Creditors have filed two objections to the procedures proposed for the sale of Alter Communications Inc., the bankrupt publisher of the Baltimore Jewish Times and Style Magazine.
On Wednesday, H.G. Roebuck & Son Inc., a printing company owed money by the publishing house, said that the plan to auction Alter's assets as a single entity will "chill" bids. Instead, Roebuck argues, the company's parts should be offered separately.
Lauren Buerger, a stockholder in Alter who is also owed money by the company, filed an objection Thursday that said the proposed auction date is too soon. Alter's trustee, Zvi Guttman, asked a judge to require bids be submitted by Tuesday afternoon and the auction to be conducted on Wednesday morning.
Buerger wants an additional 48 hours to prepare a bid she is planning to submit with an investor group, her filing said. The bids require a registration form, written offer and a $40,000 deposit.
Responding to Roebuck's objection, Guttman said that allowing Alter's properties to be broken into parts for sale would prevent an apples-to-apples comparison of the offers. He also said he would agree to pushing back the bid schedule by 24 hours.