sentences:  After graduating from Yale University with a B.A.in English, in 1978 he bought the bankrupt Yale Literary Magazine, America's oldest literary review in publication since 1821, for $1, personally assuming its obligations and liabilities, and continued until 1985 as the quarterly journal's editor and publisher.In all over $1 million was raised from alumni supporters, whereupon some 16 lavishly produced and extravagantly priced issues were published, with the participation of such contributors as E. M. Cioran, Philip Larkin, Lewis Lapham, Henri Peyre, G. S. Fraser, Roy Fuller, Martin Seymour-Smith, Ernst Gombrich, A. L. Rowse, Boris Goldovsky, Annie Dillard, William F. Buckley, Jr. and George Gilder The magazine's financial independence and self-styled "freethinking" incited the wrath of the University administration and other left-leaning academic elites, which the magazine's vicious attacks on such sacred cows as "The New York Times" and the "New York Review of Books" did little to assuage.