Angelo Gordon-Led Group Wins Philly Newspaper Auction

Sep 24 2010 | 11:48am ET

For the second time this year, the creditors of Philadelphia’s two daily newspapers—led by an alternative investment firm—have won those papers in a bankruptcy auction.

And once again, the creditors, which include private equity firm Angelo Gordon & Co., defeated a group led by billionaire Raymond Perelman for Philadelphia Newspapers, which owns the Philadelphia Inquirer, Philadelphia Daily News and Philly.com Web site. And they’re getting it for a relative bargain, winning the auction with a $105 million bid.

In April, the creditors won the auction with a $139 million bid. But they were unable to strike a deal with the Teamsters union, as required under the April deal. The group still must reach a deal with the newspapers’ unions.

At the auction hearing, a lawyer for the bankrupt publisher said that the $105 million “is the largest and best bid.”


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Moore Capital PM Fired After Raucous Hamptons Party

Jul 7 2016 | 10:47pm ET

A portfolio manager for Louis Bacon’s $15 billion hedge fund Moore Capital Management...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...