Alden Global Capital Sells interest in Madacy Entertainment Income Fund

    NEW YORK, July 14 /CNW/ - Alden Global Capital, a division of Smith
Management LLC (formerly BreakPoint Capital Group LLC) ("Alden Global")
announces that it has today disposed of control and direction over 874,060
trust units ("Units") of Madacy Entertainment Income Fund (TSX: MEG.UN)
("MEG"), representing approximately 12% of the outstanding Units, or
approximately 7.5% of the outstanding Units and Class B Exchangeable Units
(which are convertible into Units of MEG) of MEG, which constitute all of the
Units of MEG over which Alden Global had control and direction. As a result,
Alden Global now no longer holds any Units of MEG. Alden Global had exclusive
control over the Units sold in its capacity as investment manager for Alden
Global Canada Fund, Ltd. (formerly BreakPoint Capital Partners (Canada)
Offshore Ltd.), the beneficial owners of the Units. This announcement is not
an admission that Alden Global is a joint actor with such beneficial owner.
    The sale of the Units was made through the facilities of the Toronto
Stock Exchange for investment purposes. Alden Global may from time to time
acquire, hold or dispose of additional Units in the normal course of Alden
Global's investment activities, subject to applicable securities laws.

    About Alden Global Capital

    Alden Global Capital, a division of Smith Management LLC (formerly
BreakPoint Capital Group LLC) is a New York, New York based private asset
management company.

For further information:

For further information: or if you wish to obtain a copy of BreakPoint's
early warning report for this acquisition, please contact: Heath B. Freeman,
Portfolio Manager, Alden Global Capital, a division of Smith Management LLC,
885 Third Avenue - 34th Floor, New York, NY, 10022, Tel: (212) 418-6865

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