Since 2011 the “private investment firm” G Asset Management — by all appearances a one-man shop operated by Michael Glickstein — garnered headlines by writing repeatedly to the Barnes & Noble board, proposing various splits of the company’s assets or theoretical offers to acquire control of parts or all the company itself, culminating in a press release claiming it had “made a proposal to acquire” controlling interest in the bookseller. Apparently Glickstein’s antics registered hard on the radar of the SEC, which announced Thursday afternoon sanctions against G Asset Management for issuing “a misleading news release…that claimed it had offered to purchase a majority interest in Barnes & […]
Bookstores
People
Kensington has promoted Lynn Cully to publisher, less than six months after she rejoined the company in April as director of sales. (Previously Cully was publisher at Kensington when she left the company in 2000 to devote more time to her family.) President and ceo Steven Zacharius said in the announcement: “Even though w interviewed many well-qualified people over the past year, we chose to wait until the absolute perfect candidate was available to take the job –- and I’m glad we did. Lynn is the ideal Publisher for Kensington. She’s wonderful with accounts, agents, authors and co-workers. A voracious reader […]
Groff’s Fates and Furies Leads October Indie Next List
The October Indie Next List is up, led by Lauren Groff‘s novel Fates and Furies as the No. 1 pick. You can start reading Groff’s novel, as well excerpts from six other recommended October titles — Gold Fame Citrus by Claire Vaye Watkins, The Secret Chord by Geraldine Brooks, Bats of the Republic by Zachary Thomas Dodson, A Line of Blood by Ben McPherson, The Art of Memoir by Mary Karr, and The Gilded Life of Matilda Duplaine by Alex Brunkhorst — right now in our Buzz Books 2015: Fall/Winter. The rest of the list features: City on Fire, by Garth Risk […]
People, Etc.
At Chronicle, Laura Lee Mattingly has been promoted to senior editor, while Sarah Billingsley moves up to senior editor, food & drink. Brendan Coyne has joined the Pennsylvania State University Press as director of sales and marketing. He was formerly associate sales director at Johns Hopkins University Press. Penguin Random House UK group UK sales director Garry Prior is retiring at the end of the year, after 35 years with associated companies. Co-founder and former chief technology officer of The Book Depository Emad Eldeen Elakehal will launch ibiidi.com, a global international bookselling website selling titles in multiple language and focusing […]
Books-A-Million Proxy Shows Andersons Rejected A Higher Outside Bid
Books-a-Million has filed a preliminary proxy statement with the SEC in advance of a special shareholders’ meeting to vote on the Anderson family’s offer to buy out the stock they do not own for $3.25 a share (valuing the entire company at $50 million). A date for the meeting has not been set yet. The filing provides the first comprehensive and honest look at a company that has been in play at least since 2011 and also explains why there have been just a few potential buyers over the years. (Something like 40 percent of the company’s value is attributed to […]
Family Christian Bankruptcy Reorganization Is Approved
As expected, the revised, final and only viable reorganization plan for the bankrupt and ever-diminishing Family Christian Stores was approved by Bankruptcy Court Judge John Gregg. Per the proposal that was sent to creditors for their approval a month ago, FCS Acquisition is paying between $52.4 million and $55.7 million to acquire the chain, backed by Atlanta businessman Richard Jackson. CEO Chuck Bengochea says he expects they will close a modest 12 to 14 stores from across the 266-store chain. Bengochea credits divine intervention — “We have a sovereign God who has a plan for Family Christian” — rather than the good […]