Judge: Philly newspapers to be sold to insiders
Source: AP-Excite
By MARYCLAIRE DALE
PHILADELPHIA (AP) - Philadelphia's two largest newspapers will be sold at an ascending-bid auction open only to insiders, a Delaware judge ruled Friday.
The decision is a victory for majority owner George Norcross in his fight for control of The Philadelphia Inquirer and Philadelphia Daily News.
Norcross and fellow investor Lewis Katz have been locked in a fight over how to run the company, prompting the troubled media company's latest sale.
Both men have pledged to open with a starting bid of $77 million, which would make their 2012 investing partners whole. In his order, Chancery Court Judge Donald Parsons Jr. set that starting bid, and ordered that the auction take place by May 28.
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Read more: http://apnews.excite.com/article/20140425/DADDDGK83.html
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