Philly Philanthropist Makes Final Offer on Inky, Daily News

Philanthropist Raymond Perelman says $85 million cash is his final offer to buy The Philadelphia Inquirer and Daily News at a bankruptcy auction.

Perelman's bid is $20 million less than the $105 million bid made by creditors hoping to take over the company.

But a lower bid can be deemed the "highest and best" offer in a bankruptcy case given employment guarantees or other non-cash terms.

Lawyers for the current owners are weighing the offers during a break in Thursday's court auction.

A group of local investors paid $515 million for the company in 2006 but are selling it to emerge from bankruptcy.

Perelman's lawyer Gregory Milmoe says his client is a Philadephia institution who wants to preserve another Philadelphia institution.
   

Copyright AP - Associated Press
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