STATUS: Only 65 emails in the inbox to start the day!
What’s playing on the XM or iPod right now? I FEEL THE EARTH MOVE by Carole King
Wait! What is that I hear? I think it’s the wind whistling down Park Avenue and through the Dorchester non-existent office space.
In a world where information is found in a quick Google search, why try and dissemble?
Here is a link to a notice to Dorchester of foreclosure for the note and a sale of the assets that were pledged as security on a loan.
Back to my question. Why do I say that I don’t think I’ll see a bankruptcy filing soon? By the way, this is not a statement of fact. Simply a supposition on my part.
I don’t think Dorchester will file unless forced to. It’s costly to file and go through the process. Meanwhile, monies are coming in and not being paid out.
Last year when my lawyer and I sat in on the phone calls where Dorchester disclosed their financially precarious position, the list of creditors was part of that conversation. There are at least 6 companies that might find it worthwhile to force Dorchester into Bankruptcy to recover monies owed.
And I hope they do.
But to be blunt, those companies will crunch the numbers. If they come out ahead in what they will recover versus what it will cost, then my guess is they will do it. It certainly won’t be altruistic.
Tags: Dorchester
Kristin, Thank you for your continous insights and commentary. As a “newbie” I learn alot about the literary business by reading your blog. Keep ’em coming. You are much appreciated. *smile*
Yes, that’s so true the creditors won’t force a filing unless it’s to their benefit. I’d imagine that might be even more expensive.
I’m trying to find out exactly who purchased DM. Is it FAA Investments or FAA Investors? And which state? Dorchester might have been in a precarious financial state, but John Backe is not–nor are his many other corporations. I have a suspicion also.
I think bankruptcy courts have the final say on dispersments. It then behooves all those owed money to file a claim in time. You can usually find out if a bankruptcy has been filed by checking the various courts (no one stop shopping here.) The information should be free along with the drop dead claim file date.
I don’t advocate force. But if things were done now like they were in the old days, Dorchester would be begging for mercy. They are only getting away with all this because they know they can.