The Inquirer offers a
wrap up of its own long-standing and contentious bankruptcy case in today's paper (Feb. 21). It's a good summary of what's been happening in the case and it also marks the first anniversary of the declaration of bankruptcy by Philadelphia Media Holdings, LLC, which currently owns the Inquirer, the Daily News and other smaller media properties. The story does contain one surprise: it quotes bankruptcy lawyer Lawrence McMichael as saying that he expects as many as nine bidders on the property once it comes up for auction. It also reports that the company made a profit of $15 million last year, but ended up $11 million in the hole after paying $26 million in legal fees and other costs associated with the bankruptcy.
