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CHANCE TO BET THE PAPER TODAY - ONLY CHANCE!



 
 
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Old September 23rd 10, 03:43 PM posted to misc.invest.canada
Me[_4_]
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Default CHANCE TO BET THE PAPER TODAY - ONLY CHANCE!

LET'S NOT 'BLOOMBERG' PHILADELPHIA - only $50 mln & up


Philadelphia Inquirer, Daily News Have Two Bidders for Auction
Tomorrow - BloombergHome


Related News:Law · U.S. Philadelphia Inquirer, Daily News Have Two
Bidders for Auction Tomorrow

By Steven Church and Michael Bathon - Wed Sep 22 21:34:29 GMT 2010
The
Philadelphia Inquirer and its sister newspaper will have two bidders
competing
to buy them out of bankruptcy at an auction in which the opening offer
is less
than half the value of a deal that fell apart this month.
Lenders who backed out of their contract to buy the newspapers for
$139 million
on Sept. 14, will compete with Raymond Perelman, father of billionaire
Ronald
Perelman, said Lawrence G. McMichael, an attorney who represents the
holding
company that owns the two newspapers.
“We have two bids,” McMichael said today in an e-mail. The bids were
due today
for the auction tomorrow.
The auction will be the second this year for the Inquirer and the
Philadelphia
Daily News, which are owned by bankrupt Philadelphia Newspapers LLC.
Lenders
owed more than $200 million won the first auction. They refused to
complete the
deal after members of the Teamsters union rejected changes to their
pension
plan.
Under rules approved by Judge Stephen Raslavich on Sept. 16, the new
opening bid
must be at least $50 million.
The newspaper company filed for bankruptcy in February 2009, blaming
the
recession and a fall in advertising.
Fred Hodara, a lawyer for the lenders, and J. Gregory Milmoe, an
attorney for
Perelman, weren’t immediately able to respond to phone calls seeking
comment.
Raymond Perelman was among local investors who lost an auction this
spring to
the company’s main lenders, including hedge fund operator Angelo
Gordon & Co.
and a unit of Credit Suisse Group AG.
Courtroom Auction

Also today, Raslavich agreed to open the auction, which will be
conducted in his
Philadelphia courtroom, to the press, McMichael said.
Philadelphia Newspapers filed for bankruptcy two years after Brian
Tierney, now
publisher, and a group of investors bought the company. In court
filings,
Philadelphia Newspapers listed assets and debt of as much as $500
million each.

The Inquirer, founded in 1829, is the third-oldest daily newspaper in
the U.S.
and has won at least 18 Pulitzer Prizes. The Daily News, a tabloid
founded in
1925, won a Pulitzer Prize this year for investigative journalism. The
two
newspapers have had a common owner since 1969, when they were bought
by Knight Newspapers Inc.
 




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