Klarinet Archive - Posting 000013.txt from 2006/12

From: Tim Roberts <timr@-----.com>
Subj: [kl] Re: WWBW
Date: Fri, 01 Dec 2006 18:09:52 -0500

On Fri, 1 Dec 2006 15:23:50 -0500, "Gerald R. Wolfe"
<wolfent@-----.net> wrote:
> I don't claim to have any special knowledge of law or business buy out
> practices, but whatever the Chapter 11 implies I've received email ads from
> all three of the these companies today already...WWBW, 123, and Musician's
> Friend! Doesn't look like they are done yet.

A bankruptcy filing is mostly just an admission that the business
doesn't have enough liquid assets on hand to pay off its creditors, and
is asking the federal bankruptcy court for protection. With Chapter 7,
the business intends to sell everything and fold up shop. With Chapter
11, the business intends to continue operating. It will reorganize
itself under the watchful eye of the court, and eventually (one hopes)
come out of the bankruptcy with a fresh start (and a worse credit
rating...).

--
Tim Roberts, timr@-----.com
Providenza & Boekelheide, Inc.

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