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Creative Loafing owner tries to rebuff acquisition by creditor

Ben Eason, owner and chief executive of alternative weekly newspaper publisher Creative Loafing, will present financial testimony today before U.S. Bankruptcy Judge Caryl E. Delano in Tampa in an attempt to fend off his biggest creditor, Atalaya Capital Management LP, according to the publisher's Web site. The investment fund, which is owed $31 million by Creative Loafing, wants to take ownership of the chain and says it has "lost confidence" in Eason's management. On Wednesday, Atalaya presented testimony from a valuation expert, who said the publisher's value dropped from $19 million on Sept. 30 — a day after it filed for Chapter 11 bankruptcy protection — to $11.4 million by Dec. 31. Creative Loafing attorney Tim Andreu challenged Nicholas' report on cross-examination. After today's testimony, the hearing will continue Tuesday with testimony from Creative Loafing's chief financial officer and a Tampa Bay area business valuation expert.

Creative Loafing owner tries to rebuff acquisition by creditor 03/11/09 [Last modified: Wednesday, March 11, 2009 8:53pm]
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