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Public Auction

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NEWS
December 31, 2002 | By Leslie A. Pappas INQUIRER STAFF WRITER
When it opened as the town's first bank in 1909, the stately, red brick building on Main Street was the pride of Harleysville. But in October, when Lower Salford Township officials tried to auction it off, nobody even put up a bid. Today at 10 a.m., Lower Salford will try again to sell the 6,500-square-foot building, which served as the township's offices from 1974 until 2001. The starting price: $290,000, or $10,000 less than last time. "We're hoping to have some bidders," said J. Delton Plank, the township manager, who now works in the township's new 23,000-square-foot office building just down the street.
BUSINESS
February 22, 2014 | By David Sell, Inquirer Staff Writer
Inquirer owners Lewis Katz and H.F. "Gerry" Lenfest have asked a Delaware judge to order that editor William K. Marimow keep his job beyond the April 30 expiration of his contract while a public auction is held for assets of the newspaper's parent company. The firing of Marimow on Oct. 7 by publisher Robert F. Hall brought to light the dispute between Katz and co-owner George E. Norcross III, which began soon after they bought Interstate General Media Holdings L.L.C in March 2012 and has led to proceedings to dissolve the company.
NEWS
December 14, 1989 | By Jim Smith, Daily News Staff Writer
Eight small firms that buy and resell used sewing machines, including two in Philadelphia, have offered to pay criminal fines totaling $553,000 for conspiring to rig bids at public auctions between 1981 and 1985. The eight companies were to plead guilty and be sentenced today by U.S. District Judge Louis C. Bechtle in Philadelphia. Prosecutors and defense attorneys have jointly recommended the fines to be imposed, and such recommended fines usually are accepted by the court.
NEWS
December 20, 1990 | By Christopher Mumma, Special to The Inquirer
Winslow Township yesterday sold five small parcels of land at public auction, the first such sale since the practice was suspended more than two years ago amid criticism that land was sold at low prices to some township officials and their relatives. The five parcels, which totaled about five acres, brought $24,200, more than double the combined assessed value of $12,000. The township came under heavy criticism in 1988 for its long-time practice of selling land at well below market value, and sometimes assessed value, to some officials and their relatives.
BUSINESS
February 9, 2014 | By David Sell, Inquirer Staff Writer
The legal dispute among the owners of The Inquirer will shift to Delaware after a Philadelphia judge ruled Friday that it would not continue in her court. In a brief order, Common Pleas Court Judge Patricia A. McInerney dismissed a request by owners Lewis Katz and H.F. "Gerry" Lenfest to have her dissolve The Inquirer's parent company, appoint a trustee, and conduct a public auction of the newspaper and other assets. "This court declines to exercise jurisdiction over said petition," the order said in part.
NEWS
April 27, 2014 | BY REGINA MEDINA, Daily News Staff Writer medinar@phillynews.com, 215-854-5985
A DELAWARE Chancery Court judge ordered late yesterday that Interstate General Media, the parent company of the Daily News , the Inquirer and Philly.com, should be dissolved and sold in a private "English-style" auction. Vice Chancellor Donald F. Parsons Jr.'s decision backs the plan proposed by IGM co-owner George E. Norcross III. Parsons ordered the minimum bid be set at $77 million in cash. It must be held no later than May 28. The private auction is limited to the company's co-owners Norcross and Lewis Katz, who both want to dissolve the company because they are unable to agree on IGM's governance.
BUSINESS
February 15, 2014 | By David Sell, Inquirer Staff Writer
The Delaware Chancery Court judge overseeing requests to dissolve and sell the parent company of The Inquirer said Thursday that he probably would hold a hearing in March or early April as part of resolving its owners' months-long impasse. Vice Chancellor Donald F. Parsons reached that conclusion near the end of a conference call with the owners' attorneys, their first meeting since a Philadelphia judge ruled last week that the case should proceed in Delaware, where Interstate General Media is incorporated.
