City Paper is not for tourists
So I guess I could have just gone to the big man himself. Earlier today I posted about the confusing, and concerning, documents filed by Creative Loafing, our parent company, in their application for Chapter 11 bankruptcy protection. Well, blogger Rob Capriccioso, aka Big Head Rob, took it upon himself to forward my post to the Loaf’s main man, Ben Eason, who CC’ed me on the reply. Thanks, Ben. But I still don’t quite get it.
I’d joked that I didn’t understand the lingo in the filings. I never took Latin, for one. Turns out Ben doesn’t get it either:
I think we’re all getting used to this Chapter 11 lingo. Not sure I know what nunc pro tunc is either. The filings are a little confusing due to the fact that we’re current with all our bills, taxes and payroll but when this weeks bills come in the mail, we’ll update the filing. Additionally, the law requires you to list all the taxing authorities and all the sister companies so this quickly becomes confusing to those who aren’t used to these proceedings.
I’d also expressed some concerns about Eason getting dinged by the court for failing to include a complete list of his creditors and debts. He doesn’t explain to the blogger. The way he tells it, we’ve just run into a bit of a rough patch.
All our pubs are profitable and we’re growing nicely online – we just ran head first into a brutal economy that isn’t showing any signs of getting better anytime soon. The City Paper and CL are doing fine – this just gives us the time we need to keep building out our digital strategies.
In general, the future looks bright. (This is from an earlier email to Rob.)
The trust and presence that City Paper has in the DC market is phenomenal and we think that the combination of DC and Chicago with the CL company give us the national reach to play a significant role in emerging media across the country. We’re now able to really get deep into 3 of the top 10 markets in the country and with our brethren in the alternative industry, we’re able to compete against the Silicon Valley funded dot coms that are challenging traditional media companies.
Here we come Google, watch out.