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 ...
“Now where the heck am I going to get bagels?”
Here! Only a few minutes away if you are driving ...
Semifreddi’s
3084 Claremont Avenue
Berkeley
Great Jewish Deli
I will defer to local knowledge but it looks like a dump to me.
I hope the proceeds left over, if any, go to Chauncey Baileys family as Wideawake posted in #4 they strongly suspect that the 19 year old who is charged was making his bones.
They would have to prove that in court to get money to the victims family. Otherwise any money from the sale will go to the creditors. They will also have to get a judgment in a civil court before the bankruptcy is settled. At this point that seems unlikely. Perhaps if they file suit ASAP they can file a motion to suspend proceedings while awaiting judgment but the creditors would fight that tooth and nail.
Re: $100,000 to a creditor, Richard Stovall; and $11,000 to another creditor, Patricia Hill
Fools and their money are soon parted......
Assuming the creditors are white, how are Richard and Patricia going to assuage their white guilt now?
Turn it into a Barbecue/Soul Food restaurant!
“looks like a dump to me.”
Nothing wrong with your vision!
On the rest - agreed - it won’t be easy but I would love to see a massive civil suit evolve out of this and gut these thugs out of Oakland and society in general.
“A rose by any other name” my friend.
I say we all chip in and buy the place. Then rename it “Your White Christian Bakery” Serving hot frech pork chop samitches.
I was being facetious. I wouldn’t expect a radical black muslim bakery to carry a jewish product. Heck, I don’t even like bagels. I’m a donut guy. :-)
That, I believe, would incite 4GW. While it would pull the thugs into the open so to speak - a-la Iraq - I don’t think we really want to go there.
Yeah. Every company I've ever worked for has a handyman or two who are that concerned about the company finances...
“I was being facetious.”
I know ... However! I couldn’t resist the opening for a shameless plug about a Jewish business on this thread.
Forgive me. ;-)
“Yeah. Every company I’ve ever worked for has a handyman or two who are that concerned about the company finances...”
You know ... now that I think about it ... you really have a point there!
Expect wails and moans of racism.
My family went once, out of habit. And they probably didn't have their new sign up, either, other than "Under New Ownership".
We never went back.
I don't think it lasted all that long.
A Gray Davis enterprise funded by the numnuts in Congress?
Or Sacramento?
“Expect wails and moans of racism.”
Yeah with Barbara “She speaks for me” Lee and his royal highness Ronaldus Dellums leading - what a pair - but the “majority” of welfare recipients in the area voted them in so we live with it.
No problemo.
Why is the bakery even allowed to disband? Why isn’t it seized as an asset used in a felony?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.