NEWS
September 27, 1987 | By Joseph L. Cardamone, Special to The Inquirer
The Eastampton Township Council has raised dog license fees to $8.20 for each neutered dog and $11.20 for each non-neutered dog. Before the new ordinance was passed Tuesday night, all dog license fees were $7. The council also approved a request by the Burlington County Traffic Engineering Department to place a no-turn-on-red restriction at the northeast corner of Route 537 and Woodlane Road (Route 630). It also authorized a public auction of unclaimed personal property that has been held by the police beyond the required six-month holding period.
NEWS
October 27, 1987 | By Lita Solis-Cohen, Inquirer Antiques Writer
Downingtown antiques dealer Ronald Pook was found guilty yesterday of conspiring to rig bids at public auction and of transporting antiques across state lines in violation of federal law. Pook, 41, admitted taking part in the once-common practice called "pooling" by antiques dealers, but he maintained that the practice was not illegal. By deciding that pooling violated the Sherman Antitrust Act, the federal jury sent a message to the antiques trade that pooling at public auction is a crime.
NEWS
July 9, 1997 | Los Angeles Daily News
For public auction: A certain house in Brentwood with, shall we say, a built-in history. Plus, five bedrooms, six baths, guest house, pool, large lawn for night golf and hidden side entrance (watch out for air conditioner). Estimated minimum bid on O.J. Simpson's estate: $2.5 million, personal checks not accepted. Simpson's famous home at 360 N. Rockingham Ave. is scheduled to go on the auction block at 11 a.m. Monday on the steps of the Norwalk Courthouse, that is if he does not file for bankruptcy (and he says he has no plans to do so)
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NEWS
May 27, 2014 | By Trudy Rubin, Inquirer Columnist
KIEV, Ukraine - History doesn't usually offer second chances. But Ukraine got a big one Sunday when the pro-Western chocolate king Petro Poroshenko appeared to win a landslide victory for president. Only weeks ago, as Russia gobbled up Crimea and threatened the rest of Ukraine, it wasn't even clear the election could be held. An interim government, installed after the previous president fled in February, was too weak to confront armed separatists acting as proxies for Moscow. Now, with his strong showing, Poroshenko has a chance to thwart Moscow's expansionist ambitions.
BUSINESS
May 18, 2014 | By David Sell, Inquirer Staff Writer
The auction for control of The Inquirer's parent company has been scheduled for May 27, according to an attorney for one of the competing groups of owners. After weeks of negotiations, both sides have agreed to nearly all terms, lawyer Richard A. Sprague said Friday. Sprague represents owners Lewis Katz and H.F. "Gerry" Lenfest. The other group is led by George E. Norcross III. The men are among the five partners who own Interstate General Media Holdings L.L.C., the parent company of The Inquirer, the Philadelphia Daily News, three websites, and a printing plant.
NEWS
April 27, 2014 | BY REGINA MEDINA, Daily News Staff Writer medinar@phillynews.com, 215-854-5985
A DELAWARE Chancery Court judge ordered late yesterday that Interstate General Media, the parent company of the Daily News , the Inquirer and Philly.com, should be dissolved and sold in a private "English-style" auction. Vice Chancellor Donald F. Parsons Jr.'s decision backs the plan proposed by IGM co-owner George E. Norcross III. Parsons ordered the minimum bid be set at $77 million in cash. It must be held no later than May 28. The private auction is limited to the company's co-owners Norcross and Lewis Katz, who both want to dissolve the company because they are unable to agree on IGM's governance.
BUSINESS
April 27, 2014 | By David Sell, Inquirer Staff Writer
A Delaware judge on Friday ordered the parent company of The Inquirer dissolved and its assets sold through a private auction among its current owners. Donald F. Parsons Jr., Court of Chancery vice chancellor, said the auction should be held by May 28 and the opening bid should be $77 million, the minimum that has been pledged by two rival owners. The ruling means ownership of Interstate General Media Holdings L.L.C. will remain, at least temporarily, with one of its current partners, who formed the company in 2012.
