Meanwhile, their current bank, Coast Business Credit, is looking into what Johnson is calling "irregularities" and "improprieties" in regards to the "overstated valuations" of the company by former owner Steven Kall pertaining to the operation’s inventory and accounts receivable. Johnson would not comment further about the specific nature of those "improprieties," but rumors abound that the company has been inundated with returns that all but put the wholesaler out of business.
Johnson did not rule out the possibility that the matter could end up in the courts: "We came here to implement a business plan that we believe in sincerely. I am a businessman with a successful track record. I had full intentions of bringing this company back to the top in the one-stop field on a nationwide basis. Some of the improprieties imposed on me have made it difficult, but we are prepared to handle these matters. And we’re going to move forward accordingly."
Is Chapter 11 the next logical step? Johnson: "I have my investment team poised and ready to move forward. We have to determine whether or not we’re going to file bankruptcy to protect the innocent, or if the bank is willing to work with us on a negotiated settlement." Industry estimates have Pac Coast’s current inventory valued at some $15 million. Johnson is currently "keeping the lights on" with some 20 to 25 "voluntary" workers until these issues are resolved.
THE COUNT: COLDPLAY IS HOT, COUNTRY'S COOKIN' IN THE U.K.
The latest tidbits from the bustling live sector (3/28a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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