From a number of different sites comes this news:Loose ID has bid on the contracts held by bankrupt Triskelion:
If successful in their bid, Loose Id, LLC will release the majority of contracts at no cost to the authors who entered into them.
In a few cases, new contracts will be extended to the author from LooseId in lieu of the Triskelion contracts. If an author chooses to reject the offer made them, their contract will be released by Loose Id, at no cost to the author.
So, if successful, LooseID gets dibs on the contracted works originally negotiated with Triskelion, and can either offer a new contract or release the author to allow them to shop that work elsewhere – if I’m reading that correctly. This does not seem like an altogether bad thing for authors whose unpublished manuscripts were held as part of Triskelion’s assets.
somebody should give those people a medal
aid26 —ironic!
It’s nice that there’s even a smidge of light at the end of that tunnel. Hope it works out.
Oh that’s a little more elaborate than the email I saw but then that makes sense because a few of those books would be great to get but taking on all of them in the various stages of disarray would be a little bit of a loss deal there..
Too much bad juju for me in the long run.
This does not make up for that Romentics book I just bought or the fact you have another one coming out. EWWWWWWWWWW!
Let’s hope they’re successful; that solution is both sensible from a business point of view and ethically sound.
*applauds Loose Id*
With December and Charlene.
This only confirms all the good things I’ve heard about Loose Id, primarily in ebook circles. Nice to see a genuinely stand-up publisher out there. Hope it works out for all concerned.
Not to be the wet dishrag on the Loose ID party but Loose ID did not say it would be returning ALL of the author’s rights, just likely the ones that make no economic sense for them.
They’ve put in a bid of $1500.00 and will likely keep the authors who will generate the most income in hoping to recoup that $$.
It would actually be more advantageous for the authors to bad together and buy their own rights back because then they would be able to resell them.
But it is a brilliant PR move.
Actually, Jane, you are wrong here. It was clearly stated that they would release ANY author who wished to be released from her contract. Not ANY author after we pick and choose the ones we want to keep.
No publisher, and especially not one as author-friendly as Loose ID, would want to publish a book by an author who didn’t want to be published with them.
Re-read the section that starts: “If an author chooses to reject…”
It would *not* be more advantageous for an author to spend her own money to buy her own rights back. If a publisher is willing to put up its own money to buy back the rights, and then not hold the author to any agreement they don’t want, that would be the better situation.
Plus, the idea of giving Kristi Studts help paying off Triskelion’s debts would be mighty distasteful to an author. Many authors never received royalties or were underpaid. Why would they want to throw more money down that hole?
Loose ID’s offer is spectacular, and I hope it works out for the authors.
I hope I am wrong, Kristen. I don’t mind being wrong. My reading of the statements seems to indicate that there will be a two tiered approach. I.e., “will release majority” and “In a few cases”. It would be great if it Loose ID was spending $1500.00 of its money for the good of the ebook community. I am just overly cynical at times.
I guess I thought that there were about 150 authors affected and if they all chipped in $11 or something like that, they could outbid Loose ID, take their rights and have the opportunity to resell them, but that might be something they aren’t interested in doing, as you state.
The email I got plainly stated…
No contract acquired by Loose Id will be held by the company against the will of the author.
So that is a nice gesture and is good publicity.
Well, then, I’m wrong and that is also full of awesomeness.
I’ve had two books published with Loose-Id and have to say that they’re a class act all the way—great people and never a single problem with release dates, payments, or anything else. In fact, LI has been extremely flexible with me at all times. The authors LI extends offers to could certainly do much worse than signing on.
Loose-Id has gay pirates too! Check it out just released Jill Knowles: A Pirate’s Primer.
*Random Teddypig Plug*
//Gettin Piggy Wit It! I Loves Pirates AAAAArgh!