Forbes Media may sell for $400 million. But its largest outside shareholder thinks it's worth much less.
FORTUNE -- Private equity firm Elevation Partners is on the verge of salvaging its 2006 investment in Forbes Media, via a sale process that reportedly could garner bids of $400 million. But, privately, Elevation doesn't believe the company is worth anywhere near that bounty.
Fortune has learned that Elevation is currently carrying its minority stake MORE