Philly Newspaper Creditors Can't Bid With Credit
Lawyer Blogs
A federal appeals court says Philadelphia's two major daily newspapers can deny creditors the right to use about $300 million owed them to bid at an upcoming bankruptcy auction.
Monday's split 2-1 decision upholds a lower court ruling in a bitter dispute for control of The Philadelphia Inquirer and the Philadelphia Daily News.
The panel says the bankruptcy code "unambiguously permits" a debtor to craft any plan that gives lenders a clear equivalent of their secured interest. The opinion says lenders have no statutory right to bid with the company's IOUs.
An auction is set for next month.
A local ownership group — comprised of two current and one new investor — hopes to win the auction with a bid of $67 million in cash and real estate.
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Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
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• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.