Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Publisher Closure Puts 2600 in Limbo

2600.com

Post reply on HN
Print view View original

11–20 of 24 posts

Re: Publisher Closure Puts 2600 in Limbo

#11

Post by enraged_camel »

>>Instead, we're hearing reports that only the part of the company that owes us money will be filing for bankruptcy, leaving the other part free to keep operating. This is corporate logic we refuse to accept - the two entities shared the same name until things went sour - they are most definitely related and we hold them fully accountable.

Welcome to America, where corporations are people when it is convenient (e.g. when they want to get their favorite politicians elected), but can restructure themselves to avoid paying their debt when they fuck up big time.

Maybe I should borrow a shitload of money from a bank, and then cut off my hand and say to the bank, "well, it was actually my hand that owed you money. The rest of my body doesn't owe you anything."

Re: Publisher Closure Puts 2600 in Limbo

#13

Post by profquail »

wpietri wrote: post #5

The most exciting part for me: you can subscribe to getting digital copies of 2600 via Amazon: http://www.amazon.com/2600-Magazine-The-Hacker-Quarterly/dp/...

2600 subscriptions are also available through Google Play: https://play.google.com/store/newsstand/details/2600_The_Hac...

Re: Publisher Closure Puts 2600 in Limbo

#14

Post by sharth »

JoeAltmaier wrote: post #10

If a judge permitted bankruptcy, I don't imagine there's much hope of recovering anything. Shaming isn't a legal maneuver, and accountants have a thick skin.

I imagine that 2600 would like the assets of "The Enthusiast Network" to be included in that bankruptcy proceeding.

Re: Publisher Closure Puts 2600 in Limbo

#15

Post by twentytwo »

wpietri wrote: post #5

The most exciting part for me: you can subscribe to getting digital copies of 2600 via Amazon: http://www.amazon.com/2600-Magazine-The-Hacker-Quarterly/dp/...

Pretty disappointing that there's no DRM free digital subscription. Amazon, Google and Zinio are the only options.

They do have annual volumes DRM free, but I'd rather get the quarterly...

Re: Publisher Closure Puts 2600 in Limbo

#17

Post by larrys »

xxdesmus wrote: post #4

Operation shame TEN: The Enthusiast Network on every social network we can find? Might work.

"Might work."

Not going to work and it can't work. If the strategy was to put the company in bankruptcy then they can't pay any debts out of bankruptcy period. It wouldn't be legal.

As a side note whatever chance you might have to getting money out of a bankrupt company on the sly (say they create a PO for some other goods and services to get you the money say it's your brother in law etc.) would never ever happen for obvious reason because of all the publicity.

Re: Publisher Closure Puts 2600 in Limbo

#18

Post by hga »

JoeAltmaier wrote: post #10

If a judge permitted bankruptcy, I don't imagine there's much hope of recovering anything. Shaming isn't a legal maneuver, and accountants have a thick skin.

I'm pretty sure the judge doesn't have much choice but to accept a voluntary filing for Chapter 11 reorganization as long as the company really does have debts greater than it can handle going forward.

That doesn't mean. however, mean the judge has to accept the company's proposed plan for continued operations, creditors can submit their own, can even take over the company, and he can for example reverse recent asset transfers. The company was split into these pieces last October (http://www.hispanicbusiness.com/2014/6/24/source_interlink_c...), that may be recent enough if they're trying to play these sorts of games.

The biggest problem for 2600 would seem to be the "limbo" part: all collection efforts are stayed while this gets hashed out---the whole reason for Chapter 11 reorganization is to try to do something less destructive than a liquidation---so whatever money 2600 will get from this process won't be arriving any time soon.

However Chapter 11 doesn't mean the company can simply stiff creditors like 2600, in fact the prospects for the creditors should by definition be better than for a Chapter 7 liquidation.

Re: Publisher Closure Puts 2600 in Limbo

#19

Post by hga »

larrys wrote: post #17
xxdesmus wrote: post #4

Operation shame TEN: The Enthusiast Network on every social network we can find? Might work.

"Might work." Not going to work and it can't work. If the strategy was to put the company in bankruptcy then they can't pay any debts out of bankruptcy period. It wouldn't be legal. As a side note whatever chance you might have to getting money out of a bankrupt company on the sly (say they create a PO for some other goods and services to get you the money say it's your brother in law etc.) would never ever happen fo…

Indeed. E.g. they immediately had to file a petition "to pay claims of employees": http://chapter11cases.com/2014/06/24/source-home-entertainme...

I've read elsewhere over 5,000 were laid off, and they have less than 200 left. This would be to pay what's due to the former, and/or continue to pay the latter, so the company doesn't just shut down now, a worst case for everyone.

Re: Publisher Closure Puts 2600 in Limbo

#20

Post by laacz »

profquail wrote: post #13
wpietri wrote: post #5

The most exciting part for me: you can subscribe to getting digital copies of 2600 via Amazon: http://www.amazon.com/2600-Magazine-The-Hacker-Quarterly/dp/...

2600 subscriptions are also available through Google Play: https://play.google.com/store/newsstand/details/2600_The_Hac...

As a person not from US or any other large country, I keep discovering new products we do not have access to. Google Play Newsstand is a new addition to the list :)
Post reply on HN