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Friday, January 15, 2010

Bankrupcty for Village Voice Media, Owner of Seattle Weekly?

Posted by on Fri, Jan 15, 2010 at 9:13 AM

The Wall Street Journal's "Bankruptcy Beat" and Bloomberg report this morning on something I've also heard in my conversations with lawyers about the crazy alt-weekly fight in San Francisco:

The entire Village Voice Media alt-weekly empire could be forced into involuntary bankruptcy if it doesn't pay the $21 million that its San Francisco affiliate, SF Weekly, and that paper's holding company now owe the San Francisco Bay Guardian.

Because the Journal and Bloomberg are based in New York, they lead with the idea that New York's Village Voice is potentially in trouble. True, but you could say the same about the Seattle Weekly, which is also owned by VVM—or about any of the 16 other "operating entities" around the country that are connected to the company.

The Village Voice, a New York City alternative newspaper, could soon face U.S. Bankruptcy Court proceedings after its parent, Village Voice Media LLC, lost a $15.9 million judgment for ad-price fixing, a lawyer said...

“You learn in civics class that when you get a judgment against you, you have to pay,” yet the Village Voice group hasn’t done so, said Tim Redmond, the San Francisco Bay Guardian’s executive editor. He said in a phone interview yesterday that the judgment has risen to $21 million, with interest.

The ruling gives Bay Guardian a lien on all the Village Voice group’s newspaper properties, according to Redmond, who said Bay Guardian is considering petitioning to put the Village Voice chain into involuntary bankruptcy to collect the debt.

“We’re considering all options,” including forced bankruptcy, Jay Adkisson, a lawyer representing Bay Guardian, said in a phone interview.


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treacle 9
Looks like our troll is extraordinarily weak on it's factual details. It always surprises me how the ignorant continue to think they are being canny or smart in some way, when its overtly apparent to everyone around them what a fool they make of themselves.

In Other News: I'll bet Van de Kamp, er, Voorde isn't laughing now. And by "Van de Kamp" I really mean the entire gang of VVM/NT corporate cutouts.
Posted by treacle on January 15, 2010 at 12:16 PM · Report this
Unfortunately the Phoenix New Times is also owned by Village Voice Media and is the only paper doing any actual investigative reporting on Joe (jackass) Arpaio and his dirty dealings with the Maricopa County Sheriff's Office down in Phoenix. I'd hate to see them go, especially now that a Grand Jury has been convened to investigate his crooked dealings and his cronies.
Posted by StuckInUtah on January 15, 2010 at 12:04 PM · Report this
Banna 6
Yes, it's only the liberal alternative press that's dying. The WSJ, Seattle Times, Boston Herald, etc., all bastions of American conservative values have seen no decrease in their circulation, and hasn't had to cut back on staff, etc, right?
Posted by Banna on January 15, 2010 at 9:42 AM · Report this
Will in Seattle 3
Bankruptcy is a tool, and there are many forms of it.

When holding companies are involved, bankruptcy is a way to continue operations, ditch losing propositions, and make everyone else (especially debtors) pay for it.
Posted by Will in Seattle on January 15, 2010 at 9:32 AM · Report this
Green Eyed Beer Slut 2
@1, who's "us"?
Posted by Green Eyed Beer Slut on January 15, 2010 at 9:30 AM · Report this

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