Doesn't Graham have a fiduciary responsibility to sell the company's assets to whoever made the best total offer? Can the shareholders of the company sue Graham and the rest of the board for not acting in their best interest?
(One possibility is that the other offers were for more cash but stuck the WaPo with more of the debt, while the current offer is for $1 plus taking over Newsweak's debt.
Harmon is not taking over any debt or pension obligations for Newsweek. WaPo is assuming those liabilities.
He is only agreeing to cut no more than 35% of staffing, keep liberals like Zakaria and Clift employed, and fund future operating losses after the buy is completed.