After posting a string of annual losses and defaulting on loan and lease payments, Tootie Pie filed for bankruptcy last week, the San Antonio Express-News reported today. On Friday, the board of directors of Tootie Pie Co. Inc. ousted CEO Don Merrill Jr. and replaced him with Leslie Doss, one of the company's early investors and an economics professor at the University of Texas at San Antonio. In an emergency hearing Friday, Tootie Pie sought a $50,000 loan from two members of its board in order to pay its employees. A bankruptcy judge allowed the loan over objections from the company's main creditor, TCA Global Credit Master Fund. Overall, the pie company listed nearly $1 million in debts, with assets less than $50,000.
