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Rivals debate auction rules for Philly newspapers

Published February 20, 2014 11:43 am

This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Philadelphia • The top investor in Philadelphia's two largest newspapers wants the company sold in a quick, closed auction among current partners.

Powerful Democrat George Norcross is feuding with rival Lewis Katz over the newspapers, less than two years after they joined forces to buy them.

Their company operates The Philadelphia Inquirer, the Philadelphia Daily News and Philly.com.

Both factions have filed briefs this week in the Delaware court handling the dissolution and sale of the company.

Norcross wants a private sale among current investors, done on just a few days of notice.

He says the prolonged feud is keeping them from hiring new management and paralyzing employees.

Katz says a sealed-bid auction, open to anyone, would fetch the highest price.

He first wants a court hearing to debate the auction rules.