tiny nibbles - violet blue: "Let me explain, with what I've learned tonight. Publishers Group West is the largest book sales and distribution company in the US -- it is the distributor that my publisher, Cleis Press, uses and PGW doesn't just do indies but also biggies like Random House. Here's their active list of publishers. PGW was founded as company on their own, and then in 2002 became part of a behemoth book distribution company called Advanced Marketing Services. AMS filed for bankruptcy, and as of December 29, 2006, all assets were frozen and are now held. So even though book sales were terrific last year and PGW (and all the publishers they distribute) had a great year, the book publishers' money now belongs to the court.
The money, exactly, is from sales months September though December -- the most profitable book sales months of the year. This is calculated as roughly a third of most publishers' yearly income. For those months, publishers like Random House are now out to the tune of $43 million. Imagine what's going on at all the small book publishers, where $20K is like a million dollars to them. Off the cuff legal advice tonight told me that it may be possible that some publishers *might* see about 70% of those funds by the end of the year, but that it will likely take longer, and making it to that point will be the question."
If this has piqued your interest, read her whole entry and follow the links.
