F&W Media Bankruptcy Protection UPDATE re SALES of Artist Network, Wet Canvas & North Light Books
An update for those who have had, in the past, a connection with Wet Canvas.
SALES of assets have taken place.
READ MORE......>>
SALES of assets have taken place.
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| How much Artists Network sold for - and the relative status of "Crafts" and "Art" should anybody be in any doubt |
Summary
- In March 2019, F&W Media filed for bankruptcy protection - and continued in business as "debtors in possession"
- see my previous post Owner of Artist Network, Wet Canvas & North Light Books files for Bankruptcy Protection (19 March 2019)
The Debtors continue to operate their businesses and manage their properties as debtors in possession pursuant to sections 1107 and 1108 of the Bankruptcy Code. The Debtors have filed a motion seeking joint administration of the Chapter 11 Cases pursuant to Rule 1015(b) of the Federal Rules of Bankruptcy Procedure.
- On 7th June the CEO announced that the Books Division had been sold and that the Random House/Penguin bid had been selected as the winning bid and was due to be ratified in court last Monday (June 10th)
- On 13th June, an auction was held in Wilmington and the Communities Division was sold in separate lots.
- On 17th June (today), documents were filed, which seem to me to say that the sales are approved subject to certain conditions. (but bear in mind I'm ignorant of USA bankruptcy law)
It remains to be seen what will happen to the art books, art magazines and communities and forums relating to artists - and the royalties due to authors.
Below are more details about the sale of the two divisions - and how come my name ended up in the Court documents!
READ MORE......>>
