AMS Bankruptcy Links (1/6/2006)
Here are the most recent developments:
- Some folks have a sense of humor about PGW.
- Violet Blue has offered her thoughts on the meltdown, noting how the impact affects Cleis Press and pointing to a former AMS exec’s prison sentence. (The charge: falsifying earnings.)
- Soft Skull’s Richard Nash puts the catastrophe in perspective.
- Dan Wickett shares some ideas on how publishers might want to pick up some cash to make up for the lost revenue. The inspiration? An idea first put out there by Richard Nash.
- Scrivener’s Error has a helpful legal breakdown. The news ain’t good.
- Paul Collins: “Innumerable small publishers working with AMS and their subsidiary PGW — just about every good small publisher you’ve ever heard of — woke up in the street on New Year’s morning with their clothes missing and a pair of black eyes.”
- No further news as of yet from the San Diego Union-Tribune, but I don’t think we’re going to see any major action until the creditors committee meeting on January 12.
- I’m experiencing some technological issues with my main computer (hence, scant email replies from me for a while; apologies). But I’ll have more for you on Monday.
- [Sunday morning item]: Nick Mamatas reveals some inside information. Soft Skull (and perhaps others) has held off on inventory until forming a short-term strategy. There was apparently a lengthy conference call with 55 publishers and 6 lawyers conducted on Friday. (I have confirmed with an independent source that there was indeed a conference call, with over 70 publishers represented.) The consensus was that these publishers decided to ship the books to the PGW Indianapolis warehouse, despite the risks, and hope that revenue would come right in. So we know that stock for some of the 150 publishers will continue to be offered for the time being. Let’s just hope that PGW will come through on the revenue front.
- [Additional Sunday item]: Critical Mass observes that Pages Magazine was operated by AMS.