RE: Encouraging News (Was Sad news)

Dr Franken,

I, as well as many on this list, would definitely not relish the demise of
Penton or their pubs. That would *NOT be goodness.

I was merely pointing out the link to the facts as I know them to be.
Fortunately, it appears to be good news for all of us, including them.

:)

DR2

-----Original Message-----
From: midrange-l-bounces@xxxxxxxxxxxx
[mailto:midrange-l-bounces@xxxxxxxxxxxx] On Behalf Of DrFranken
Sent: Saturday, February 13, 2010 11:13 PM
To: midrange-l@xxxxxxxxxxxx
Subject: Encouraging News (Was Sad news)

Joe,

It's quite tiring to constantly hear 'the bad'. I wish you had picked
up on the 'While they have filed for Chapter 11 re-organization their
agreement means they will continue to serve the IBM i community.' Thanks
to DR2 for pointing out the positive!

I for one am glad that the first news I heard was of a Successful
agreement to keep them in business and not rumors or rumors of rumors
that they were 'going away.'

- Larry

Ah, the lovely world of financial dealings. I don't know what you mean
by "well into coming out of it" but as far as I've read they filed last
week (Tuesday?) a pre-packaged plan to reorganize about a quarter of
their debt and they expect to be done with the process in 45-60 days.
It's a prepackaged bankruptcy which means everything is a done deal, and
they already know who is going to get what. In fact, I got a letter
saying that if I attempted to collect any debts owed me I might be
penalized. Vaguely authoritarian legal stuff, but pre-packs are all the
rage now.

Joe

Joe,

It's a chapter 11 filing as I understand and it looks like they're well

into

coming out of it.

http://www.foliomag.com/2010/penton-media-file-chapter-11-bankruptcy

DR2

-----Original Message-----
Subject: Sad news

Penton Media filed bankruptcy.

I'm not sure what exactly this entails for the publications but it's a
sad sign of the times, the economy and our industry.

They've always been one of the premier teams of i talent and I wish them
the best.

Joe