Sale To Real Times
Control of the Chicago Defender and her sister publications was transferred to a new ownership group named Real Times Inc. in January 2003. Real Times, Inc. was organized and led by Thom Picou, and Robert (Bobby) Sengstacke, John H. Sengstacke's surviving child and father of the beneficiaries of the Sengstacke Trust. In effect, Picou, then chairman and CEO of Real Times, Inc., led what was then labeled a "Sengstacke family-led" deal to facilitate trust beneficiaries and other Sengstacke family shareholders to agree to the sale of the company. Picou recruited Sam Logan, former publisher of the Michigan Chronicle, who then recruited O'Neil Swanson, Bill Pickard, Ron Hall and Gordon Follmer, black businessman from Detroit, Michigan (the "Detroit Group"), as investors in Real Times. Chicago investors included Picou, Bobby Sengstacke, David M. Milliner (who served as publisher of the Chicago Defender from 2003 to 2004), Kurt Cherry and James Carr.
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