L.A. entrepreneur Brad Greenspan has finally presented his proposal to recapitalize Dow Jones - and ward off the offer by Rupert Murdoch's News Corp. In an open letter to Dow Jones shareholders, the plan includes a $400 million to $600 million loan that would allow members of the Bancroft family, which controls Dow Jones voting shares, to buy out others. DJ would then issue billions of dollars in debt to buy out half the common shareholders at $60 per share - the price offered by Mr Murdoch - and an additional $500 million to fund new media initiatives.

Debt, huh? We see how well that's working with the plan to take Tribune private. “Why let [News Corp’s] shareholders reap the benefits while Dow Jones shareholders down the road will question why they received only $60 per share?” Mr Greenspan wrote. No mention in the letter about whether he had secured commitments for financing. Ordinarily, you wouldn't take this Hail Mary much of a chance, but the Bancrofts are no ordinary shareholders, and it's hard to predict how they'll vote on the Murdoch deal. As the Financial Times reports: "People close to the company speculated that Mr Greenspan could make things more difficult for Mr Murdoch by persuading the Bancrofts that there are other options, and causing them to vote against News Corp next week."