Can things get any more embarrassing for the Star Tribune? Developments this week show that maybe they can.
On the heels of the newspaper’s filing for Chapter 11 bankruptcy protection last week, word emerged early this week that the checks that were issued to some employees who accepted buyout offers from the paper weren’t worth the paper they were written on. About 10 employees who tried to deposit the checks — some in the tens of thousands of dollars — were told there would be a hold put on them until they cleared, because they might bounce if they were deposited immediately.
Fortunately, U.S Bankruptcy Court Judge Robert Drain stepped in yesterday and said the newspaper can have access to the funds needed “for the orderly continuation of the operation of their businesses, to maintain business relationships with vendors, suppliers and customers, to make payroll, to make capital expenditures and to satisfy other working capital and operational needs.”
As a fellow crew member on the listing ship called print journalism, I hope the Star Tribune stays afloat. But mishaps like this make the paper look even less stable than it actually is.
[...] On the heels of the newspaper’s filing for Chapter 11 bankruptcy protection last week, word emerged early this week that the checks that were issued to some employees who accepted buyout offers from the paper weren’t worth the paper they were written on. About 10 employees who tried to deposit the checks — some in the tens of thousands of dollars — were told there would be a hold put on them until they cleared, because they might bounce if they were deposited immediately. (Via Minnesota Lawyer) [...]