In papers filed last week, Borders asked a federal bankruptcy court to authorize as much as $8.3 million in bonus payments to company executives – including up to $1.7 million to CEO Michael Edwards. Seventeen executives are covered by the largest bonus program, which could add between $4.7m and $7.1m, while a second $1.2 million bonus program covers 25 “director-level” managers that court papers say are “critical to the debtors’ reorganization and to ongoing business.” The company said that 70% of its top executives have been with Borders for 18 months or less, and that bonuses were not paid at […]
Legal
Briefs: Dorchester Woes Continue; The Brand of Mary Higgins Clark; Penguin Piracy Suit; And More
Dorchester Publishing continues to do its best zombie impression, as a number of authors have learned the ailing company continues to sell digital copies of their work even after they no longer hold the rights, and despite repeated assurances they would stop this practice. Horror writer Brian Keene detailed the situation on his blog, saying that he found unauthorized e-copies of his books under the Dorchester banner selling through various digital outlets. “In the most recent case (iBooks), Dorchester blamed their vendor, Libre Digital, but provided no documentation verifying this. An employee at Apple cast doubt on this explanation. In the […]
Joseph-Beth Store in Virginia Stays Open With Auction Bid Deadline Set for April 19
Just before a federal bankruptcy court judge was set to consider Joseph-Beth‘s motion to close its Fredericksburg, VA store, attorneys for the company withdrew the request after receiving “formal and informal objections” to the plan. Instead, Joseph-Beth decided to include the store in its ongoing sale process with the other four locations still open in Memphis, Cincinnati, Cleveland and Lexington, KY. Buyers have until April 19 to submit a bid, and if multiple offers come in the auction will be held no later than April 27. “We obviously aren’t where we wanted to be,” Joseph-Beth president Neil Van Uum told […]
Finally, Judge Chin Decides: The Google Book Settlement Is Rejected
Nearly a year after Judge Denny Chin was confirmed to the 2nd Circuit Appeals Court, and more than 13 months after his hearing on the Google Book Settlement, he finally ruled. the settlement “is not fair, adequate or reasonable” and is rejected. While Judge Chin outlines a number of concerns, he notes one fundamental change that could make it acceptable: change it from opt-out to opt-in, and Chin says, “I urge the parties to consider revising the ASA accordingly.” Of course that would literally change everything, not only removing the settlement’s attempt to provide a legal and business-driven solution to identifying […]
Infringe This: Apple Sues Amazon Over “Appstore” Name, While Microsoft Upset at B&N Over Nook OS Invented By Some Other Company
Yesterday provided an almost embarrassing wealth of stories highlighting how sensitive technology companies can be about supposed infringement – especially when what’s vexing them the most involves another company not involved in legal action at all. For Apple, the very fact that Amazon named its Android app store, well, “Appstore,” caused enough conniptions for them to file a complaint last Friday in Northern California Federal Court, Bloomberg reports. “Amazon has begun improperly using Apple’s App Store mark in connection with Amazon’s mobile-software developer program,” Apple said in the complaint. They trademarked the term “app store” in July 2008, a move […]
Bookselling: Joseph-Beth Up for Sale; ABA Expands Board; New Indies; And More
With creditors nipping at Joseph-Beth‘s heels, wondering how the independent bookselling chain will emerge from Chapter 11 bankruptcy, a new filing this week provided some more concrete answers – which demonstrates an outside savior appears to be the best hope. After initially closing four stores, Joseph-Beth will close a fifth store in Fredericksburg, VA before the end of June. The company is also putting itself up for sale, saying that it can’t come up with a reorganization plan that satisfies lenders, creditors and the bankruptcy court. “In the exercise of their business judgment, and to maximize the return to the […]