Fritz's World

An exciting and awe-inspiring glimpse into my life: movie reviews (which are replete with spoilers), Penn State football, Washington Nationals, and life here in the nation's capital. Can you handle it?

Friday, March 21, 2008

More on Murky Coffee

The Post finally got around to reporting on the Murky Coffee situation, and apparently the financial distress of the store was worse than we were initially led to believe. Apparently it extended to back rent and the owner constantly missing payments. Though I find his justification rather ham-handed.

While conceding that he has been irresponsible, Cho chalked up the tax bill to "poor cash flow management." He disputes the tax office's assessment of what he owes, estimating it at about $200,000. And he said he also owes Virginia about $20,000 for sales tax at his Clarendon shop.

"In a nutshell, we've gained a pretty good reputation for our coffee quality. That's the side of the business I've done pretty well at," Cho said. "The financial management side I haven't."

Cho, who initially called his tax problems a "hiccup" in operations, said he never tried to evade authorities and always intended to make the payments.

"It's not that I went and bought a sports car or a horse. It's just general financial mismanagement," he said.
That may be so about financial mismanagement, but in the real world, when you don't meet your financial obligations, they will come back and bite you in the ass. It's a fundamental of capitalism, good coffee notwithstanding.

Labels: , , ,

0 Comments:

Post a Comment

<< Home