Ziff Davis files for bankruptcy protection

[Jokerswild]

Exactly the debtors would be worse off with chapter 7.

[screwballl]

Companies and corporations can end up getting away with not paying 20-90% of the debt owed and it is written off many times by the court so the debtor or creditor ends up with jack. It is only a major creditor with financial backup (and a good lawyer) that can follow the exact letter of the Chapter 11 mentioned above. The rest of the creditors can get screwed and not get paid a dime.
At a previous job, there were 3 contractor companies that ran up $80-100,000 credit lines with the store. Then they all 3 filed for chapter 11 about the same time (within a month of each other, and they all knew each other and the rumor is they planned it this way) and the store lost so much money because the court said that the store did not have a proper claim as a creditor and the money did not have to be paid. This is more often the case than not, and the larger companies always get away with it due to sheister bankruptcy lawyers that find some loophole about this or that company is not a licensed or legal creditor and cannot claim any money is owed.

[Jokerswild]

Their own fault for giving that much credit. They should have been more careful instead of just thinking about how much they were going to make.

[screwballl]

yes but if you expand that to a billion dollar level such as a company like this, how many large and small businesses will be getting shafted by ZiffDavis??? that was my main point...

[Jokerswild]

Probably lots but they should have been more careful. I certainly wouldn't let a company get so far in debt to me that it would put me out of business. Don't put all your eggs in one basket.

[oldman_gamer]

The way I see it all is like this; Everyone involved on both sides are highly professional business minded executive types,otherwise we wouldn'nt be talking about millions and billions.For a company that large,to lose/misdirect money/profit..etc...that didn't happen over night folks.They are closely bonded company/supplier/investor etc.Shame on the company for making bad decisions,shame on the rest of them for following suite.If I gave you money to invest for me,and you lost it or only gave me back half of it....be damned if im going to keep giving you money.Like I said,this didn't happen over night.SOMEONE had to know what was happening,and should have been dealt with accordingly right then.

[garetjax]

Originally Posted by Carl Martin

Except to its employees, their families and ZD's creditors.

Do you think those employee's, families, and ZD's creditors would give a crap if I lost my job or become mired in debt? I didn't think so. Besides, I was referring to the magazines they produce, PC Magazine in particular, as a bit of tongue and cheek humor.