If the floor is 77 million, someone else can overpay
In Delaware Chancery Court today the Guild told Judge Donald Parsons that we will not be bidders for Interstate General Media if the auction floor remains $77 million, the amount proposed by owner George Norcross and agreed to by owner Lewis Katz, even though their own experts testified that the company wasn’t worth that.
While the Guild’s potential partners would like to make a fair-value bid for the company, it is not in the best interests of our members or any of the company’s employees for anyone to again overpay for IGM.
As the Guild and the other unions and independents made more than $20 million in concessions less than 15 months ago, we believe that the owners’ notion that they need to be made whole for their investment in IGM before the employees whose givebacks allowed the company to survive, is insulting to everyone who works here.
So at $77 million, we’re out. At a more reasonable price – one that might allow the company to grow and thrive – we would hope to be back in.
Howard Gensler, President
Bill Ross, Executive Director
The Executive Board of the Newspaper Guild of Philadelphia, CWA-Local 38010