Dear all,
As a natural consequence to my previous communications, I have received a
large number of queries regarding the rights to published or in-progress
works that are contracted with Peer Information (PI) companies. I would like
to clarify that the insolvency of PI does not mean implicitly or explicitly
that any contract you have with a PI company has been terminated. They are
still valid and legally binding, because PI as a legal entity still exists.
The fate of any contract will become clear in the next 2-3 weeks. These are
assets of the insolvent company which the liquidator is charged with
selling.
As your formal contact regarding the insolvency process, I will keep you
updated on any development. However, as a former Wrox employee, I worked
with a number of you in various capacities over the years. I enjoyed working
with such great authors, reviewers and developers. I would like, therefore,
to give you my personal view on the situation and offer some personal
advice.
The reputation that the PI books and brands have built over the years makes
it interesting to some buyers. I believe it is likely that someone will buy
the publication rights to some or all of the published and future works. The
buyer will then need to reach an agreement with you that works for you in
terms their side of the contractual obligations, that is payment and
publication. Therefore, I would advise you not to do anything that may
compromise your rights and jeopardize the strength of your position in such
negotiations. If after three weeks the company is wound up and your rights
are unsold, I assume they would revert to you. You could then do with them
what you wish. This would mean that your current royalties would be unpaid,
and that the value that attaches to existing PI relationships would be lost.
It is my personal view that the best thing to do at this point is to sit
tight and wait, and see how things develop in the next 2-3 weeks.
Thanks.
Louay
Posted by jen on March 18, 2003 at 12:49 PM