I had planned to report on today’s bankruptcy hearing, even though I am now writing this post from an airport. But it appears that the fates (or, rather, the Judge) have decided to continue the hearing until later this week, making my job a little easier. Judge Christopher Santochi has informed publishers that they may sign with both NBN and Perseus, if they so desire. This puts NBN in the spot of getting the appropriate paperwork together before Wednesday afternoon. (And if NBN does not, then Perseus’s offer will be approved on Thursday morning.)
This puts the ball squarely in the courts of NBN and the respective publishers to do the mad scrambling. We shall find out soon enough whether PGW will operate the aegis of NBN or Perseus soon enough. Tomorrow, I will attempt to determine if there are any hesitations some publishers may have in going through NBN. And while NBN’s offer is certainly a sweeter pot than Perseus’s, I will attempt to determine any possible disadvantages.
Meanwhile, Publishers Lunch reports that AMS plans to sell “the majority of its assets, excluding PGW” to Baker & Taylor. The release can be found here.