APBNEWS.com APPROACHES BANKRUPTCY BID

By: Wayne Robins

Will White Knight Emerge?





by Wayne Robins



Will the condition of APBNews.com be upgraded from critical to
guarded? That’s the possibility that emerged from an internal
e-mail leaked from the crime, justice and safety Web site and
reported by Staci D. Kramer of Inside.com.



‘On Sept. 1, APB will either be sold to a company named
Safetytips.com or auctioned to a higher bidder,’ in U.S.
Bankruptcy Court in New York City, said the memo, which was
obtained by E&P Online. The price bid for all of APB’s assets:
$950,000, a drop in the bucket compared to the $27 million
APBnews.com is said to have burned in its 1 1/2 years of
operation.



Spokesmen for Safetytips and its backer, Rare Medium, could not
be reached for comment.



‘Any offers a debtor gets have to be proposed to the court and
creditors for approval,’ said APBNews spokesman Joe Krakoviak.
‘If somebody was to come in and say we have more than the offer
on the table, the courts and the creditors would have to
entertain that.’



Sources close to APB suggested that a white knight with deeper
pockets might still emerge. According to Krakoviak, APB still
has 19 paid employees, ‘mostly reporters and editors,’ down from
the 140 that worked there until the money ran out in early June.
The site is still active. Krakoviak said, ‘We just put up the
FBI files on Jeffrey Dahmer.’ Now that’s an apt undertaking for
what APB itself refers to as its ‘skeleton crew.’







~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~



Wayne Robins (wrobins@editorandpublisher.com) is an associate
editor for E&P.



Related stories:

APBNEWS.COM RESUMES PAYING SOME STAFFERS (06/20/00)



APBNEWS.com STAFF HOPEFUL SITE CAN BE SAVED (06/08/00)



LESSONS LEARNED FROM APBNEWS.com (06/08/00)



APBNEWS.com CLOSES DOORS, FIRES STAFF (06/05/00)





















(c) Copyright 2000, Editor & Publisher

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