In February when Doubledown Media closed, it seemed like a fairly typical case. The magazine group, which published titles aimed at Wall Street executives, was having difficulty trying to make ends meet in this tough economic climate. So they closed and took with them titles such as Trader Monthly, Dealmaker, Private Air, Corporate Leader and the Cigar Report. As the months progressed the details of their debt became a little more sorted, as Folio reports.
More than 350 claims have been made against Doubledown, a group including ex-employees, investors, three printers, vendors, designers, writers, lawyers and more.
There are 349 â€œnon-priority unsecured claims”â€”totaling $3,166,947.45—against the company. Some familiar names appear on the list, including BPA Worldwide ($17,269.64), Fry Communications ($139,109.16), Hallmark Data Systems ($125,057.29), MagazineRadar ($11,250)…
In all, there are $4 million in claims, according to the documents. All creditors named have until August 24 to file a claim.
The company is expected to divest of all of its assets, which total less than $1.5 million. A closer look at the books reveals that in the months prior to closing, chairman and primary investor Jim Dunning withdrew $103,146.58 in an “interest on a loan” from the company and founder Randall Lane paid himself $151,172. for salary and expenses.
A complete report of financials and debts can be downloaded here.