Peg Brickley’s blog on the Wall Street Journal’s Web site might be of interest to Colorado Springs residents.
Titled “Bankruptcy Beat,” it’s devoted to Springs resident Tim Hoiles, who reportedly cashed out his 8.6 percent stake in the family business, Freedom Communications, which owns the Gazette, for a cool $142 million. He’s sitting pretty – and that’s why unsecured creditors, including a lawyer he once employed, of the now-bankrupt company are snapping at his heels
Here’s a sample from the blog:
“If creditors of Freedom Communications are hoping to recoup “illegal dividends” from Timothy C. Hoiles, motorcycle aficionado, patron of the arts and ex-scold of the family who owns the company, good luck to them… Creditors haven’t named any names when it comes to insiders who could be tagged with lawsuits, and Hoiles cashed out years before the company filed for Chapter 11 protection in September.”
Click here to read the blog.