Re/re/recap. You’re here. I’m ready. Shout contact+re@weakform.com.
Let’s do some vocal warm-ups, shall we?
Tuesday Morning’s drama aisle overfloweth
In a move familiar to anyone in the biz, the unsecured creditors committee of Tuesday Morning publicly alleged that there was a lacking sense of “urgency” around a potential plan or sale motion.
This is as good as it gets for the bankruptcy world, frankly, and we’re popping the popcorn over here at R3 HQ.
The UCC thinks that TM’s leadership is trying to “save their jobs” by ignoring potential buyers and delaying the process. At least, that’s how the WSJ is representing it. And while the Walleye isn’t a gossip mag, they usually get their juicy deets right.
Hertz: criticism!
A group of seven retired Hertz executives filed an objection to block the company from paying $5.4 million in bonuses to 14 executives.
The bonus program could “potentially squander limited resources” according to this group, who thinks that it should have first right to this money as part of their deferred compensation packages.
There’s just something about a group of seven retired top Hertz execs trying to get a solid claim on “their” ~$800k each at the expense of the current top execs while those same top execs are also choosing to lay off hundreds of employees and selling off assets left and right that makes you say: hmmmm.
Or maybe that’s just me?
Century 21 tries to take insurance fight into BK
Century 21 - which is neither a film studio nor a realty company, a surprise to anyone who’s not from New York - filed for bankruptcy protection this week, trying to force its insurers to pay business disruption claims.
Century 21 is a NY-based department store chain that sued its insurers back in July (outside of bankruptcy) to try to collect on the claims for COVID-related disruption.
But here’s the thing. According to the WSJ:
“The bankruptcy court, however, is unlikely to issue a decision or speed up a settlement that would result in a payout to Century 21, said bankruptcy lawyers not involved in the case who were interviewed by The Wall Street Journal. And even if it does, that decision wouldn’t save the storied retailer, they said.”
Oh, and also, the bankruptcy court might not even accept the case.
Those are the briefs. Phew, now get back to the world’s stage and be a player.