Delaware Judge To Decide Auction Type To Resolve Ownership Dispute At Inquirer, Daily News
By Steve Tawa
WILMINGTON, Del. (CBS) -- A Delaware judge heard the owners' disagreement over how to dissolve and sell the parent company of the Philadelphia Inquirer and Daily News.
Co-owner George Norcross says the current agreement from their 2012 acquisition includes language that restricts ownership to local interests through April 2016. Norcross says the minimum bid would be $77-million.
Rival co-owners Lewis Katz and Gerry Lenfest argued the best way to achieve maximum value is through sealed bid open public action.
Norcross' attorney Robert Heim says the specific language states owners agreed in 2012 not to sell to a third party through 2016.
Delaware Chancery Court judge Donald Parsons noted the parties take different views and he'll determine if that's admissible in deciding the form the auction will take.