In 2005, Random House Inc. imprint Presidio Press published onetime CIA agent Gary Schroen’s First In: An Insider’s Account of How the CIA Spearheaded the War on Terror in Afghanistan to some fanfare and minimal controversy. For four years, and for three different editions, that’s how things remained. Then the mass market edition unblurred a photo of covert CIA agent John Peppe, who was involved in one of the agency’s Afghanistan missions, that was originally blurred in the hardcover, ebook and trade paper editions. That one change by the publisher set off an odyssey of lawsuits, accusations of invasion of […]
Legal
Corporate News: Macmillan Fined on Africa Contracts Fraud; Nebraska Book Company Bankruptcy Approved
The UK’s Serious Fraud Office fined Macmillan $18.3 million over illegal payments made by its education division to secure contracts in East and West Africa between 2002 and 2009. Macmillan said a report had identified “concerns over receipts from certain contracts” by its Education unit in Rwanda, Uganda and Zambia. The company settled with the World Bank last year over a similar situation in Southern Sudan. “We will not tolerate any form of potentially unlawful behavior,” Macmillan ceo Annette Thomas said in a statement. “Fortunately, it has been established that these issues were confined to a limited part of our […]
Court Approves Borders Liquidation Sales As BAMM Offer Details Get Worked Out
Borders’ liquidation sales were formally approved by the bankruptcy court on Thursday afternoon, with those sales starting today. The stores will accept gift cards until liquidation is completed. Borders Bucks will be honored through July 31 only, and Borders Reward Plus discounts will be granted through August 5, limited to an additional 10 percent off any purchases. Judge Glenn also provisionally approved the sale of 30 stores to Books-A-Million, including furniture, fixtures, equipment, and inventory, and obligates BAMM to pay all cure costs (including taxes, rent, and CAM charges) should the sale go through. But the sale requires the approval […]
At Liquidation Hearing, BAMM Offers To Buy As Many As 35 Borders Stores
Borders lawyer Andrew Glenn called it “a very bittersweet day” at Thursday morning’s bankruptcy court hearing, as he again reiterated the company’s disappointment that no full going concern bids emerged by the July 17 deadline. But in what he characterized as a “late breaking development”, Books-a-Million has indeed offered to take over the leases, inventory, furniture, and other related items on 30 stores, with an option on a further five stores. The offer would preserve anywhere from between 1000 and 1500 jobs, Glenn said, and he asked the court to proceed and later approve of the agreement, which Borders said […]
Borders Reported June Sales of $90 Million And $20.6 Million in Losses
In advance of Thursday morning’s court hearing on liquidation plans, Borders filed its operating report for the month of June. The company reported total revenue of $90.1 million (of which $86.6 million were sales) and an operating loss of $20.6 million, of which $19 million was due to reorganization costs. Also, current and former executives Scott Henry, Glen Tomaszewski, and Michele Cloutier each received $50,000 in bonuses. Monthly Report Borders also responded to 99 objections from creditors in a separate filing on Wednesday, calling those objections “irrelevant” since they don’t intend to carry on contracts with business partners and landlords […]
Briefs: University of California Shutters Poetry Program; OFT Signs Off on Bertrams/Dawson Merger; and More
The University of California Press has decided to suspend the publication of its poetry book series New California Poetry after it publishes 3 titles in 2012. Director Alison Mudditt told the LA Times that the decision came about because of budget cuts – it expects to see 10 percent in funding reductions from the university – as well as the “shifting marketplace” for books and publishing. LAT The Office of Fair Trading has been in the headlines of late because of mounting opposition to Amazon’s acquisition of The Book Depository (so much so that UK trade organizations are taking the […]