The Chicago Reader, another of the financially challenged alt-weeklies Ben Eason bought with $40m. in hot money, has the details here.
The shorthand is that if senior debt holder Atalaya Capital Management is allowed to participate in an equity auction of the chain’s assets, “It’s over. It’s the same thing as a foreclosure,” Eason told the paper.
The bankruptcy judge will decide if Atalaya gets to play on Monday. This can only mean one thing:
