Apparently Jerry Power wasn't joking about Plum TV's sad financial state. The company, which produces local television in luxury markets such as Miami Beach and the Hamptons and for a short while was in the magazine business, announced it has filed for Chapter 11 bankruptcy protection. Meanwhile, a group of investors has stepped forward to buy most of Plum's assets.
Launched in 2004, Plum aimed to target affluent markets. Earlier this year, the company named Ocean Drive founder Jerry Powers its new CEO and briefly started publishing magazines. Powers abruptly left in September after claiming he was never made aware of the true state of the company's finances. He has since filed a lawsuit.
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Shortly after Powers's resignation, the company laid off most of its staff and put most of its publications on ice.
Now Plum has filed for Chapter 11. That allows the company to continue operations as it reorganizes and, in this case, completes its sale to new owners.
A group of investors, led by Terry Mackin, president of Greenwich, Connecticut-based ForesightLab, and Bill Apfelbaum, chairman of New York City-based Media Ventures Group, have stepped forward to acquire the company's assets.