Any comic strip that has the term "chapter 22" in it is alright by me. Today (August 29), Blondie becomes a critical vendor. For the uninitiated, a "critical vendor" is a supplier whose goodwill is so necessary to the debtor’s business that the court will authorize full payment of prebankruptcy debts, circumventing the normal distribution scheme in bankruptcy court. A special thanks to the not-so-little bird that brought this to my attention.
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One response to “Blondie Is a Critical Vendor”
Yeah, Blondie is asking for a deposit, and the strip somewhat implies it is postpetition. Technically, she is an administrative expense and not a critical vendor. Maybe she is party to an executory contract if it’s prepetition? I wondered how long it would take someone to point that out. The answer was a little under two hours. To protect the guilty, names are being withheld, but you know who you are. 🙂
Coming soon on the Credit Slips blog will be an analysis of whether Ziggy is an individual with regular income eligible for chapter 13 relief.