So, NoW has closed, doesn't that just mean NI avoids paying any compensation?

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Presumably all the titles are seperate legal entities, if the NoW company is wound up and the proceeds distributed to shareholders (as is usual when a company is wound up) then by the time the victims are able to bring their cases to court there will be no-one to sue and no money to pay damages. NI avoid paying out and The Sun on Sunday will be up and running like nothing ever happened. Can't argue with the fact that Murdoch knows how to run a business.

What you say may or may not be true. However, Murdoch is ruthless but he's not stupid. If he were to be shown sitting on his billions and denying compensation to hacking victims, his 'Sun on Sunday' and other businesses would go the same way as NOTW.