Just hours after a jury handed down a $26-million verdict against the company, Yellow Cab filed for bankruptcy protection overnight:
The verdict was reached around 7 p.m. Tuesday. At 3:45 a.m. Wednesday, Yellow Cab Affiliation Inc. of Chicago filed for Chapter 11 reorganization with the U.S. Bankruptcy Court in Chicago, according to the court documents.
In its filing, company officials said Yellow Cab is "experiencing financial difficulty due to, among other things, a judgment entered against the company in the Circuit Court of Cook County."
Robert Clifford, the lead attorney for the couple, said the bankruptcy filing means "they may never see a dime."
Given that the verdict was announced around 7 p.m. and the court hearing ended at 8 p.m., the bankruptcy filing must have been a "long planned strategy to avoid accountability and responsibility," Clifford said.
Not that taxi companies have a history of shady dealings, despite my ongoing efforts to retrieve an insurance deductible from an incident a few months ago. And not that private-ride companies are grinding down taxi profits even more. But still, this is egregious.