Tuesday, 30 September 2014
Last updated 4 hours ago
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.”
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...