Sign up for our newsletters Subscribe
In one particularly memorable section of the filing, Atalaya gives examples of companies in Chapter 11 whose sole proprietor was “the only person who can run the business”: one was the only physician at his chiropractic clinic; another was “the only person with trade secret knowledge of how to process codfish in the Caribbean.” (Note: I am now desperately trying to work the phrase “it’s hardly processing codfish in the Caribbean” into my everyday speech.)
Dammit--I knew I picked the wrong business. If anyone knows how to process codfish in the Caribbean, let me know. Clearly codfish dude has a monopoly.
The WCP's post is more hopeful than the other stuff I've read, but this still gives me the shakes: "loaned Creative Loafing Inc. (CLI) $30 million to purchase City Paper and the Chicago Reader last year and to pay down $15 million in debt that CLI already held."