Rivals debate auction rules for Philly newspapers

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Associated Press

Posted on February 20, 2014 at 11:00 AM

Updated Thursday, Feb 20 at 11:02 AM

PHILADELPHIA (AP) — 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.

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