Raymond Perelman , father of billionaire Ronald Perelman , was outbid in a bankruptcy court auction for the Philadelphia Inquirer and its sister publication by lenders for the newspaper who offered $105 million.
Philadelphia Inquirer lenders won a bankruptcy court auction for the newspaper and its sister publication with a high bid of $105 million, outbidding Raymond Perelman, father of billionaire Ronald Perelman.
Philadelphia Newspapers LLC will seek bankruptcy court approval for its reorganization plan while the group buying its Philadelphia Inquirer and Daily News dailies for $139 million continues contract talks with unions.
MF Global Holdings Ltd. creditors looking to recover from the eighth largest bankruptcy in U.S. history may sue the company’s advisers, search for assets overseas and seek information from a probe into the commingling of customer accounts at the brokerage, a bankruptcy lawyer said.
Google Inc. tried to join at least one other bidder to buy a patent portfolio from Nortel Networks Corp. before losing to a $4.5 billion offer from Apple Inc. and its partners, a person who attended the auction said.
A deal to sell the Philadelphia Inquirer newspaper fell apart, prompting the bankrupt owner of the paper to organize a new auction at which Raymond Perelman , father of billionaire Ronald Perelman , may bid.
Washington Mutual Inc. , the former owner of the biggest U.S. bank to fail, won permission to send its revised bankruptcy plan to creditors for a vote, setting up a repeat of a court fight the company lost in December.