Posted on 08/10/2007 7:59:36 AM PDT by SmithL
A federal judge on Thursday ordered Your Black Muslim Bakery, a 40-year-old purveyor of all-natural desserts that has been linked to the slaying of an Oakland journalist, to liquidate its assets.
U.S. bankruptcy Judge Edward Jellen rejected a request by the troubled Oakland bakery to dismiss bankruptcy proceedings, saying the bakery's management problems are getting worse, not better.
"I think every fact dictates in favor of Chapter 7," he said. "The circumstances are the same or worse than they have been. Management problems are certainly no better."
The business is more than $900,000 in debt to the IRS, individual creditors and Davis Mortgage Investment Fund of Oakland. Its assets are about $1.9 million, according to its Chapter 11 bankruptcy filing in October.
The bakery's chief executive, Yusuf Bey IV, 21, is in custody on kidnapping charges after his arrest Friday in a police raid on the bakery, which was shuttered.
Another bakery employee, handyman Devaughndre Broussard, 19, was later arrested and police say he confessed to last Thursday's slaying of journalist Chauncey Bailey, editor of the weekly Oakland Post, who was investigating the bakery's bankruptcy proceedings.
Jellen ordered the bakery to enter Chapter 7 in July. But Bey asked the judge to reconsider because a potential buyer had been found.
Attorney Fayedine Coulter, who represents the bakery, did not identify the buyer at Thursday's hearing in Jellen's Oakland courtroom.
"Because of the newsworthiness of this case, people are withdrawing their names and support. But they do exist," she said. Coulter had no further comment on the case.
According to court documents and public records, Your Black Muslim Bakery owes about $200,000 to the IRS; $100,000 to a creditor, Richard Stovall; and $11,000 to another creditor, Patricia Hill. In 2005, the bakery borrowed $625,000 from an Oakland mortgage company, ...
(Excerpt) Read more at sfgate.com ...
It should also be smacked with a wrecking ball.
Will they be charged with a hate crime? I hear Barbara Lee expressed regret.....what a dope!
I disagree. It should be kept intact so that any residual value can be given to the surviving members of Chauncey Bailey's family.
Better yet, turn it into a storefront church or synagogue.
Good riddance to rubbish.
And they were receiving tax money. Sheesh.....
I wonder how long it would last if someone bought it and renamed it “Your White Christian Bakery”.....the ACLU would be waiting at the court house for the doors to open and file suit the next morning!
Somehow, I don’t think that baking bread was their primary objective...
Liberals and their money are soon parted.
The loan officer who approved the $625K loan to that bakery should be fired. Where’s the collateral for the loan. That building isn’t worth $200K, the bakery equipment couldn’t be worth another $200 and obviously mismanagement is in evidence or income is not meeting expenses.
“That building isn’t worth $200K”
Depends on where you are located ... here in the Bay Area a shack on a postage size lot is at least 500K and this is commercial property in a decent location.
It will be good to see it go ... I hope the proceeds left over, if any, go to Chauncey Bailey’s family as Wideawake posted in #4. That is a reasonable message and one long overdue.
BTW - I spoke with a Cop who was on the raid. The raid had been planned before the Bailey murder and they strongly suspect that the 19 year old who is charged was “making his bones”.
Your black muslim paupers, your black muslim homeless, your black muslim out-of-work-a-holes, the list is endless.
Noooooooooooooooooooooooooo! Not MY black muslim bakery!
Now where the heck am I going to get bagels? ;-p
Or a Pork Store.
You want those bagels with or without the rat t**ds?
It needs an EXORCISM.
It's a family "business", Yusuf Bey IV recently inherited the reins from his father. But the investors are probably typical white liberals who thought they were doing good in the community.
At least their bakery cart inside the security gates at Oakland Airport will finally be shut down - political correctness would have left it alone for years.
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