Borders Awards; BN’s Next Recommendation Borders announced their Original Voices Award winners: Fiction Kevin Brockmeier’s THE BRIEF HISTORY OF THE DEAD Nonfiction Timothy Egan’s THE WORST HARD TIME: The Untold Story of Those Who Survived the Great American Dust Bowl Picture Book Jane O’Connor and illustrator Robin Preiss Glasser’s FANCY NANCY YA Catherine Murdock’s DAIRY QUEEN Release Meanwhile, BN has made the second selection in their Barnes & Noble Recommends program: Chris Bohjalian’s THE DOUBLE BIND, set for publication on February 13. Their first promotion, for Diane Setterfield’s THE THIRTEENTH TALE, “broke the company’s sales record for a debut novel […]

When Perseus Went to Court A court filing seeking approval for Perseus’s offer with respect to PGW clients  notes that AMS has accounts receivable of $147.5 million — and $72.5 million in inventory that they are now considering an asset. They also cite “valuable collateral including AMS’s interest in foreign subsidiaries, fixed assets and intellectual property.” Some quick math will tell you they own a lot less than they owe, particularly once the fire sale starts. Wells Fargo, for their part, collected $3.9 million in additional “forbearance fees” just for extending their credit line last summer and fall. The filing […]

AMS Updates The bankruptcy court rejected Simon & Schuster’s efforts to reclaim inventory shipped to AMS over the 45-day period prior to their bankruptcy filing. The judge reinforced that the secured creditors — e.g. the banks — have first claim on the inventory, the SD Union Tribune reports. There is a hearing set for January 31 on “Advanced Marketing’s proposal to establish procedures to sell all or part of the company or to find an investor willing to put up new capital or refinance its debt.” Separately, in reporting results for the quarter, Meredith takes a $3 million pre-tax charge […]

PGW Offer Formalized The deal we originally reported on January 12 for Perseus to take over the contracts of most PGW clients has now been formalized, pretty much following the terms we outlined at the time (including the lengthy transition period). Announced/confirmed today, the parties indicate: “The agreement will substantially reduce the claims against the PGW chapter 11 estate while providing the opportunity for PGW clients to continue to receive distribution services and payments they need to continue operating. AMS will file a motion with the bankruptcy court early this week outlining the proposed deal in more detail and seeking […]

FICTION Debut Laurie Viera Rigler’s CONFESSIONS OF A JANE AUSTEN ADDICT, a literary homage, comedy, and exploration of identity, destiny, and the nature of time, that tells the story of a contemporary thirty-something LA woman and Jane Austen fan who wakes up inside the body of an Englishwoman in Austen’s time, to Trena Keating at Dutton, in a significant deal, at auction, for two books, by Marly Rusoff of Marly Rusoff & Associates (NA). Bestselling author Nathan McCall’s fiction debut THEM, about gentrification in Atlanta, to Malaika Adero at Atria, in a significant deal, by Faith Childs at Faith Childs […]

As Expected, Ostrowski will Lead Bertelsmann Arvato division head Hartmut Ostrowski has been selected as the new chief executive of Bertelsmann, taking over at the end of the year from Gunther Thielen. Thielen will remain with the company as chairman of the company’s supervisory board. The FT notes, “the elevation of the two confidants of Ms Mohn has been an open secret in Gütersloh, Bertelsmann’s home town, as she has worked to increase her family’s influence and focus the print-to-TV group on its old strengths.” The appointment is seen as reinforcing a conservative strategy for the company. The FT quotes […]