It’s Over: Gerry Lenfest Takes Control of Inky
“Businessman and philanthropist H.F. “Gerry” Lenfest took control of The Inquirer and its parent company Wednesday with the formal closing of a May 27th auction sale of the property for $88 million,” the Inquirer reports.
The closing ends a bizarre few months of ownership squabbling and shifting that went more or less like this:
• The old majority ownership faction, led by George Norcross, fired Inky editor Bill Marimow.
• The minority ownership faction, led by Lenfest and the late Lewis Katz, sued to restore Marimow to power.
• They won.
• But then the two sides grappled for the control of the papers.
• Resulting in the auction two weeks ago, in which Katz and Lenfest won — probably accidentally — control of the papers.
• A week later, Lewis Katz died in a plane crash in Massachusetts. His shares in the newspaper company passed to his son, Drew.
• Drew on Tuesday announced he was selling those shares to Lenfest.
• Which occurred today, before the closing of the $88 million sale.
It’s all over now, right? No more weird twists and turns?