KYW’s Steve Tawa reports the feuding owners now jousting in a Delaware courtroom pledge to buy the other guys out.
A Delaware judge heard the owners’ disagreement over how to dissolve and sell the parent company of the Philadelphia Inquirer and Daily News.
Bill Ross, executive director of the Newspaper Guild, which represents newsroom workers, says the “company appears to be gridlocked.”
When the feud between rival ownership factions surfaced, the primary combatants — co-owners George Norcross and Lewis Katz — each owned equal shares, about 26 percent of the company.
Publisher Robert Hall once told workers the current lawsuit represents the “Allies versus Axis powers,” and they “can’t be Switzerland and sit neutral in the middle,” according to recent testimony.
Lawyers and rival owner factions at the Philadelphia Inquirer return to a City Hall courtroom this morning for more arguments, as a Common Pleas Judge tries to decide who is in charge.
But Lewis Katz and Gerry Lenfest say they’re not interested in selling.
High-powered lawyers made their pitches on venue: Philadelphia, where the papers are based; or Delaware, where the company is incorporated.
Ten lawyers marched single-file into a judge’s chambers for private, closed-door talks, after which in open court the judge said only that she would hear arguments next week on where the case should be heard.
When publisher Robert Hall fired Inquirer editor Bill Marimow last week, the feud among the owners of the Philadelphia Inquirer and Daily News become public.
Two of the Inquirer’s owners are suing its parent company and its publisher.
On Friday night, a documentary film about the record-breaking maiden voyage of the S.S. United States premiered as part of on-going efforts to preserve, and eventually repurpose the ship into a floating museum.
A familiar face is drumming up support to save the SS United States from the scrap heap.
A group of powerful business leaders announced Monday they have closed a deal to purchase Philadelphia’s two largest newspapers from hedge funds for approximately $55 million, a fraction of what investors paid for them in 2006.
An announcement is expected, today, in the sale of the Philadelphia Inquirer and Daily News. A controversial group of local businessmen is likely to be the new owners.