Judge orders Your Black Muslim Bakery to liquidate

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OAKLAND — A federal judge today rejected a request by Your Black Muslim Bakery to dismiss bankruptcy proceedings and ordered that the assets of the troubled Oakland bakery be liquidated.

U.S. bankruptcy Judge Edward Jellen said the bakery’s management problems are getting worse, not better, and that Chapter 7 liquidation was the best way for the bakery to repay the IRS, its mortgage company and other creditors.

The bakery’s chief executive, Yusuf Bey IV, is in custody on kidnapping charges after his arrest Friday in a police raid on the bakery, which was shuttered.

Youth Radio at the Oakland Police Department Press conference regarding raids of the Your Black Muslim Bakery chain and the murder of prominent Oakland journalist Chauncey Bailey..

Another bakery employee, handyman Devaughndre Broussard, 19, was later arrested and police say he confessed to last Thursday’s slaying of journalist Chauncey Bailey, who was investigating the bakery’s bankruptcy proceedings.

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Jellen had ordered the bakery to enter Chapter 7. But Bey, who filed for Chapter 11 bankruptcy in October, asked the judge to reconsider because a potential buyer had been found.

Attorney Fayedine Coulter, who represents the bakery, did not identify the buyer at Thursday’s hearing.

“Because of the newsworthiness of this case, people are withdrawing their names and support. But they do exist,” she said. Coulter had no further comment on the case.

• Original title: Judge orders Oakland bakery to liquidate

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Source

(Listed if other than Religion News Blog)
San Francisco Chronicle, USA
Aug. 9, 2007
Carolyn Jones
www.sfgate.com

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This post was last updated: Monday, November 19, 2007 at 4:37 PM, Central European Time (CET)