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Bay State Banner publisher to sell vacation home to pay off BRA debt

By adamg on Thu, 10/10/2013 - 8:35am

Commonwealth Magazine reports Mel Miller has put his "his stunning New Hampshire vacation home" on the market to repay the the $278,000 or so he owes the BRA for a loan that helped keep his Bay State Banner afloat in 2009.

The loan was for $200,000, but, you know, interest.

Neighborhoods: 
Boston
Topics: 
Media
Politics
Free tagging: 
Bay State Banner
BRA


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Comments

By Lunchbox on Thu, 10/10/2013 - 9:10am.

There's something unsettling about the Mayor / the City / any government extending loans to newspapers, on both ends - making the loan then calling it in.

"Boston Mayor Thomas Menino pushed the Boston Local Development Corp. to provide the original $200,000 loan in 2009 to help the newspaper reopen its doors after it briefly shut down"

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By Boston Bastard on Thu, 10/10/2013 - 9:39am.

Why couldn't Miller have sold his vacation home before taking a loan from the city?

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By merlinmurph on Thu, 10/10/2013 - 9:52am.

I guess he figured that he'd need a short-term loan to carry him thru a period and he didn't need to sell his dream home. Why sell it when you can get a loan? Things didn't quite work out that way....

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By aging cynic on Thu, 10/10/2013 - 10:58pm.

If in fact this place in East Cupcake is worth even half of what he's asking,he could have done a cash out re-fi and paid off his debt. That presumes that
a. he wasn't planning on blowing off the BRA and screaming racism
b. he wasn't just as over-leveraged in NH as he is in MA
c. he doesn't read this blog and so is ignorant of the fine financial sponsors offering to consolidate loans of $15,000+.....

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By anon on Thu, 10/10/2013 - 10:41am.

Why save responsibly for a car you can afford when you can just lease a luxury model 3x more expensive than you could ever buy!

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By 413 on Fri, 10/11/2013 - 1:05am.

I have never once seen anyone on the T reading the Bay State Banner. Never.

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By Ron Newman on Fri, 10/11/2013 - 1:37am.

Much of the neighborhood most served by the Banner has buses rather than subway trains.

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By Billy on Mon, 10/14/2013 - 5:51pm.

Next time I will make a production of it, so that people know what I am reading. And yes to the other reply - mostly buses.

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