Friday, June 29, 2012
Amazon Publishing In Line To Buy Dorchester Publishing Assets
Months after long-troubled Dorchester Publishing went into foreclosure with more than $2.9 million in outstanding debts to owner John Backe, it appears Amazon Publishing is in line to acquire the company's backlist, contracts, and other intellectual property, according to a notice of public disposition issued on June 27 and first reported on by agent Richard Curtis. Potential bidders have until August 15 to submit competing offers and, should there be additional bidders, an auction will be held on August 28 at the offices of Garfunkel Wild in Great Neck, NY.
Considering how long Dorchester's assets have been up for grabs, it seems fairly likely that Amazon will emerge as victor. If that's the case, Amazon will acquire "all publication contacts regarding certain literary works (collectively, the Works) and related outbound license agreements of DP (collectively, the Contracts), subject to the purchaser negotiating certain amendments with the authors of the Works in exchange for payment by Amazon Publishing of the full amount of back royalties that DP indicates is owed to those authors as of May 31, 2012" as well as "any existing advances...records and correspondence pertaining to the Works (including copies of W-9s and 1099s)...artwork and all print-ready files, book plates, flats, film negatives, electronic design files, or other production materials...third party permissions" and ebook editions, where available. Dorchester Publishing has also agreed "to revert the rights to any Works not assigned to Amazon Publishing following Amazon's request."