Pursuits
Perelman Bids $85 Million for Philadelphia Inquirer
This article is for subscribers only.
An auction for the bankrupt Philadelphia Inquirer and its sister newspaper opened with an $85 million bid today from philanthropist Raymond Perelman that a judge will weigh against a $105 million offer from lenders.
Perelman attorney J. Gregory Milmoe said in an interview that his client doesn’t plan to raise his bid, which was made along with the Philadelphia Carpenters Union pension fund. Perelman, a Philadelphia local, is the father of billionaire Ronald Perelman.