A newspaper lawyer says the bidding had not begun late Tuesday, nearly 12 hours after the scheduled 11 a.m. start of the closed-door auction for The Philadelphia Inquirer and Philadelphia Daily News.
The two sides haggled over auction rules throughout the day.
Court papers filed Tuesday show 92-year-old Raymond Perelman has committed $12.6 million in cash and his son, Ronald, $4.4 million to the local bid. They are also offering up to $10 million in loans.
Their group is competing with secured creditors and a Canadian investment firm, Stern Partners, in the bidding.
