A group of 27 Christian publishers want millions of dollars worth of books, music, and DVDs back from America’s largest Christian retail chain before it proceeds with its bankruptcy plan.
InterVarsity Press, Baker, Charisma Media, David C. Cook, Abingdon Press, and others [full list below] sued Family Christian Stores (FCS) this week in a bankruptcy court in western Michigan.
On Thursday, a creditors committee—which represents the interests of the 27 companies plus HarperCollins, Tyndale House, Crossway, Moody Publishers, and other unsecured creditors—also formally objected to FCS' current plan. The committee claims the plan is an unnecessarily speedy one designed to unfairly benefit owner Richard Jackson while leaving the Christian publishers with nothing.
"The proposed bidding procedures and eventual sale make one thing abundantly clear: the Debtors’ strategy for this case is to benefit the insider entities by ensuring a quick sale to the insider ...1