Final showdown in Creative Loafing bankruptcy ownership will be Aug. 25
Nobody emerged with a clear advantage from today’s federal bankruptcy court hearing in Tampa for the post-bankruptcy ownership of Creative Loafing. Judge Caryl E. Delano kept intact a negotiated set of auction rules while saying that she’s waiting until the Aug. 25 equity auction bidding to decide how to define and decide what the “highest and best” offer will be.
While today’s hearing about the rules and procedures for the bidding was given a pretty high-drama buildup in a 1B St. Petersburg Times story and in the Chicago Reader last week, it didn’t live up to its billing and was actually a complex, confusing, and undramatic court session.
Delano approved the negotiated set of bidding rules that was contested for two hours today, but she left some core issues unresolved and said, “I’ll make my ruling as to what the highest and best offer is” on Aug. 25.
If there was real news out of today’s hearing, it was that Creative Loafing CEO Ben Eason is considering stepping down temporarily to focus on formulating a new equity bid for the post-bankruptcy company.
