. Lynch is in default. The document lists his wife Catherine and the Lynch Family Trust. (This blog is a collaboration of three Reader journalists: Dorian Hargrove exchanged three emails with Lynch, Matt Potter pulled the records and I got the original tip and did the writing.)

In the first email, Lynch told Hargrove, "I know you will attempt to make something celatious (sic: see below) of this, but several of my assets were tied up for 15 months when I was in a lawsuit with the former partners of the two radio companies of which I was a part owner. The lawsuits have been settled. And frankly, my personal balance sheet is in good shape. I have no (0) debt other than this one mortgage." In a second email, Lynch said that the mortgage originator was seized by the FDIC and the loans sold for 40 cents on the dollar. In a third email, he said, "I stopped paying the mortgage when the new lender, who acquired at a discount, raised the payment unilaterally. The intent was to force a renegotiation, which it has." The matter should be settled this week, Lynch says.

Then Lynch asked, "Why is my personal financial information being analyzed by the Reader?" Among many things, the reason is that the default is a matter of public record, and Lynch is an important person in San Diego.

I am not sure I understand why Lynch used the word "celatious." It is a rare word -- almost non-existent. A 1934 Webster's says that celation is "concealment, esp. of a pregnancy or childbirth." Currently, the word is used infrequently, seemingly in matters concerning concealment of a child born out of wedlock. The word "cellacious" is a new coinage of salacious or lustful material communicated by mobile phone. The Reader has nothing celatious, cellacious, or salacious in mind when pursuing this financial matter.

Click here for a copy of the notice of default document

Click here for a copy of the assignment document

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Comments
33

Why is Lynch surprised? Incredible that he would ask that question, and I would hope that he smirked sarcastically when he wrote that statement. Hey, Mr. Lynch, when you work for a man hell-bent on owning all print media in the 8th largest city in the United States of America and you're in charge of that print media, your personal finances are everyone's business.

Personally, I'm waiting for Walter Mencken's piece about Papa Doug buying up the Reader and City Beat, so Lynch can insist that NOTHING gets investigated and reported unless it's in line with his and Dougie's philosophy of turning San Diego into an over-developed money pit. So long as there's football in America's finest city, of course. And republicans, lots of republicans, that's very important.

Sept. 24, 2012

Manchester and Lynch have not only bought the two major print media in San Diego County, the 17th largest U.S. market, but they want to buy media all around the country. Presumably, they will do to those publications what they have done to the Union-Tribune. If they had their way, San Diego would be renamed Corporatewelfareville. Best, Don Bauder

Sept. 24, 2012

Lynch is/was a broadcaster for many years. (Well, he owned/ran radio stations.) But he can't spell. That's really funny. Especially since he should have a literate secretary or other mouthpiece at the U-T. Maybe when he was in the broadcast business little or nothing of consequence was ever communicated in writing, and as a result he spells phonetically. But that now he's a newspaper exec, he needs to get it right every time. Then there's the matter of literacy. If he was trying to spell "salacious", he got the word wrong and obviously used it incorrectly, too. (BTW, that refers to an excessive interest in sex, or something lewd, erotic, or bawdy. That doesn't fit at all.) Very amusing, but not at all surprising.

Sept. 24, 2012

It seems to me that celatious, cellacious and salacious would all be out of context. He also got a comma in the wrong place, but I corrected that. I agree that a CEO of a media company should have a proofreader check the memos that go out. Best, Don Bauder

Sept. 24, 2012

Shall we throw "fallacious" into the mix?

Sept. 25, 2012

The more the merrier. How about hellacious? Best, Don Bauder

Sept. 25, 2012

Lynch probably considers this an ad homonym attack.

Sept. 25, 2012

Touche! No doubt, Duhbya. Best, Don Bauder

Sept. 26, 2012

Lynch is/was a broadcaster for many years. (Well, he owned/ran radio stations.) But he can't spell. That's really funny'

What's funnier is he is a BETTER speller than I am.

