Tuesday, April 21, 2009

Newspaper CEO Testifies On Alleged Taping

PHILADELPHIA - A judge wants bankrupt Philadelphia Newspapers to focus on its financial reorganization while others investigate claims an investor illegally tape-recorded a sensitive financial meeting.
The judge Monday appointed unsecured creditors to pursue the allegation so it does not remain a "sideshow" of the bankruptcy case.
Both sides appear pleased by the decision.
The ruling follows testimony Monday from Brian Tierney, chief executive of Philadelphia Newspapers. Tierney says a representative of New York-based CIT Group Inc. recorded a November meeting in his office. He says the pre-bankruptcy negotiations soured after he raised concerns about the taping.
Philadelphia Newspapers filed for bankruptcy in February.

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