Benjamin News shocks creditors by saying it can't or won't pay its bills

Benjamin News Inc., the wholesaler which closed in March, has advised its creditors to expect only 25 cents on the dollar, at best, on money the company owes to distributors and, through them, to magazine publishers. In a letter to publishers from Coast to Coast Newsstand Services Partnership's (CTC) CEO Glenn Morgan, he said that when Benjamin closed on April 4 (some 1,400 of its 4,000 retail