![\"Commentary\"](\"http:\/\/dominicanewsonline.com\/news\/wp-content\/uploads\/2011\/07\/commentary2.jpg\")
I am among thousands of Dominican patriots who lament the desecration of the Chronicle after its sale to the Roosevelt Skerrit regime. I am also a former editor who was instrumental in transforming what was a sleepy establishment paper with close to a 100 year history into a formidable agent of change<\/p>\n
Along the way I renamed the venerable publication the \u201cConscience of the Nation\u201d to emphasize its role in being the moral arbiter and the voice of reason and moderation in a nation that was transitioning into the independence era.<\/p>\n
So I am especially horrified to see that a publication with a storied past and an enormous reservoir of goodwill created over a long period of responsible journalism fall prey to a culture of corruption that Mr. Skerrit introduced into the country since he assumed the mantle of leadership.<\/p>\n
I spent six years at the New Chronicle, as it was named during my tenure as editor in the mid to late 1970\u2019s. It was a period of immense social and political turmoil.
\nI saw the press as an instrument of change and importantly, as a medium to hold the feet of the political establishment to the fire.<\/p>\n
Unfortunately the management of the Chronicle and its sister enterprise, Tropical Printers, fell victim to poor and incompetent management in the wake of my departure in 1979. The directors of the companies reached an agreement to stem the losses by selling the Tropical Printers arm to a private businessman; it went out of business shortly thereafter. The Chronicle arm which had long ceased to be a viable commercial enterprise was sold at concessionary price to Franklin Baron.<\/p>\n
Keep in mind the fact that at the time of sale, the New Chronicle had no physical assets. Its only asset was what accountants refer to as \u201cgoodwill\u201d, an intangible asset accumulated over close to a hundred years. It is therefore conclusive that Mr. Baron became a place holder for a national institution that predated him by several generations. Implicit in the terms of sale was the understanding that Mr. Baron, despite being a rightful owner, was a sort of custodian who would preserve and protect the goodwill the publication had accumulated over the years and that the integrity and mission of the paper would not be compromised.<\/p>\n
This is the backdrop to the sale of one of the most revered institutions in the nation\u2019s history. And this is why I am horrified to see a publication that was once revered for its principled positions, has become a propaganda rag for a corrupt regime.<\/p>\n
How did this come to pass?<\/p>\n
About a year ago I was informed by Clayton Shillingford, a past president of the Dominica Association Of Arts and Sciences,(DAAS), that agents of Roosevelt Skerrit had been circling the Chronicle and had made an offer to purchase the publication in the sum of $500,000. This to me represented an earth shattering development.<\/p>\n
Roosevelt Skerrit interested in buying the Chronicle? How can this be? Is nothing sacred anymore? Would Baron really do this? What would be his motivation? Was this purely a commercial transaction or was the proprietor of the Chronicle signaling that he no longer cared about the sacred trust that was placed in him to ensure the proud tradition of the Chronicle endured? Was he bluffing or was he just giving in to the climate of corruption that he condemned in his editorials? I remained skeptical.<\/p>\n
The DAAS president later included a caveat: Baron would only sell to Skerrit if no other bidders showed up. Shillingford also mentioned that Mr. Baron specifically inquired about my personal interest considering that I was a former editor. I demurred for reasons I will explain.<\/p>\n
I did not believe and I still do not believe that a stand alone newspaper with no physical assets and lacking commercial viability should command a price of half a million dollars even if you factored in goodwill.<\/p>\n
My professional training and experience lead me to believe that none of the various traditional or conventional methods used in asset valuations: public market valuation, sum of the parts valuation, or discounted cash flows would support Mr. Baron\u2019s asking of $500,000. While it is true that the Chronicle possessed an enormous amount of goodwill, it is a stretch to make the argument that the Chronicle goodwill was worth $500,000, except to an individual or entity with hot money that they are seeking to launder and would not hesitate to pay an obscene amount to get his hands on an asset that would help him further his activities.<\/p>\n
This is a conclusion that I have arrived at in the abstract and does not does not offer an opinion as to Mr. Skerrit\u2019s source of funds but merely draws attention to the modus operandi of those who indulge in lavish and conspicuous purchases especially when they overpay.<\/p>\n
Various alternatives were explored to counter Mr. Skerrit\u2019s vulgar offer of $500,000 including one that would place the Chronicle into a national trust owned by the public and to which interested private sector interests would subscribe. These efforts fell short as Mr. Skerrit\u2019s agents kept up the pressure. Mr. Baron succumbed to the pressure and sold the people\u2019s paper, the Conscience Of The Nation, for the princely sum of $600,000.<\/p>\n
And this is the price that Mr. Skerrit paid for the privilege of desecrating the Chronicle, a veritable national institution that has been permanent part of the media landscape for over a century.<\/p>\n
Interestingly, one does not have to be a labourite or a UWP supporter to acknowledge that the Chronicle is no longer what it used to be. It is now a shameless organ of propaganda whose sole mission is to attempt to give credibility to a discredited regime.<\/p>\n
It is my view that Mr. Baron has committed an act of gross disservice to the people of Dominica by facilitating the desecration of a national institution for 600 pieces of silver.<\/p>\n
It is my hope that he spends the remaining years of his long life contemplating his act of betrayal to the people of Dominica. He might even find pleasure in periodically counting his 600 pieces of silver, if this will give him any comfort.<\/p>\n
Opinions expressed in this commentary are solely those of the author and do not necessarily reflect those of Dominica News Online or its advertisers. Dominica News Online takes no responsibility for opinions expressed in this commentary.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"I am among thousands of Dominican patriots who lament the desecration of the Chronicle after its sale to the Roosevelt Skerrit regime. I am also a former editor who was instrumental in transforming what was a sleepy establishment paper with…","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","footnotes":""},"categories":[13],"tags":[],"class_list":["post-128453","post","type-post","status-publish","format-standard","hentry","category-commentary"],"acf":[],"yoast_head":"\n