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Losing equity.

Bankruptcy filings are a beautiful thing--for journalists at least. Since a private equity firm filed to foreclose on Equity Media Holding Corp. of Little Rock, a steady flood of documents has emerged about the company-that-does-not-return-calls.

Well, it's known that Equity owes Silver Point Finance LLC of Greenwich, Conn., the private equity firm, $41.5 million.

But the list of the company's 20 largest unsecured creditors shows Equity owes at least $4 million more.

The debts range from roughly $1.7 million owed to Royal Palm Capital Management LLLP of Boca Raton, Fla.--an affiliate of the blank-check company that helped Equity go public--to about $22,000 owed to Clearpoint Technology Inc. of Little Rock.

And while the largest creditors are headquartered outside the Natural State, Equity has apparently stiffed its fair share of Arkansas companies. The company owes a total of about $300,000 to Arkies. Aside from Clearpoint, Equity owes:

Friday Eldredge & Clark LLP of Little Rock, $102,568; Moore Stephens Frost PLLC (soon to be renamed Frost PLLC) of Little Rock, $99,317; and Williams & Anderson PLC of Little Rock, $80,715.
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Title Annotation:Whispers
Publication:Arkansas Business
Date:Dec 22, 2008
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