May 27, 2014 |
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.
May 18, 2014 |
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.
April 27, 2014 |
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.
April 27, 2014 |
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.
April 26, 2014 |
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.
April 25, 2014 |
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.
April 18, 2014 |
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.
April 14, 2014 |
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.
February 22, 2014 |
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.
February 15, 2014 |
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.