Paper products. (L.A. Stories).

Since announcing plans to start his own newspaper more than a year ago, former L.A. Mayor Richard Riordan has basked in the glow of free publicity. But so far he has had little to show for his "L.A Examiner" project, save a snazzy prototype featuring a satirical piece by comedian Billy Crystal.

While he's delaying the launch date of his weekly from June to September, Riordan's looking to push off some of the costs onto other investors. After a month's search for an investment banker, he's picked Houlihan Lokey Howard & Zuldn; a prospectus will be drafted by the middle of May.

Riordan is looking to raise between $7 million and $10 million, which he expects will keep the venture afloat for as long as three years, at which point it is expected to break even.

That means the paper should have a burn rate of at least $2.3 million according to a source. How much is the former mayor expected to throw in? About $1 million.

Examiner President Tim DeRoche said Riordan is looking for someone who is already a player in the media business. Another preferred investor would be a civic leader "interested in enhancing the life of the city."

He has approached at least one possible candidate, real estate icon Fred Sands to invest. But Sands, who made an unsuccessful bid for the Easyriders collection of racy biker rags, didn't bite.