The biggest guessing game this week in the turbulent Philadelphia newspaper wars is the identity of the money behind a bid by the Newspaper Guild of that city to stop the madness and buy the Philadelphia Inquirer, the Philadelphia Daily News and the Philly.com website from the current feuding owners.
Guild executive director Bill Ross said his only interest is protecting the jobs of more than 500 union members.
Six big power brokers from the region came together to form Interstate General Media in the spring of 2012 and rescue the paper from bankruptcy, while pledging not to interfere in its operations.
But it was not long before they were split into two warring camps, led by Democratic power broker and New Jersey insurance executive George Norcross III on one side, and Lewis Katz, a former owner of the New Jersey Nets, on the other.
Both groups say the company should now be sold — but they cannot even agree on which court to press their rival claims in.
Katz’s group is conducting its legal fight in Philadelphia Common Court. Norcross, who has quietly amassed the single largest ownership stake (some 58 percent) by buying out one of the members of his group, Kris Singh, says the dispute should be decided in Chancery Court in Delaware.
Norcross is urging that only existing owners should be allowed to bid, while Katz wants a public auction open to all.
The guild, which wants to have a shot at buying, is staying neutral in the war between the owners, according to executive director Bill Ross, but wants a chance to bid no matter which type of auction is called for.
He declined to say who the backer is but said two of the early rumored names — Alden Capital and Ron Burkle’s Yucaipa Cos. are not involved. “I have not spoken to representatives of Alden Capital or Yucaipa,” he said but insisted that they have a good backer.