Businessman's Visit to Inquirer Upsets Bankruptcy Judge

The bankruptcy judge overseeing the Chapter 11 case of the Philadelphia Inquirer and Daily News after a lengthy court fight with previous publisher Brian Tierney was annoyed to learn that an investor with ties to Tierney paid a visit to workers this week. (see previous story)

KYW's Steve Tawa reports Judge Stephen Raslavitch hauled participants into his chambers for the unscheduled private session, because days earlier, he cautioned against any 'gamesmanship' this late in the process. The prospective new owners are on the brink of taking control of the media company next week.

The revelation about wealthy businessman Raymond Perelman doing a walk through turned heads, because he was among the local investors backing former publisher Brian Tierney, who lost the auction to a consortium of 16 hedge funds and institutions.

Company CEO Joe Bondi:

"I want to state unequivocally that the Perelmans have informed us that their backup bid is not in place, and they are not going forward with any such bid, should they have the opportunity to do so."

Bondi says they're working 24/7 to finalize negotiations with all 14 unions at the papers and close the deal by Tuesday's deadline.