Bankruptcy filings are public. Including the customer list.
Not a leak. The law. You can't erase debts owed to people without naming the people, so a Chapter 11 comes with schedules listing every creditor, every contract, every account that still owes the company money. The customer list, notarized, sitting in a court docket. PACER sells it for 10 cents a page, capped at $3 a document.
A guy I know watches filings for regional food distributors.
The day one files, a couple hundred restaurants just lost the truck that brings their produce. Not lost confidence in it. Lost it. Deliveries stop mid-week, a restaurant holds three days of inventory, so every owner on that list has until Friday to find a new distributor or 86 half the menu.
He pulls the schedules, hands the list to a rival distributor, and takes 5% of first-year revenue on every account that switches.
One filing in March: 214 restaurants in the paperwork, 61 owners reachable after a nickel of skip tracing each, 38 conversations, 17 switched, $94k average account. His cut cleared $79k off a document that cost $3.
It stays open because the only people who read dockets are lawyers and claims traders, and they came for the receivables and the warehouse, not the customers. Sales guys don't read court filings. The arbitrage lives in the gap between two professions.
A customer list is normally a company's most guarded asset, and customers are normally too lazy to switch. Bankruptcy is the one moment both flip at once. The list goes public the same day switching becomes mandatory.
Somebody's worst week is somebody's lead list fr