More info on the Perseus-PGW offer: “Perseus CEO David Steinberger said that the company’s standard offer will be 70%, and that the only exceptions will be if a publisher’s fourth-quarter sales seem disproportionate to the rest of the year. ‘We have to give ourselves some flexibility,’ he said. He expects that only in rare cases will the offer to a publisher be less than 70 cents. Steinberger said both Perseus and AMS will move forward with the bid for PGW only if publishers comprising 65% of pre-petition claims agree to move their contracts to Perseus.”
© 2007, Edward Champion. All rights reserved.