The plot thickens in the Family Christian Stores bankruptcy case.
I wasn’t expecting to write again so soon. At the last update, it looked like the winning bid by Family Christian’s sister organization had gone through, which would have given the company a few more months to restructure after dropping their debt and keep going. But last week, the judge threw the bid out.
In a sad yet unsurprising move, the CEOs of the organizations involved in the bankruptcy settlement violated protocol during the bidding process which resulted in something like insider trading. You can read more about the situation here and here.
So what is next?
Family Christian Stores goes back up for bid. Is anyone out there looking to buy a chain of nominally Christian retail stores who have dragged Christianity through the mud at nearly every turn?
We’ll see shortly.