Dragonfly Corp Dragonfly, a Three-Year-Old Term Paper

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Therefore, bankruptcy becomes the other option to deal with the liability to Crossroads. The issue of subordination should be dealt with before bankruptcy proceedings are undertaken, to best protect the Thompsons. At that point, the courts can sort out the extent to which Dragonfly will honor its liability to Crossroads. The downside of bankruptcy is that the Thompsons are major creditors to Dragonfly as well, and the bankruptcy could jeopardize their net worth if they are unable to convince Janet's parents to write off the Thompson's obligations to them. Bankruptcy, however, is lever that can be used against Crossroads, since the mall cannot unilaterally impose bankruptcy on Dragonfly and would ideally like to receive the monies owed.

Turning Dragonfly around is possible, if they are able to maintain solvency while getting out of the Crossroads lease. The Thompsons had gambled that Crossroads would attract Dragonfly's target market and that does not appear to have come to pass. This means that much of the business Dragonfly did generate was destination business - people who came their to shop at Dragonfly.

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The Thompson's have a large mailing list that can be used to attract these customers to the Bellevue location or a third location. Given that Dragonfly is no longer marking down merchandise to move it, they may be able to be sufficiently profitable with other locations to pay down the $20,000 payment. The best course of action if Crossroads would agree to it is to borrow the money to make the payment and exit the Crossroads mall early. This way, Dragonfly should be able to turn their business around, without the anchor that is their….....

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