Day: September 23, 2010

PMN Wins Inky Again

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.


Dem Down Double Digits In Pa8

The first independent poll of Pennsylvania’s 8th District congressional race shows incumbent Democrat Patrick Murphy down double-digits to former congressman Republican Mike Fitzpatrick who Murphy beat by 1,518 votes to take the seat in 2006.

The Philadelphia Daily News/Franklin & Marshall College poll shows Fitzpatrick up 49-35 percent among likely voters and 46-36 percent ahead among all those registered to vote.

Only 40 percent of registered voters say he deserves re-election while 47 percent say its time for a change.

President Obama won the district with 54 percent of the vote in 2008 but now has a 37-percent approval rating there.

The poll found that 18 percent of Democrats will vote for Fitzpatrick compared to 8 percent of Republicans voting for Murphy. The district has 14,000 more Democrats than Republicans.

The poll showed that Fitzpatrick leads among men 50-33 percent; women 48-38 percent; and independents 38-31 percent.

Murphy easily held the seat in 2008 with 57 percent of the vote over Republican Tom Manion and independent Tom Lingenfelter, who will not be on the ballot this year.