Joe,
It's a done deal. The negotiation stages are completed. The money issues
are between Penton and their creditors. It's done in the business world all
the time. This is how chapter 11 filings are handled. Vendors get stiffed.
I'm just glad Penton's still around...
Penton has A LOT of media presence...News/400 is only one publication in
their mix.
So, we wait and see what the big impact finally shakes out to be...and I eat
my midnight snack and goto bed.
If there were anything we could do to impact the situation, I'd sit back and
let you and anyone else raise heck all night long...but this is a done deal.
All parties in the negotiations appear to have accepted the results. It's
their money.
DR2
-----Original Message-----
From: midrange-l-bounces@xxxxxxxxxxxx
[mailto:midrange-l-bounces@xxxxxxxxxxxx] On Behalf Of Joe Pluta
Sent: Sunday, February 14, 2010 12:08 AM
To: Midrange Systems Technical Discussion
Subject: Re: Encouraging News (Was Sad news)
Don wrote:
OK guys,
Before it gets to be a long night... I think we've figured that they're
coming out of chapter 11 and, at least for the time being, things are
looking status quo and OK.
I don't know where you get this stuff. It's NOT status quo. It's NOT
OK. When a company stiffs its creditors to the tune of 85 cents on the
dollar, that's a bridge that's pretty severely toasted. It may be that
Penton is getting entirely out of the printed material business and so
it's not a problem to default on debts to printers. And who knows,
maybe the printers are happy to get 15 cents on the dollar.
I sorta doubt it, but I don't know.
But I'm a little pissed off at being called a doomsayer when all I did
was say that Penton declaring bankruptcy is a sad thing.
Because it is.
Gz, Louise, it's a freaking Crazy Day in Bizarro World when I get told
to lighten up by DON...
midrange.com
