Hedge Funds Don’t Have To Disclose Philly Newspaper Debt Prices

Feb 8 2010 | 8:31am ET

Six hedge funds do not have to disclose how much they paid for most of the secured debt of Philadelphia’s two daily newspapers.

A federal bankruptcy judge in Philadelphia denied a bid by the owners of the bankrupt Philadelphia Inquirer and Philadelphia Daily News to learn how much “the Steering Group of Prepetition Secured Lenders” paid for their roughly $179 million in debt in advance of an auction of the newspapers’ assets. The steering group is led by New York hedge fund Angelo Gordon.

Philadelphia Newspapers, the company that has owned the Inky and Daily News since 2006 and has bid $52 million to hold on to the assets, argued that it needed the information to accurately value the company. It vowed an appeal.

PNI is also trying to have the hedge funds barred from bidding on the newspapers at auction with the debt they hold.


In Depth

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedging Against Reputational Risk in the 21st Century

Feb 12 2016 | 7:18pm ET

For investors, the first step in researching a new fund or manager is to google...