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.
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.
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.
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.
Lenders to Philadelphia Newspapers LLC, the bankrupt owner of the Philadelphia Inquirer, won an auction for control of the publisher against a group led by billionaire Ronald Perelman after almost 30 hours of wrangling.