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.

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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.

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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.

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