Brian Tierney Pentagram Of Doom: Philly Newspapers Owe $450K In City Real Estate Taxes, Could Be Out Of Money By July
This morning, lawyers and brass from Philadelphia Newspapers Inc. — the Inky/DN wing of Philadelphia Media Holdings, currently in the midst of Chapter 11 bankruptcy protection filings — held what’s called an unsecured creditors’ meeting. Basically, it was kind of sideshow to the Chapter 11 proceedings in which PNI rings up anyone who’s got a pending lawsuit against them — and right now that includes Johnny Doc, Alycia Lane and plenty of others — and tells the other side’s lawyers the exact color and shape of how screwed they are, as in this case, PNI is naturally attempting to freeze any current legal battles it’s in while the bankruptcy hearings are underway. So according to our source at the meeting this morning, two lawyers representing PNI, along with PNI VP of Finance Andrew Harrison, were grilled by a lawyer from the U.S. Trustee’s Office, appointed by the court to oversee bankruptcy proceedings, on a variety of matters from status of current lawsuits on down to PNI’s own current financial status. What was revealed was just a little cringe-inducing. As it stands now, PNI only really has two assets that are worth a damn: The PNI offices at 400 N. Broad, and its printing facility in Conshohocken. But whatever value those pieces of real estate have is somewhat sullied by this fact, also revealed this morning: PNI hasn’t paid around $450K in real estate taxes owed to the City. What’s more, PNI brass also confessed that they could be out of money — as in out of money — as soon as July. Now, the whole point of the Chapter 11 filing is for PNI to get the financial restructuring it needs so that doesn’t happen. But with one of PNI’s principal lenders, Citizen’s Bank, already playing hardball and calling for the head of none other than Brian Tierney, the fact is, negotiations could conceivably drag out well into the summer, making the Pentagram of Doom a lot more like a loudly ticking clock that has a vortex of suck in place of a snooze bar. And time is running out.
