The future of the Reader is being discussed in Tampa today, where a contentious hearing is under way in bankruptcy court. On one side: Creative Loafing Inc., which owns a chain of six alternative readings, including the Reader, which it bought two years ago, and which filed for Chapter 11 bankruptcy last September.

On the other side: Atalaya Capital Management LP, which financed that sale, is still owed $31 million, and says it wants to take over the papers and run them. 

Here’s the latest from Creative Loafing blogger Wayne Garcia, and here’s his report from earlier in the day. The hearing continues Thursday.