Judge ordered to review Tribune appraisal

The 10th Circuit Court of Appeals has asked a federal judge in Utah to review a settled appraised value for The Salt Lake Tribune, which is being contested by the paper's former owners.

The McCarthey family contends the estimated $355.5 million price established by appraisal company MPI is overinflated and that MPI overstepped the bounds of its contract in coming up with the price.

In a ruling published Wednesday, the 10th Circuit Court ordered that U.S. District Judge Tena Campbell review the process by which the contested price came about. In a previous ruling, Campbell said MPI's price was acceptable after two other appraisals by the McCartheys and the paper's current owner, the Denver-based MediaNews Group, were so divergent.

MediaNews claims the appraisal is binding because the McCartheys have not shown any evidence of fraud, corruption or wrongdoing by MPI, which both parties had agreed to hire in a contract.

The ruling is the latest in a five-year legal battle by the McCarthey family to buy back the paper after losing it in a stock swap in 1997. The family has claimed it has a "handshake" deal with TCI owner John Malone, giving them the option to repurchase the paper.

AT&T bought out TCI in 1999 and sold the Tribune to MediaNews for $200 million.

Campbell has yet to determine if the McCarthey family still has an option to purchase the paper.

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E-mail: gfattah@desnews.com