From the new kid on the West Hollywood media block comes news of trouble at one of the oldest. According to WEHOville.com, bi-weekly mag publisher Frontiers LA filed for Chapter 11 bankruptcy protection on March 6 and received approval for a 90-day transitional operating budget March 11. Still under discussion is how the company will be restructured and which creditors are to be paid first.
There are a couple of juicy personnel details. On the day before the bankruptcy filing, Frontiers co-editor Aaron Drake suddenly quit. That could very possibly have had something to do with requests made by owner-publisher David Stern:
Two proposals have met objections from Peter Anderson, the court-appointed bankruptcy trustee, whose role is to assure that creditors are treated equitably. Anderson objected to a proposal to pay Stern $150,000 a year, noting that in the 12 months preceding the bankruptcy filing Stern was paid only $82,296.