The contentious bankruptcy court battle between Multimedia Platforms and the lenders suing them for default have a tentative interim resolution in place.
Legal representatives for Bobby Blair's company are suggesting that funds sufficient to start up Next Magazine in Florida and New York in January are forthcoming. But Blair's Bankruptcy counsel, Michael Sesse of Fort Lauderdale, says "we have no intention of starting up the Florida Agenda again, but we are updating our website URL's as well."
They are also hoping the financing plan in place will enable them to start up Frontiers in Los Angeles as well, but nothing is etched in stone yet.
If eventually approved by the court, MMPW's reorganization plan would allow them to pay off their pre-bankruptcy petition debt over time, giving them an opportunity to reorganize.
A hearing on the contested issues of fact in the case, originally set for Friday of this week, has now been postponed until February. MMPW is alleging their operations were wrongfully shut down prematurely by a Massachusetts court. The lenders claim they were victims of a multimillion dollar fraud whose architect was Bobby Blair, the CEO of MMPW.