You remember Miles Moffeit. He’s the star Denver Post reporter who rankled his former bosses when he told the alt weekly up there why he was jumping ship for the Dallas Morning News. Moffeit had resigned but was finishing out his stint at the Post when the brass there read his comments about how the Post‘s parent company was on shaky financial ground but the Morning News was rock solid, which was one reason he decided to make the move. His bosses said, “Don’t worry about finishing out your time here. Just pack up your stuff and leave now. Jerk.”
Well, now comes news that A.H. Belo, parent company of the Morning News, is having to restate some of its financial results. The newspaper side of the operation goofed when it figured how much it was on the hook for pension obligations. As the News reported, “A.H. Belo will reverse $3.1 million of pension plan liability recorded in February 2008; $14 million in pension expense and additional liability recorded Dec. 31, 2008, and a related tax effect; and a pension plan deferred tax asset and related tax effect recorded March 31, 2009.” Bottom line: A.H. Belo’s pension plan, as of December, was underfunded by $118 million.
Are those giggles I hear coming from Denver?