We began chasing the story about a Jefferson Pilot/Lincoln National merger on Friday morning after getting a tip. Most of our business staff and a couple other reporters called everyone we could think of to confirm that JP would be sold.
Managing Editor Ann Morris and I agreed early on that we would need to have confirmation from a primary source -- someone privy to the discussions -- to publish. It is a high standard, perhaps impossibly high, but this is too serious a story to publish based on second-hand information.
And our reporters got a lot of good information, including the date and place of employee meetings today, but it was all from people who heard from other people. None was on the record, and none came from someone in a position to know first-hand. So, even though it looked like a duck and walked like a duck, we weren't 100 percent positive we could call it a duck. Obviously, it was a duck, though.
JP officials didn't return calls Friday, even their press office was silent. We've chased such rumors before, and I've gotten calls from high-up company reps reminding me of the dangers of publishing unsubstantiated talk. So their silence may have spoken volumes. May have. For all I know they could have been at ConvergeSouth and away from their phones.
In the end, of course, we didn't publish because no one would go on the record, and we couldn't reach anyone who acknowledged being in the know. The New York Times doesn't identify any sources by name, either. I don't regret that even though, in hindsight, everything that we heard has been proven true. But we didn't know that Friday or Saturday, unfortunately. And it's true that publishing a story about talk of a company's sale can be damaging, damaging to the company's stock, disrupting to employee morale and frightening the community. But not being first on the biggest business story in Greensboro this year hurts.
JP has deep roots in Greensboro with a long, rich history, thousands of employees and a signature hold on the city's skyline. Check the homepage often today because we're going to be updating throughout the day. We'll have complete coverage in tomorrow's paper.