Two OC Register shareholders urge receivership for 'insolvent' company

Whoa. The OC Business Journal reports that two of the investors who helped Aaron Kushner and Eric Spitz finance the purchase of Freedom Communications in 2012 have asked a Delaware court to put the media company’s operations into receivership. They claim Freedom "needs independent oversight because the company is insolvent and in financial distress from mismanagement."

Also from the OCBJ story:

Freedom denied it is considering bankruptcy in a statement emailed to Law360.com.

“Two shareholders are making meritless and unfounded claims against the company in an attempt to have the court appoint a receiver to prevent the company from selling its Santa Ana land, which these two stockholders supported just one year ago,” the statement read. “There is no basis for the appointment of a receiver for the land sale.”