Sept. 24, 2012

I have done a lot of work in radio and TV. I am not at all surprised by bad spelling, bad grammar, disjointed writing. Best, Don Bauder

Sept. 25, 2012

Yeah, SurfPup, we've noticed that. And noticed that, and noticed that . . .

Sept. 26, 2012

I think SP's bad spelling and grammar generally result from excessive speed in making the post. Best, Don Bauder

Sept. 27, 2012

And perhaps a slight hint of lesdyxia?

Sept. 27, 2012

:). I never had a spell checker on IE8, so I finally downloaded one, but am usually too lazy to use it before posting the comments. Hey, what can I say, no excuse! I have lesdyxia!!!!! But I am getting good at the BOLD and other font styles.

Sept. 27, 2012

You ARE bold, SurfPup. Best, Don Bauder

Sept. 27, 2012

I'll let SurfPup address that. Best, Don Bauder

Sept. 27, 2012

The Pupster and I are all good. I think...

Sept. 27, 2012

The only poster currently upset with me is nomiskojeff.............and I think (hope/pray) Fred may have taken over my spot on Jeff's hit list.

Sept. 27, 2012

That comment caused the word "Fumber" to pop into my noggin.

Sept. 28, 2012

I have no way of proving it, but I am almost certain that fumber was a sock puppet for someone that still posts here occasionally, someone who used to spar with surfpuppy619 on a regular basis when he was posting under his johnnyvegas persona. I noticed quite a while ago that all traces of fumber have been scrubbed from the site. Like I said, I can't prove it, but I'm pretty sure.

Sept. 28, 2012

Well, I'll clue ya, hon. Even with me bein' as publicity-deprived as I have here lately, it weren't ME!

Sept. 28, 2012

Even hour quasi-namesake Sarah is publicity-deprived of late. Best, Don Bauder

Sept. 28, 2012

I have no idea who fumber was. All I know is that he is gone. Best, Don Bauder

Sept. 28, 2012

Haven't heard from Fumber in a long time. Best, Don Bauder

Sept. 28, 2012

Nokomisjeff may disagree with us from time to time, but he has profound and worthy comments, normally on recondite market-related topics. We welcome his participation. Best, Don Bauder

Sept. 28, 2012

An era of peace and love. Best, Don Bauder

Sept. 28, 2012

I don't think SP has mentioned you recently. Best, Don Bauder

Sept. 28, 2012

Then Lynch asked, "Why is my personal financial information being analyzed by the Reader?" Among many things, the reason is that the default is a matter of public record, and Lynch is an important person in San Diego. I think I agree with him, it is not really major news, even if he is semi hi profile.

Sept. 24, 2012

Manchester and Lynch are San Diegans who now have a monopoly over daily print media in the county, and intend to take over large papers throughout the U.S. Sorry, SP, I strongly believe you are wrong: both Manchester and Lynch should be scrutinized carefully. We have followed financial matters concerning both. Best, Don Bauder

Sept. 25, 2012

With grief like this on his credit report Lynch is going to have a hard time convincing HFC or Beneficial to loan him money to buy the LA Times.

Sept. 29, 2012

MLIM's money would come mostly, if not entirely, from Manchester. Lynch hinted at the Harvard B School speech that MLIM was eyeing the Tribune Co. (including LA Times), which is a mare's nest in the BK court, where it has been tied up for ages. Don't count on it. Best, Don Bauder

Sept. 29, 2012

You know, I could swear that not too long ago, a couple of months maybe, the bankruptcy judge signed the final order finally approving the reorganization plan. That would allow them to try for FCC approval to transfer its broadcast licenses to the new owners. and that they would officially exit chapter 11 late this year or early next year. I wonder how much of a haircut Sam Zell took, though I guess when you're worth $3.8 billion, it's no big deal.

Sept. 29, 2012

I doubt that Zell took a big haircut. He never had that much skin in the game. I will be interested to see whether Tribune Co. actually exits BK in late 2012 or early 2013. Best, Don Bauder

Sept. 30, 2012

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