Ziff Davis, which is in the middle of its Chapter 11 bankruptcy re-org, has hit some headwinds from some of its unsecured noteholders…of course that’s what led to the bankruptcy filing in the first place. In a 62-page transcript of its hearing earlier this month, some details on it (embedded below: RSS readers will have to click through).

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The plea from ZD’s lawyer: “We are in a situation where we are not that big of a company and we are struggling with not that much revenue and not that much earnings. And the professional fees that have been incurred in the last several months outside of court have exceeded one million dollars a month. It became apparent to the company that we had to get into a place where there would be a final definitive arbiter of value so we could fix the value and then figure out how to carve out the value. The debtors believe that the plan that has been negotiated with the senior secured lenders imputes an enterprise value of approximately 140 to 150 million dollars. And the debtors and their valuation experts, your Honor, believe that that is the fair, appropriate and correct value of this enterprise as we find ourselves today in default, in the market that we are in today with respect to financial markets, capital markets, ability to obtain financing and the multiples that are being paid for businesses in today’s market. If we can get the parties together to compromise before a contested valuation hearing, there’s nothing that the company would prefer more.”

Then from the lawyers of the opposing side: “What is being created here through this adequate protection stipulation is basically two tiers of adequate protection which, based on where we are in the case and the record before your Honor, there is no justification for. It is true that we made some progress with Mr. Thomas in connection with accepting some comments to the adequate protection stipulation. There are three principal areas that we did not, three principal concerns we have, and it is on this basis that we object to the entry of the interim order.”

If you have nothing better to do on a Sunday, you can read through the document, after the jump…