From the ASSOCIATED PRESS:
Creditors won the frenzied bankruptcy auction for Philadelphia’s two major newspapers with a $139 million bid on Wednesday, despite last-minute pledges from area philanthropists to boost a local group’s bid.
Publisher Brian Tierney fought strenuously to retain local control of The Philadelphia Inquirer and Philadelphia Daily News, rounding up business moguls Raymond and Ronald Perelman, H.F. “Gerry” Lenfest and others. But the final bidding went in eye-popping $10 million increments, and the investors ultimately felt they had to walk away.
“They paid a lot of money for it. We stayed in it as long as we thought made sense,” said 92-year-old philanthropist Raymond Perelman of Philadelphia, who along with son Ronald, the Revlon chairman, offered $27 million in cash and loans…
Click here to read the full article.
