For anyone following the Dorchester Publishing saga, it’s long been clear that the publishing house was on its way under. Now, it appears the last stages of the process are falling into place. After more than 40 years of book publishing, Dorchester has succumbed to foreclosure. The process has been initiated by Dorchester’s owner, John Backe.
On February 28, he filed a notice of foreclosure after failing to collect on an outstanding $3.4 million loan to Dorchester Publishing. The Backe Group, Inc., which Backe founded, is the owner of Dorchester. The notice was part of a process under Article 9 of New York State Law, deemed by a firm handling the process to be “more efficient and less expensive” than a Chapter 11 bankruptcy reorganization.
It appears Backe will collect the proceeds from the sale of at least some of the publishing houses’s property, which begs the question if assets will remain to pay creditors and authors.
For a more complete look at the foreclosure, please visit: Dorchester’s Office Closed, Assets To Be Auctioned After Owner Forecloses