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Update on my book, ARM CHARM-- Publisher Bankruptcy
As y'all know, my book, Arm Charm, was doing REALLY well the first couple months after its April 2007 launch. Then...Triskelion Publishing, Inc. filed bankruptcy. No royalty checks. The rights to the book speculative.
Just found this article in the news...
Authors in limbo over publisher's bankruptcy
Erin Zlomek
The Arizona RepublicAug. 17, 2007 08:11 AM
A Surprise-based book publisher that produces romance and science fiction novels filed for bankruptcy in July, leaving struggling authors around the Valley and the globe to ponder the fate of the stories they worked so hard to write.
Triskelion Enterprises launched in 2004 from the home of Kristi Studts, a one-time Peoria resident now living in Surprise. The small company started out as an e-publisher, but eventually developed a stable of nearly 100 international authors, with print copies of its books being sold in Borders Books & Music and Barnes & Noble stores.
Triskelion's bankruptcy trustee, Brian Mullen, said unpaid expenses incurred while making the jump from e-book to paperback publisher hit the company hard. Around April, authors' paychecks either bounced or failed to arrive.
Until the bankruptcy is finalized, the copyrights to several Triskelion authors' books are stuck in limbo. Legally, the authors are not allowed to seek other publishers for their work, nor will any more copies of their books be sold in stores until bankruptcy proceedings are over, a process that could drag on through next year, Mullen said.
In some cases, the authors may never recoup the copyrights to their novels should Mullen decide to sell the most valuable book rights to other companies as a way to pay off Triskelion's largest creditors.
Because of Triskelion's Surprise location, several of the company's authors were Valley residents. Vijaya Schartz, a science-fiction romance writer and north Phoenix resident, released five titles with Triskelion and had a sixth set for release in 2008. Her latest book will not be published, its copyrights are locked and the author said that she has not received a check for her print royalties since July 2006."The reasons for the bankruptcy could be many," Schartz said. "The mystery is: Where did all the money made in 2006 go?"
Mullen said he likely won't find answers to those questions until he dissects the bankruptcy file closer to Sept. 4, when a meeting of Triskelion's creditors will take place.Representatives for Triskelion declined comment, directing all questions to Mullen.
The experience of Triskelion authors serves as an important lesson for all authors, artists, freelancer writers and inventors when it comes to protecting their intellectual property, said Arizona State University College of Law Professor Erik Menkhus, who directs the school's Technology Ventures Clinic. "It is really critical to have a look at the financial situation of who you are giving the rights to," he said. Menkhus recommends that freelancers and entrepreneurs ask to look at a company's financial records while negotiating a contract. He also recommends that they seek legal advice before finalizing a deal."I think almost all small entrepreneurs are uneducated about these legal issues," he said. "They believe that they cannot afford, or they just chose not to pay for, legal advice. Sometimes it works out, but other times not having the proper legal advice at the beginning . . . can be a fatal error."
Despite Triskelion's financial troubles, Schartz spoke highly of the small publisher and credited it with making large publishing companies in New York City receptive to obscure, niche romance novels."They had a vision," she said. "They mixed romance with science fiction, paranormal, horror, thrillers, mystery, urban fantasy, and explored various degrees of erotic romance . . . Triskelion broadened the understanding of the genre."
The company was acknowledged as credible by the Romance Writers of America. Now, that organization is looking into providing legal support for the abandoned authors. In the current situation, Menkhus said the authors' best bet would be to attend a meeting of Triskelion's creditors and either bid to regain rights to their own lost novels, or contact a larger company interested in buying the novel copyrights, then working with that company so their books eventually see publication.
All Triskelion authors are encouraged to attend the Sept. 4 creditors' meeting, Mullen said.
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2 comments:
You should send this link to Dear Author, since they've been keeping Trisk authors so informed.
Thank you Anonymous. I did email the webowners of dearauthor.com to alert them and their readers of the latest news on Triskelion Publishing.
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