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Continuing Coverage of the Dow Jones Story 

Brad Greenspan thinks he sees what he believes is an opportunity to thwart Rupert Murdoch and News Corp. (NWS-A) from acquiring Dow Jones & Co. (DJ).

In an open letter to the company, he offered, through his investment group, a loan to those Bancroft family members who don't want to sell the company to Murdoch, so they could buy out the other family members who want the cash. The loan offered would be from $400 million to $600 million and would allow members to buy out others a $60 a share.

Greenspan said in the letter, "Our strategy centers around leaving the print publications of Dow Jones intact to continue serving as the gold standard of financial reporting, and creating additional earnings streams through digital media initiatives that can produce a stock price above $100 a share."

Greenspan and his investment group also want to take out an additional $500 million in debt to grow digital media properties. The investment group would get two seats on the board as part of the deal.

What does this mean? Probably nothing. When you offer these types of deals in panic, and unrelated to business, you're asking for a lot of trouble.

All that's being done is keeping a small portion of the Bancroft family from having to make a decision. There's nothing for the business or shareholders here but huge debt. And the Bancrofts would add huge personal debt to their finances, rather than the windfall that would come from the News Corp. buyout.

The idea that using the content from Dow Jones properties online is nothing new, and News Corp. is in far better position than any major media company to make it happen.

Greenspan is doing nothing but trying to get back at Murdoch, and is attempting to use the split in the Bancroft family over which direction to take to wedge himself into the deal.

I don't see this making sense for anybody. Even Greenspan is blinded by an obsession that could devastate Dow Jones. He's not looking at this from a business perspective whatsoever, no matter how he tries to make it look like he is.

Anybody can say they'll create earnings streams that can bring a stock price to $100. If Greenspan could do it, it should be happening in another company to show he's able to, not offer up his wishful thinking alone.

Related Coverage:

Al Neuharth, USA Today founder: The Wall Street Journal Sale - A "Farce Starring WSJ Reporters, Columnists, Editors and Executives"

Bancrofts Meeting Monday to Discuss Selling Dow Jones Co.

Dow Jones Negotiations Winding Down: Tentative Agreement to be Presented to Bancroft Family

Final Stages of Dow Jones Negotiations May Start this Week - Companies to Meet

Here we go again: Another Bancroft Panics Over Dow Jones Being Bought by Rupert Murdoch

Rupert Murdoch Sends Message will Start Business Channel with or without Dow Jones

Rupert Murdoch Bid for Dow Jones Already Saving Them Jobs

Dow Jones says Story about Completed Deal with Murdoch False

Wall Street Journal Editor Supports Dow Jones, News Corp. Agreement

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