Philly auction tomorrow - UPDATE SOLD

[Moderator1]

This could get interesting to watch

http://www.philly.com/inquirer/breaking/news_breaking/20100426_A_day_of_drama_on_eve_of_Inquirer_auction.html

 

[Pencil Dick]

Re: Philly auction tomorrow

Wow. How frightening:

The most contentious part of Monday's hearing dealt with a section of the senior lenders' bid that McMichael said would require the existing company to terminate all its employees, who then would be rehired at the discretion and under the terms of the new owners.

The provision requires the new owners to rehire just more than 50 percent of the workforce.

Tierney said the provision "was the worst of my worse fears."

 

[steveu]

Re: Philly auction tomorrow

Oh Jesus. A really good paper could go up in smoke. Cross your fingers.

 

[Baron Scicluna]

Re: Philly auction tomorrow

Wow. How frightening:

The most contentious part of Monday's hearing dealt with a section of the senior lenders' bid that McMichael said would require the existing company to terminate all its employees, who then would be rehired at the discretion and under the terms of the new owners.

The provision requires the new owners to rehire just more than 50 percent of the workforce.

Tierney said the provision "was the worst of my worse fears."

In a perfect world, all the employees would tell the holding company to go to hell and walk. The company would be left with no one to put the paper out.

Of course, the world ain't perfect, and people have to eat.

Here's hoping the local group wins, although that's no guarantee of anything either.

 

[deskslave]

Re: Philly auction tomorrow

http://www.bizjournals.com/philadelphia/stories/2010/04/26/story10.html?b=1272254400^3238901&s=industry&i=media_marketing

To date, the only bid received was the August stalking horse offer of $80 million in cash and credit, put forth by home builder Bruce E. Toll, vice chairman at Toll Brothers Inc.; the Carpenters Pension and Annuity Fund of Philadelphia & Vicinity; and Penn Matrix Investors, led by Rohm and Haas heir David Haas. Both Toll and the Carpenters Union are among the original investors from 2006. A stalking horse is designated by the debtor to set a minimum price pre-auction.

Remember what happened the last time a real-estate guy bought a big newspaper?

 

[Moderator1]

SOLD

http://www.philly.com/philly/business/20100428_Bidding_finally_begins_to_Inquirer__Daily_News_and_Philly_com.html

 

[JayFarrar]

Yep, that's a four hundred million dollar $380 million loss for Brian Tierney and his investors.
ADD: Bought the two papers in 2006 for $515 million, sold for $135 million
No matter what you think of the guy, that's gotta hurt.

 

[Ben_Hecht]

Yep, that's a four hundred million dollar loss for Brian Tierney and his investors.
No matter what you think of the guy, that's gotta hurt.

The guy's publishing hero was Walter Annenberg.

Guy's eyes were too big for his stomach.

 

[Drip]

It's not a happy day at 400 N. Broad. I truloy fear that the days of seeing two papers in Philly are about to soon end. These guys want to recoup their money. They don't give a damn about anything but the almighty dollar. Definitely a dark moment in Philly journalism history.

 

[YankeeFan]

Yep, that's a four hundred million dollar $380 million loss for Brian Tierney and his investors.
ADD: Bought the two papers in 2006 for $515 million, sold for $135 million
No matter what you think of the guy, that's gotta hurt.

Don't forget the money he lost while operating it.