CEO Says Creative Loafing's Future Rests on Rules of Upcoming Auction
By AAN Staff
july 22, 2009 11:10 am
Ben Eason tells the Chicago Reader that the key upcoming date in the ongoing bankruptcy saga of Creative Loafing is not Aug. 25, when the auction will be held, but July 27, when the judge sets the rules of the auction. He says the judge should restrict the ability of lender Atalaya Capital Management to bid on the company because "they'll put their money in and immediately take it out." He says that the issue should not just be who has the highest bid for the company, but the "highest and best" bid, which Eason thinks will be his. "For me it's my passion, my life, and everything," he says. "The real key here is not a financial play -- it's how everybody uses their publishing smarts and knowledge of online to fuse those models together. The game is not who's got the most money but who's got the most smarts to make the transition."
