Author / Edward Champion

Posts by Edward Champion

Edward Champion is the Managing Editor of Reluctant Habits.
by Edward Champion

Today in AMS (1/10/07)

  • As Galleycat reported this morning, reporter Peg Brickley has noted the following: On Monday, AMS is now seeking the Delaware Bankruptcy Court’s permission to sell itself or refinance its senior debt. The senior debt, of course, is the $220 million that is owed to publishers. Should the Court provide AMS permission, this would permit them to raise additional monies to pay off the existing debt, converting the debt into equity. But it remains to be seen whether AMS’s proposed plan would involve a swift revenue return to the indie publishers now left in the lurch or one that could go on indefinitely, as AMS attempts to raise its cash through a sale. It is also unknown whether AMS would seek protection from its creditors under the current bankruptcy plan. Either way, this setback isn’t good news for the Q4 2006 revenues now owed to publishers. As previously reported, a creditor’s committee meeting is scheduled for this Friday. So hopefully we’ll have some more information by the end of the week on whether there are any developments on the senior debt.
  • There’s been some discussion by PW readers on this issue. Tom Haworth writes, “”One would think that Publishers would keep better track of the financial condition of a company that had not produced a legitimate quarterly or annual report for the past 3 years. The financial arm of all piublishers [sic] need to be more up to speed with the deals the sales and marketing arms are making. It’s easy to say that AMS’ customer are so big and strong that we must continue to pursue this business. But, one must remind the publishers that these companies (Costco, Sam’s and BJ’s) assume very little if any risk in dealing with AMS.”
  • “Best coverage” or not, there’s been nothing else from the conspicuously silent PW on the purported “sources” who claimed that AMS was looking to unload PGW on a seller. So I’m going to have dismiss PW‘s report as rumormongering until they can come up with something concrete.
  • The bankruptcy attorneys stand to make a killing.
  • Mr. Popman announces, “I TOLD YOU SO!” and offers a few thoughts on why he saw the AMS bankruptcy coming.
  • Levi Asher offers a personal comparison to the AMS bankruptcy.
  • This Ain’t Livin’ believes that this spells out the end of an era.
  • For those interested in the early PGW culture, Pat Holt offered a remembrance in January 2002. Of PGW co-founder Charlie Winton (now head of Avalon), who was replaced as President and CEO in favor of Rich Freese in July 2003, Holt writes, “And Winton did more: He delivered regular payment to cash-poor independent publishers who were accustomed to being the last vendor to be paid; he made it easy for independent booksellers to buy from a wide array of books without drowning in paperwork; he got orders for books from chain bookstores that would never have considered listening to a sales pitch from the smaller presses; and he established an in-house department to help independents with deadlines, editing and book design.” My, how times change! It’s worth noting that Holt expressed great reservations about the AMS sale, noting that AMS was “the opposite of PGW.”
  • More on Winton from 2002: “As for the acquisition’s effect on publishers and the culture, it’s been a while since the sky-is-falling crowd really had anything to stew about–you might have to go as far back as B&N-Ingram–so if nothing else, Winton gave them some fodder. The argument: that Winton’s damn-the-torpedoes attitude–he was known for carrying publishers and books he liked even when their numbers were questionable–won’t fly with corporate bosses that just paid $37.3 million in an tight market.”
  • And for those who wish to examine AMS’s SEC filings, you can find them here. Today’s filing? An issuance of common stock at $0.001 per share, filed by Foundation Resource Management, Inc. Is this the equity AMS hopes to raise to pay off its senior debt? Is this a sign that the Delaware Bankruptcy Court approved Monday’s request?
by Edward Champion

Reasons Why I Won’t Read an Author

Justine Larbalestier lists some reasons why she won’t read certain writers. Well, fair is fair. Being of clean hands and sound disposition, I thought it might be helpful to offer a few hard rules of my own:

  • If the author turns out a 2,000 page book and follows it up with a small chapbook, then I am convinced that the 2,000 page book was all the author had in him. Come on, Author! If you can write a 2,000 page book, certainly you can write at least a 300 page followup.
  • If I can imagine the writer having sex with Dudley Moore, no way, Jose. I won’t touch the author with a ten foot pole. I thought the short, belated comedian to be a talented man, but I get a very queasy feeling whenever I imagine him having carnal relations with a novelist. Granted, this association has only happened six times in my life.
  • If the author’s name forms an anagram reading “Cthulhu Sucks,” she doesn’t stand a chance.
  • The author’s name is Steve Almond.
  • If the author has tracked down my home address, stormed into my apartment when I’m away and hidden in my closet, only to duct tape me to my bed and tighten my testicles into a painful Dutch knot as I’m asleep, it’s safe to say that I’m likely to pass on the author’s future volumes.
  • I have a restraining order against the author.
  • If a publicist has sent me thirty-six copies of the author’s latest book, then I will put the author’s name on my Nixon-style Enemies List. At present time, the Enemies List consists of two names. And these two authors are no longer living.
  • The author insists on collecting a lock of my hair. (What hair?)
  • I won’t read authors who leave the toilet seat up.
  • I won’t read authors who fart at the dinner table. (And to determine if the author has, in fact, done this, I require three separate incidents, all reported by unimpeachable sources. I take into account the fart’s decibel level and its wind trajectory.)
  • I won’t read authors who send me manuscripts written in their own blood, urine or feces (particularly all three).
  • I might read an author who wants me to suck his cock, for I’m easily humbled. But if he forces me to go down on him or points a video camera at me as he asks me to go down on him, then I cannot read his work, for I will be reminded of his throbbing penis on every page.
  • I will not read an author if he feels that Lima beans are tasty.
  • I will not read him in a house, I will not read him here or there, I will not read him anywhere.

I hope you catch my drift.

So there you have it, readers. Clear transparency. That’ll show the mainstream media! I don’t think I’m being too unreasonable, do you?