Barnes & Noble filed its response to former ceo Demos Parneros’s suit alleging breach of contract and defamation on Tuesday, denying Parneros’s allegations and countersuing “to recover…the substantial damages flowing from Parneros’s breach of his fiduciary duties,” claiming that he intentionally “sabotage[d]” a deal to sell the company. In the filing B&N admits there was a sale in progress, as Parneros asserted in his suit, but they also say his statements about that deal comprise “a breach of [his] confidentiality obligations.” By the company’s account, the potential acquirer first approached chairman Len Riggio in late January with interest and made […]
Legal
Medallion Press Files for Liquidation
Earlier this month Medallion Press filed papers in a Northern Illinois Bankruptcy Court for a voluntary Chapter 7 bankruptcy liquidation. The filing says “the company is presently experiencing financial difficulties due, in part, to the difficulties facing the publishing industry.” The publisher’s principal asset is $254,000 in inventory in the warehouse of their distributor Ingram Publisher Services (Medallion had been a Legato/Perseus client), along with $67,000 in cash. The liquidated inventory and cash need to cover an estimated $111,000 in unsecured claims. Filing
Parneros v. B&N Expects October 2019 Trial
Barnes & Noble filed a letter with District Court Judge John Koeltl on October 24 regarding the defamation and breach of contract suit filed by former ceo Demos Parneros, outlining a schedule that kicks off initial discovery on November 29, 2018. They intend to finish regular discovery on June 14, 2019, “because the parties anticipate that there will be significant non-party discovery, including discovery from entities and individuals referenced in the Complaint.” The letter states that both parties will be “ready for a non-jury trial on or after October 23, 2019,” with an estimated trial time of five to seven […]
Appeals Court Once Again Supports Publishers Over Georgia State In Copyright Infringement Case
There is yet another twist in the long-running copyright infringement against Georgia State University by Cambridge University Press, Oxford University Press, and SAGE Publications (in which actual costs were shared by the Copyright Clearance Center and the AAP). First brought in 2008, and first ruled on in 2012, on Friday the Eleventh Circuit Court of Appeals yet again overruled the District Court judge and remanded the case back for further consideration. This is the second time the Appeals court has reversed the lower court’s ruling, in a situation where the original judge clearly wants to favor GSU and the Appeals court […]
People, Etc.: Moldow to Retire
Susan Moldow, president of Scribner Publishing Group and publisher of Touchstone, is retiring at the end of the year. She has been with Simon & Schuster since 1994, shortly after the Macmillan acquisition. CEO Carolyn Reidy notes, “Her first order of business was to rationalize and reorganize a collection of three disparate adult imprints-Charles Scribner’s Sons, Macmillan and Atheneum-and forge them together as one: Scribner, a single powerful brand that at once acknowledged and cherished the distinguished history and tradition of those diverse imprints, while also signaling a new and contemporary focus that would revitalize and move Scribner forward. And what […]
Corporate: Endeavor Looks to Buy Out Saudi Share, Graywolf Concerned About Elliott Lawsuit
As a corporate connection to Saudi Arabia becomes untenable in the eyes of many, Endeavor Content is now reported to be working on a deal to buyback the $400 million investment made in the talent and entertainment company by Saudi Arabia’s sovereign wealth fund earlier in the year. “Sources say paperwork is being drawn up that would terminate the deal.” But a Fast Company source indicates “the termination is not yet complete yet as it’s ‘complicated to unwind.'” Harassment Files Graywolf Press, publisher of Stephen Eliott’s books The Adderall Diaries, Happy Baby, and Sometimes I Think About It, issued a statement […]