Authors waiting for overdue royalty payments from Foundry Literary have been watching anxiously for news that the agency has secured new bank accounts after City National Bank served notice that it intended to close Foundry’s accounts at the end of February. An author reports they have been told by two people with direct knowledge of the process that the bank agreed to short extensions, with a new deadline to close the accounts of March 15. After attorneys for former Foundry partners Yfat Reiss Gendell and Peter McGuigan told the court on February 16 that, “The parties have made significant progress,” […]
