Web reports say that Philadelphia Media Network (PMN), a coalition of holders of the debt of bankrupt Philadelphia Newspapers LLC were again the winners of an auction for its media properties beating Rayco L.L.C., a group consisting of investor Raymond G. Perelman and the Carpenters Union pension fund.
Reuters is now also reporting it.
The auction began this morning before Chief Bankruptcy Judge Stephen Raslavich
Reportedly, PMN bid $105 million for the properties which are The Philadelphia Inquirer, the Philadelphia Daily News and Philly.com while Rayco bid $85 million.
Including the Inquirer building and other property brings the price to $139 million which is what PMN bid in April.
The first deal fell through , Sept. 14, after Teamsters Local 628 rejected PMN’s final contract offer. It was the only union to reject a contract from PMN.
PMN CEO Gregory Osberg said at the time that if they should win again contract terms would be imposed on the Teamsters for the company would be closed until a contract is reached.
A group of local investors, led by Brian Tierney, bought the company for $515 million in 2006.