SHOWDOWN: Carpenter’s Union Set To Battle Hedge Fund In Thursday’s Inky/DN Auction

INQUIRER: Two bids have been received for The Philadelphia Inquirer and Daily News: one from the senior lenders of the papers’ parent company, Philadelphia Newspapers L.L.C., and another from Philadelphia businessman and philanthropist Raymond Perelman and the Carpenters Union’s pension fund. Lawrence McMichael, attorney for Philadelphia Newspapers L.L.C., said the bids came in shortly before today’s noon deadline. The auction rules required a minimum bid of $50 million for the company, which also owns the website The two bidders will now participate in an auction Thursday at 10 a.m. in the Center City courtroom of U.S. Chief Bankruptcy Judge Stephen Raslavich. MORE

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