A magazine on the list at www.magazinedeathpool.com
Well, just to make us newspaper fans feel better, there is a blog called the Magazine Death Pool which is tracking the various magazine closings.
Some of these truly look like they deserved to go, but some are a bit of a surprise.
The blog itself seems to have lasted quite a while
Despite its bankruptcy filing on Dec. 8, 2008, Tribune Company appears to be paying freelancers and stringers for work done during the bankruptcy period (before Dec. 8). A memo on the Tribune bankruptcy website states that payments should arrive in mid-January. Some payments have already gone through.
In a memo on it’s bankruptcy website, Tribune wrote,
“After a careful review of the outstanding invoices submitted by the freelancers/stringers at Tribune’s business units, the company has determined that it will be possible to begin paying these individuals for work done prior to Dec. 8, 2008.”
According to the memo, payments have a statutory limit of $10,950 per individual.
Work completed on or after December 8, 2008, is not affected by the bankruptcy filing and should be paid as normal, according to Tribune.
We have confirmed that some pre-petition invoices have already been paid.
Photographers with questions should check with the publication with which they have done the work for. Those who still have not been paid by the end of the month should file a Proof of Claim Form, available at this link:
http://chapter11.epiqsystems.com/documents.aspx?pk=7d2b7379-c031-4bdd-b0b1-9977bd9b8091
A creditors meeting is being held on January 16, 2009 at 10:00 a.m., at J. Caleb Boggs Federal Building, 844 King Street, Room 5209, Wilmington, Delaware 19801
More information on the Tribune bankruptcy, including the memo about freelancers can be found at:
Seeing as how one of my clients has filed for bankruptcy, I plan to be researching the issue of bankruptcy more and more.
It is a dense issue. Here is something I have found
Although the bankrupt company’s assets can be re-distributed, intellectual property is different in that the IP rights cannot be assigned to another party unless the IP owner has consented, according to In The Red business bankruptcy blog, (to make the information in this link more understandable, replace the word licensor with photographer and licensee with client/newspaper/magazine):
Also, this discussion on Patry Copyright blog about bankruptcy and patent. (be sure to read the follow-up comments)
Definitely this is complicated. My guess is that this will develop more over the next few years.
As an aside, I think this means we need to watch out for terms in our contracts that would allow IP rights to be assigned to a third party in bankruptcy.
Legal News from ABA
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