Owner Forecloses on Dorchester
— posted Thursday 8 March 2012 @ 1:30 pm PDT
Dorchester Publishing’s owner, The Backe Group Inc., founded by John Backe, filed a notice of foreclosure against Dorchester, after failing to collect on an outstanding $3.4 million loan. The notice signaled Backe’s intention to “foreclose its security interest in [Dorchester] and sell at public auction as a single unit,” including the company’s registered trademarks, related internet domain names, works of authorship, copyrights, copyright registrations, and even computer equipment. Because the owner is personally foreclosing against the company, proceeds will go to him, leaving little or no assets to pay creditors.
See Publisher’s Lunch for more on the Dorchester closing and resulting auction. Author Brian Keene has also been reporting on the Dorchester saga on his blog.
Category: Legal, Publishing.
