Is This The Last Hurrah For Chris Whittle?

Visitors to Christopher Whittle's elegant shingled summer home in East Hampton, N.Y., marvel at its peaceful setting. Beyond its sweeping lawns and the calm waters of Georgica Pond, a strip of sand keeps the Atlantic Ocean at bay. As Whittle puttered around the house on July 31, though, the surf might as well have been pounding on his doorstep.

The flamboyant media entrepreneur had just shut down yet another of his ventures, Medical News Network. And he was negotiating the sale of half of his only successful business, Channel One, to Goldman, Sachs & Co. Wall Street executives say Goldman was squeezing Whittle for every last nickel. With his businesses failing and his company bleeding, he seemed to have little choice but to accept the deal. Worst of all, the investment bank wanted Whittle to play no further role at Channel One.