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Dreamspinner Press Restructures as Authors Cry Foul
#1  Paperbackstash 01-19-2020, 06:59 PM
Florida-based LGBTQ romance publisher Dreamspinner Press retained law firm Berger Singerman LLP in mid-December to handle restructuring of the company as complaints from authors about unpaid royalties mount. Dreamspinner CEO Elizabeth North said the press plans to “remain open, viable, and operating” and that it “does not intend to file bankruptcy at this time, as we believe that with proper guidance and cooperation, we can work through the issues we are facing.”

Full article here
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#2  Paperbackstash 01-19-2020, 07:00 PM
I remember hearing about unhappy authors and unpaid royalties on Twitter. Curious if it can be turned around.
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#3  fjtorres 01-20-2020, 07:15 AM
They might go the way of Nightshade.

http://www.michaelastackpole.com/?p=3288

Once small tradpubs hit the rocks they rarely recover. If the cashflow was inadequate before crisis, it rarely goes up, much less enough to catch up on debt.
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#4  Josieb1 01-20-2020, 07:30 AM
For now they are determined to carry on, although tons of authors have left.

Any publisher which steals author royalties (as that is what they have done) should go under, they don't deserve to turn it around. I feel sorry for the authors as they have hardly any chance of ever getting their money.
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#5  fjtorres 01-20-2020, 10:55 AM
Quote Josieb1
For now they are determined to carry on, although tons of authors have left.

Any publisher which steals author royalties (as that is what they have done) should go under, they don't deserve to turn it around. I feel sorry for the authors as they have hardly any chance of ever getting their money.
The money is history.
The question is whether they can recover the copyrights or not before a formal bankruptcy. In publisher bankruptcies the copyrights are considered corporate assets and the authors unsecured creditors.

https://www.publishersweekly.com/pw/by-topic/industry-news/publisher-news/article/78450-medallion-press-files-for-chapter-7-bankruptcy.html
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#6  j.p.s 01-20-2020, 11:31 AM
Quote fjtorres
The money is history.
The question is whether they can recover the copyrights or not before a formal bankruptcy. In publisher bankruptcies the copyrights are considered corporate assets and the authors unsecured creditors.

https://www.publishersweekly.com/pw/by-topic/industry-news/publisher-news/article/78450-medallion-press-files-for-chapter-7-bankruptcy.html
Looks like authors' contracts with publishers need a clause that copyright reverts to author upon royalty payment default and probably another that the copyright can not be transferred to anyone but the author.
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#7  pwalker8 01-20-2020, 12:05 PM
Quote j.p.s
Looks like authors' contracts with publishers need a clause that copyright reverts to author upon royalty payment default and probably another that the copyright can not be transferred to anyone but the author.
Most contracts can be voided for failure to perform. The trick is to get it done before it bankruptcy.
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#8  j.p.s 01-20-2020, 01:00 PM
Quote pwalker8
Most contracts can be voided for failure to perform. The trick is to get it done before it bankruptcy.
And yet home mortgages tend to have clauses to the effect that upon failure to keep the lawn mowed the entire balance becomes due and payable, sometimes with prepayment penalty triggered.
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#9  pwalker8 01-20-2020, 02:14 PM
Quote j.p.s
And yet home mortgages tend to have clauses to the effect that upon failure to keep the lawn mowed the entire balance becomes due and payable, sometimes with prepayment penalty triggered.
I'm not sure what that has to do with anything. Certainly a bank can foreclose and seize the house if you fail to pay the mortgage. Many authors have clauses in their contracts where the rights revert back to them under various conditions, such as a book remains out of print for a period of time. I'm talking about normal contract law though.
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#10  Byrdie 01-20-2020, 03:28 PM
So ... I guess that means it's a good idea to download & secure via Calibre & Aprentice Alf any books bought from their site, eh? Just in case it goes the way of AllRomance, Fictionwise, & others. Heck, now I'm wondering about buying from them at all if the authors aren't getting paid.
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