Sounds like there may be some sort of conflict of interest. Any reason why you're still hanging onto the Editor's job while you need to fully focus on running current company? I think eventually you may need to decide.

Since you're entirely new to this whole thing and its a pretty big business, and you're not well versed with the people there - like some suggested, get in a lawyer to review the contract and details. At the same time, consider getting in a consultant to assist you in making assessment of the company's situation (financially, structure, overall business etc). This is a shortcut in learning IMO, and to hear from a neutral/ unbiased perspective as the other Directors may share their opinion based on areas that will benefit them.

It doesn't matter what happened previously. If you've made your decision to stay on the business due to whatever gentleman's agreement, then move on with that decision. When you work in corporate, you need to be prudent in your choices yet decisive.

Its a dog eat dog world out there so every man for himself. You'll need to take things that people tell you with a pinch of salt and find out the truth on your own, otherwise you'd be taken for a ride. You'll need people with the right expertise but one whom you can really trust. In other words, "your own people". Its no stranger to see some Directors and CEOs bringing in his/ her own team onboard a company. But again, think about the consequences and potential reaction of the others before you start doing that.

Some lawyers are bloodsuckers. If you don't think you could trust the lawyer, find one yourself. Check their fee structure and expertise before officially appointing them.

As for Consultant, i'm actually thinking of the ones like McKinsey (just 1 example). If you hire business proprietors - not sure if they're reliable enough. If you hire a professional firm, they're $$$$$ but i would think reliable and good. They also work in teams so you can be assured they don't act on own interest (but the client's), and are accountable for the firm's reputation and their own.

Just my 2 cents worth of opinion.