Pacifica to file for bankruptcy?

LBO News from Doug Henwood

Pacifica update: Bill Crosier, the network’s interim executive director (they’ve all been interim for years, since they can’t formally choose a permanent one) has decided to call for a bankruptcy filing, reminding directors who try to obstruct the move they could be personally liable for a breach of fiduciary duty. It wouldn’t surprise me if half the board members don’t know what that means.

[Weirdly, Facebook won’t let me post the resolution itself, just Crosier’s email.]


Subject: Bankruptcy motion – It’s time
Date: Wed, 27 Dec 2017 21:45:43 -0600
From: Pacifica Executive Director <ed@pacifica.org>
To: Pacifica National Board <pnb@pacifica.org>
Cc: Sam Agarwal_Pacifica_CFO <sagarwal@pacifica.org>, Ford Greene <fordgreene@comcast.net>

Dear PNB Directors,

Attached is a resolution for authorizing to file for Chapter 11 Bankruptcy and Reorganization. As is clear, we have exhausted all options at this time to secure a loan or to pay the…

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