Man who led newspaper lenders’ effort resigns

Bradley G. Pattelli, a little-known but influential figure in the recent sale of The Inquirer, is parting company with Angelo, Gordon & Co., the New York investment house that has been buying in to the newspaper industry.

Pattelli's leaving was confirmed by several sources who have working relationships with him and Angelo Gordon. The sources said they were told by Angelo Gordon that Pattelli was leaving the firm by mutual agreement.

All reference to Pattelli had been removed from the company's website as of Wednesday afternoon.

Pattelli did not return a call for comment. Nor did John M. Angelo, the firm's chief executive officer.

Pattelli, as managing director in charge of distressed debt, has led Angelo Gordon's recent foray into the challenged newspaper sector, including investments in the Minneapolis Star Tribune; American Media Inc., the parent of the National Enquirer; the Tribune Co., owner of the Los Angeles Times and Chicago Tribune, among others; and Freedom Communications Inc., which owns the Orange County Register in California.

He was seen as the driver of the efforts by lenders to gain control of Philadelphia Newspapers L.L.C., the parent company of The Inquirer, the Philadelphia Daily News, and Philly.com, after the media firm declared bankruptcy in February 2009. Angelo Gordon held about 20 percent of the company's $318 million debt, making it the firm's largest creditor.

When the company was sold at auction April 28 to its senior lenders for $139 million, it was Pattelli who signed the sale agreement on behalf of the new owners.