[You will have to forgive me for what may seem at this point like obsessive inside-baseball theorizing about what is, technically, history. But I think it’s kind of an interesting point, especially since media and debt are important subjects to me and, I would argue, to you as well.] In comments yesterday, my colleague Philip […]
Tag: Chapter 11
Posted inBlogs
Under New Management*
Atalaya wins. More to follow. Here’s the new management. *FWIW, I’m totally ignorant of bankruptcy law, so I don’t know what would happen in the event of appeal, if one should happen. Update: I’m told that an appeal is impossible, so it’s actually over. Ben Eason “said he’s ready to launch a new Web-only community […]
Posted inBlogs
Auctioneering
And we’re off! Creative Loafing Atlanta‘s Thomas Wheatley (whose AAN-award-winning cover story about alcoholism and sobriety is a must-read) is on the scene, and reports that Ben Eason’s opening $2.3 million bid is not facially incomprehensible.
Posted inBlogs
The Crying of Lot CLI
Today’s auction day! Read Michael Miner’s big news about our potential new ownership. I also learned a neat new phrase in this process, facially incomprehensible. I’m just going to listen to this all day and find a nice wall to stare at update if I hear anything:
Posted inBlogs
Requiem for Reader’s Digest?
Oh, no: Reader’s Digest has filed for Chapter 11 (h/t Mike Riggs). It may surprise you, but that hits close to home for this liberal hippie type. I know it’s not true, but I tend to assume that 99% of Americans my age grew up reading Reader’s Digest (and Guideposts, which we had two subscriptions […]
Posted inBlogs
The latest from Cheese Station C
In case you missed it: on Friday night, Michael Miner posted an update on the Reader‘s bankruptcy situation, the latest twist being a nascent deferred-compensation-for-equity swap. Ben Eason, as quoted in the Washington Post in a short oral history of the Washington City Paper, remains confident with two weeks to go until the auction: “Anybody […]
Posted inBlogs
Goodness gracious, the papers: where the cash at? Where the stash at?*
Good news on the Trib bankruptcy front: the US bankruptcy trustee and three unions involved aren’t going to roll over for corporate’s blatantly offensive plan to reward themselves for actually doing the job that reasonable people who care about their colleagues expect of themselves as employees: “At a time when media companies are suffering incomparable […]
Posted inBlogs
Today in logical flaws
Browsing the latest developments in the Creative Loafing bankruptcy case, this jumped out at me. I don’t intend to kick a man when he’s down, but it is, as they say, a Teaching Moment:
Posted inBlogs
In America’s bankruptcy court
Back when my law-student fiancee was taking a bankruptcy class, I tried to get her to explain what was going on with the company that employs me. Her answer: it’s confusing. Turns out she’s right: