Owners of the Salt Lake Tribune filed court documents Monday opposing an effort by the newspaper's former managers to put off a closing date in the disputed ownership battle.

A ruling from U.S. District Judge Ted Stewart last month opened the door for former managers to exercise their option to purchase the Tribune, but it also started the clock on a 120-day closing period that had almost run out. Pending government approval of the sale, the closing is anticipated to take place in early August.

The disputed option agreement calls for Salt Lake Tribune Publishing Co. (SLTPC) to tender the fair market value of the Tribune by the closing date. However, SLTPC argues that that cannot happen because no fair market value has been set. Former managers dispute a third appraisal of the newspaper, which resulted in the final price set of $355.5 million.

A lawsuit against the firm that conducted that final appraisal, Management Planning Inc., is pending. According to that suit, Management Planning's final report "proposes a wildly overstated fair market value for the Tribune assets" that results in a final price that is $140 million more than the true value of the paper.

A hearing in that case is scheduled for July 28.

SLTPC has asked Stewart to put off the closing date until 30 days after a new third appraisal has been issued, or after the Management Planning report is determined to be valid.

But in Monday's court papers, Tribune owner MediaNews Group Inc. argues that SLTPC is not entitled to halt the proceedings while it litigates its "long-shot case" against Management Planning. Rather, SLTPC should either be required to pay the $355.5 million and seek a refund if its challenge is eventually successful or choose not to exercise the option at all. In that case, SLTPC's chances of purchasing the Tribune would lie entirely on the outcome of litigation in the matter.

SLTPC has until Wednesday to respond to the latest filing, after which Stewart will either schedule a hearing on the matter or make a ruling based on court papers alone.

Sale of the Salt Lake Tribune - Read Deseret News' archive stories and see related links about the sale of the Tribune.

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E-MAIL: awelling@desnews.com