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Thursday, April 8, 2010

Judges Refuse to Delay Auction of Philadelphia Inquirer, Daily News

Judges Refuse to Delay Auction of Philadelphia Inquirer, Daily News

by KYW's Steve Tawa

A federal appeals panel says it will not alter the timeline for the planned April 27th auction that will decide who takes the Philadelphia Inquirer and Daily News out of a more than year-long bankruptcy battle.

The same three judges from the appeals court that ruled that newspaper executive Brian Tierney could prevent lenders, which are owed more than $300 million, from bidding what they are owed rather than plunking down cash, rejected a request from lenders to delay the auction.

But lenders won half a loaf. Lawyer Abid Qureshi says his request for a full hearing would be given "expedited" consideration:

For full story go to: http://www.kyw1060.com/
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