UPDATE: She won’t decide Tuesday night. Blogger Wayne Garcia reported in early evening that bankruptcy judge Caryl Delano says it’ll be several days before she makes up her mind whether the present ownership gets to hang on to Creative Loafing and the Reader. She wants closing arguments in writing so she can study them first.

Here’s my earlier story:

Exciting times. The Reader‘s owner, Creative Loafing Inc., is in bankruptcy, and Atalaya Capital Management, the investment firm that holds Creative Loafing’s $31 million note, wants to take over the chain of six papers. According to Creative Loafing blogger Wayne Garcia, at the end of today’s hearing in bankruptcy court in Tampa, the judge might decide whether that will happen.