Friday, October 8, 2010

Hedge Fund Managers Own Philly Papers

Soon the hedge fund criminals will own us all:

PHILADELPHIA — The Philadelphia Inquirer and Daily News are starting a new era under the control of their former creditors.

The lenders include the hedge fund Angelo, Gordon & Co., which also has stakes in several other U.S. newspapers.

The creditors posted $105 million in cash Friday to buy the company, ending a bitter 20-month bankruptcy fight with former owners. They are effectively paying themselves some of the $318 million they lent local investors in 2006.

The purchase is valued at about $139 million, including the headquarters building.

Inquirer Editor William Marimow will return to investigative reporting. Other management changes are expected.

Next stop - buying municipalities.

Maybe they can change the name of Philadelphia to Angelo, Gordon and Companyville?

Goldmanland?

New Bankster City?

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