Last week, that kind of financial maneuvering reappeared in another major newspaper deal.

Chatham became the winning bidder in a bankruptcy auction for The State's owners, the McClatchy Company.

The California family-owned newspaper chain has 30 media outlets including The State, The Miami Herald, The Kansas City Star and The Sacramento Bee. 

Chatham’s track record as an owner is grim, according to 10 Postmedia employees who spoke with The New York Times.

This should worry journalists and other employees at The State.

Hedge funds usually sell off as many assets as possible and slash payrolls.

The company has closed its building on Shop Road.

Rumor has it that a buyer for the building has been found.

The State is no longer printed in Columbia but in North Carolina.

It ceased print publication of its Saturday edition early this year.

Industry experts predict the new owners will do 1 of 3 things:

• Publish only 2 days a week in print, Wednesday and Sunday, to retain profitable advertising inserts.
• Abandon print and go to digital only publication with little local news coverage.
• Close many of the papers it acquired including The State to keep other potentially profitable newspapers going.