Target Tierney?

It seems that the wannabe King of All Media has met his match? It seems the drama increases over the fate of the Philadelphia Inquirer, and they mean "bidness" when it comes to Brian Tierney?
It seems that Brian has spun himself into a monogrammed corner? The creditors are circling and people are actually cheering the vultures? WOW.

Media Decoder from The New York Times says:

October 9, 2009, 12:33 pm Ruling Deals Setback to Tierney’s Plan for Philadelphia Papers
By Richard Perez-Pena

A bankruptcy judge’s ruling has dealt a serious setback to the bid by Brian P. Tierney and his allies to keep control of the Philadelphia Inquirer and the Daily News, increasing the odds that a group of private equity funds and banks will become the papers’ new owners....Mr. Tierney led the group that bought the papers in 2006, just as the newspaper industry began a severe downturn. In the bankruptcy auction bid, he did not put up any money, but he has financial backing from Bruce E. Toll, the home builder; a local carpenters’ union pension fund, and David Haas, a prominent Philadelphia philanthropist.

Other People's Money, Brian? You want everyone to save the papers for YOU not US or the worker bees? Yet no mo' of your own coin went in the tin cup? Tsk, tsk.

Now The Deal is also reporting on Mysteries of Philadelphia, and MyFoxPhilly is saying Tierney is likely toast?



Tierney Likely Out After Inquirer Ruling
Auction Expected In November

U.S. judge backs Philadelphia newspaper creditors
Fri Oct 9, 2009 12:13pm EDT

Here's how the Inky reported it and note the fear mongering continues:

Posted on Fri, Oct. 9, 2009
Lenders may use debt to bid for Phila. Newspapers
By Christopher K. Hepp
Inquirer Staff Writer

Philadelphia Newspapers L.L.C. cannot bar its senior lenders from using the $300 million they are owed to seek control of the local media company, a federal bankruptcy judge ruled yesterday.
Chief Bankruptcy Judge Stephen Raslavich said the lenders had the right to bid their debt - a practice known as credit bidding - when the company is put up for auction. He called the company's arguments against that as "a not-so-thinly-veiled attempt to manipulate the sale process" to the advantage of the current management team.

In a statement, the company, which owns The Inquirer, the Philadelphia Daily News, and Philly.com, said it was "disappointed" and would review its options. The statement noted that "the right to credit bid doesn't necessarily mean" the lenders will be successful at auction.

"We know how terrible it will be for these papers, our employees, and our community if these out-of-town hedge funds take over," the statement said, referring to the collection of investment banks that hold much of the company's debt.

"We will continue fighting for our newspapers and for our employees."

Fighting for your employees, Brian Tierney? Are there any employees left?? It seems more like a sea of temp workers who can't write or report the news. You aren't fighting for any employees or newspaper, you are fighting for your ego.

Spin, spin, spin you still lost another round. I think it would be good for the newspapers to shed all of your ilk and bring back someone like Bob Hall. At least he knows how to run and publish a decent newspaper.

The best chance at Philadelphia retaining it's news voice is to clean house. Sorry, but that is how I see it.