BUSINESS
April 26, 2014 | By David Sell and Thomas Fitzgerald, Inquirer Staff Writers
WILMINGTON - The largest union at The Inquirer will not bid against its owners in an auction for control of the parent company if the bidding starts at $77 million, a lawyer for the union said Thursday. At the start of a hearing that could shape the sale of the company, lawyer Lisa Lori told a Delaware judge there was "no way" the Newspaper Guild or its investing partners were willing to match the $77 million that rival co-owners of Interstate General Media Holdings L.L.C. have pledged as a starting bid. Donald F. Parsons Jr., Delaware Court of Chancery vice chancellor, then heard about 90 minutes of closing arguments from lawyers for IGM co-owners Lewis Katz, H.F. "Gerry" Lenfest, and George E. Norcross III over the format for sale of the company.
BUSINESS
April 25, 2014 | By David Sell, Inquirer Staff Writer
The president of The Inquirer's largest union says its parent company is not worth $77 million, the minimum bid that two rival co-owners pledged if the company goes to auction. "We believe $77 million is too much money," said Howard Gensler, president of the Newspaper Guild's Local 10. Gensler's remarks, in an interview Tuesday, come as Delaware Court of Chancery Vice Chancellor Donald F. Parsons prepares to choose a format for the sale of Interstate General Media Holdings L.L.C., which owns The Inquirer, the Philadelphia Daily News, and three websites.
BUSINESS
April 18, 2014 | By Thomas Fitzgerald and David Sell, Inquirer Staff Writers
WILMINGTON - The largest union at The Inquirer's parent company is having "ongoing discussions" with about six potential partners to join the bidding for the company, a union executive testified Wednesday. The possible bidders include the Communications Workers of America and multimillionaire Raymond Perelman, according to Bill Ross, executive director of the Newspaper Guild of Greater Philadelphia. Ross was the final witness in a three-day hearing in Delaware Chancery Court to determine how Interstate General Media Holdings L.L.C.
NEWS
April 14, 2014 | By David Sell, Inquirer Staff Writer
A fast-talking, gavel-wielding auctioneer probably will not be part of the deal, but how The Inquirer and its parent company are sold at auction might be decided after hearings this week in Delaware. Two of its owners argue for public bidding by qualified candidates willing to submit a single sealed bid. Three others prefer a private auction, almost akin to a poker game, with back-and-forth bidding until all but one group folds. The hearings, which start Monday before Delaware Chancery Court Vice Chancellor Donald F. Parsons Jr., could include testimony about the formation and finances of the parent company, Interstate General Media Holdings L.L.C., and the perceived need for a speedy resolution to a dispute that all say has paralyzed the management of the region's largest news outlet.
BUSINESS
February 22, 2014 | By David Sell, Inquirer Staff Writer
Inquirer owners Lewis Katz and H.F. "Gerry" Lenfest have asked a Delaware judge to order that editor William K. Marimow keep his job beyond the April 30 expiration of his contract while a public auction is held for assets of the newspaper's parent company. The firing of Marimow on Oct. 7 by publisher Robert F. Hall brought to light the dispute between Katz and co-owner George E. Norcross III, which began soon after they bought Interstate General Media Holdings L.L.C in March 2012 and has led to proceedings to dissolve the company.
BUSINESS
February 15, 2014 | By David Sell, Inquirer Staff Writer
The Delaware Chancery Court judge overseeing requests to dissolve and sell the parent company of The Inquirer said Thursday that he probably would hold a hearing in March or early April as part of resolving its owners' months-long impasse. Vice Chancellor Donald F. Parsons reached that conclusion near the end of a conference call with the owners' attorneys, their first meeting since a Philadelphia judge ruled last week that the case should proceed in Delaware, where Interstate General Media is incorporated.
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