Seriously, if just shutting down the business why can't EC just revert book rights back to authors for free or for a set fee? Clearly if closing they won't be publishing the books.
Hopefully royalties past due being turned over to authors are considered more of a wage theft situation than assets (like publishing rights) that a sale or bankruptcy settlement would transfer.
I know way more authors have been impacted than have spoken out (EC has been quite nasty with ones who have spoken out). Maybe now that there's a closing they'll speak up and try to force the issue that the contract granting their publishing rights to EC has been breached by nonpayment of agreed upon royalties where their rights have already reverted to them.
I have sympathy for the ones who say "done, and I'm not risking my publishing rights being in limbo during legal proceedings" so waiver royalties. Particulalry if estimating lost royalties amount to less than pursuing an individual lawsuit (they really do need to organize a group one).
But, I also wonder just how hard and how many legal actions would be pursued by the bankruptcy proceedings or a new owner if authors just sent EC notice of contract breach and began self-publishing? Not likely talking Anne Rice or Nicholas Sparks level of royalties, so how likely would a new owner buying EC be to sue EC over misrepresenting a valid contract to those rights versus going after the individual authors in court over the potential future royalties on books they may or may not have rights to publish? How concerned with the fan base's good will and the trust of existing or future authors would a new publisher be if suing authors versus suing EC?
I think Amazon should create a new publishing imprint and offer to publish EC authors (or even make an offer to buy EC). Would be a good business move.
Won't happen, though. Amazon has made it clear over the years that EC type of books weren't very welcome.
Maybe another publisher will see the potential and start by reasonably addressing everything, allowing authors to chose to keep their works with them or freely get rights back. (Naive, I know.)
Maybe ex-employees and some authors will create own publishing company...
I know way more authors have been impacted than have spoken out (EC has been quite nasty with ones who have spoken out). Maybe now that there's a closing they'll speak up and try to force the issue that the contract granting their publishing rights to EC has been breached by nonpayment of agreed upon royalties where their rights have already reverted to them.
I have sympathy for the ones who say "done, and I'm not risking my publishing rights being in limbo during legal proceedings" so waiver royalties. Particulalry if estimating lost royalties amount to less than pursuing an individual lawsuit (they really do need to organize a group one).
But, I also wonder just how hard and how many legal actions would be pursued by the bankruptcy proceedings or a new owner if authors just sent EC notice of contract breach and began self-publishing? Not likely talking Anne Rice or Nicholas Sparks level of royalties, so how likely would a new owner buying EC be to sue EC over misrepresenting a valid contract to those rights versus going after the individual authors in court over the potential future royalties on books they may or may not have rights to publish? How concerned with the fan base's good will and the trust of existing or future authors would a new publisher be if suing authors versus suing EC?
Won't happen, though. Amazon has made it clear over the years that EC type of books weren't very welcome.
Maybe another publisher will see the potential and start by reasonably addressing everything, allowing authors to chose to keep their works with them or freely get rights back. (Naive, I know.)
Maybe ex-employees and some authors will create own publishing company...