By Kevin McCauley
The Philadelphia Inquirer and Daily News have gone back to the auction block following the Sept. 14 decision by a bankruptcy court judge to nix the proposed sale of the papers to the Philadelphia Media Network, a group of their creditors.
PMN's inability to ink an agreement with the Teamsters local is the reason for the sale's collapse. The other 15 unions at the papers agreed to contracts with PMN.
A new auction has been set for Sept. 23. PMN's initial winning bid was for $139M.
PR man Brian Tierney fronted a group of local investors called Philadelphia Media Holdings to buy the newspapers from McClatchy Cos. for $515M in 2006.
The papers filed for bankruptcy in February '09.