Hirschfeld in Control of N.Y. Post
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NEW YORK — A bankruptcy judge turned over the New York Post to real estate developer Abe Hirschfeld on Friday, ending Steven Hoffenberg’s operation of the tabloid after less than two months.
The order appeared to catch Hoffenberg and his lawyers by surprise as a weeklong feud between the former partners ended with Hirschfeld in control of the nation’s oldest continuously published daily.
U.S. Bankruptcy Judge Francis Conrad said Hirschfeld was in a better financial position to save the newspaper. The paper ran out of money because of the personal bankruptcy reorganization of owner Peter Kalikow.
Hoffenberg emerged as a potential buyer in January, minutes before it appeared that Kalikow would be forced to shut the paper. He agreed to cover operating expenses while working out details of a sale.
But it was quickly learned that Hoffenberg’s debt collection company was under scrutiny by the Securities and Exchange Commission. Because of allegations of securities law violations, the SEC wouldn’t allow Hoffenberg to put money from his collection company into the Post.
Hoffenberg then brought Hirschfeld into the deal to help cover short-term cash needs while a sale was finalized.
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