Time running out for Stewart Bainum’s bid as Tribune sets May 21 vote

Time is rapidly running out for hotel mogul Stewart Bainum to play white knight for the New York Daily News and other newspapers in the Tribune empire.

The special committee overseeing competing bids to buy the publisher have set May 21 as the date for shareholders to decide who will own the Chicago Tribune, the Baltimore Sun, the Orlando Sentinel and other Tribune papers. Hedge fund Alden Global Capital’s $634 million offer is currently the only fully financed bid on the table.