Subscribe to RSS 2.0Liquidised
My confusion over the fate of the Friday Project is finally abating. An article in Publishing News gives some illuminating details. Up until this week, I've been a bit frustrated that despite all of the available information pointing towards a liquidation, there were also occasional references to the 'sale of the company'. A phrase like that carries connotations of continuity and survival, and I felt it ran the risk of raising false hopes among creditors (though I understand that those at TFP weren't free to set the record straight). In my mind I was sure the Friday Project was about to disappear for good taking its debts with it. But it seems I was half right and half wrong.
The PN article explains that Harper Collins has acquired enough of the old company to be able to create an imprint of the same name. This clone of the old Friday Project will operate out of the same offices, with most of the same staff, and will retain some of its former list, but from the point of view of paying its bills, it's a different firm. It will start with a clean slate. Which is to say, unless I've misunderstood, we won't be able to ask the new Friday Project to pay the old Friday Project's bills. A line will be drawn under those liabilities. No wonder it took Harper Collins a while to put a deal like that together. I'm pleased for the TFP staff who'll have secure jobs and will once again know where next month's rent is coming from. On the other hand, it will take a bit of getting used to: the idea that the firm's spirit lives on, but not its former obligations.
The other point in that PN article that jumps out at me is the opinion of Antony Cheetham that TFP was under-capitalised. His view seems to be that if they had only had more money to put into advances and marketing they could have broken through into serious profitability. Now he's the expert, and I'm not, but I have to say I've got a very different take on things.
We spend very little on outside marketing because we're too afraid we'll never make that money back. Ditto with advances.
I suppose it's just that Em and I are wimps when it comes to gambling large sums of money - and maybe we'll never have a big win unless we learn to bet big too - but that's just how we see the world. Given that TFP used up perhaps ten times as much capital as we've ever had access to, it's just difficult for us skinflint types to accept that TFP's big problem was that they weren't able to spend more.
Comments: 6
It`s a disgrace. How can a company which owes one and a half million pounds, has not paid its authors a penny and has let a very great many people down walk away with jobs, salaries, nice offices and not a single apology while their debts are simply made to vanish ? Limited liability we companies may all have but there is such a thing as moral liabilty - or rather, there should be. I don`t see how you should be confused Rob....angry yes. Confused no. People can cock up a business, rely on goodwill, run up huge debts, hurt a lot of people, and never be responsible for them. What about the authors whose books were published and sold and for which sales money was received but which was not passed on to the authors ? If businesses allow other businesses to run up unmanageable debts that is foolish of them but they do it with their eyes open...Investors go into a risky investment knowing the risks. But the authors who earned money which has not been passed on are not one jot to blame - yet they suffered the most and have not been able to find out what has happened to their books or their money. They deserve much much better. Yet the ones who got into the mess walk away.
Posted by: SUSAN HILL on April 3, 2008 09:46 PM
"advances and marketing"
Agreed, Rob.
Who on earth were they hoping to attract with large advances and heavy marketing - the Jordans of this world?
Way out of their league.
Posted by: NaomiM on April 4, 2008 12:11 AM
What I don't understand is why Harper Collins want to offer nice safe salaried jobs to people who have cocked up on such a massive scale and who have (presumably) little goodwill towards them in the trade. Would you get involved with them again?
I wouldn't and I daresay an awful lot of people from printers to authors to agents to other publishers etc wouldn't either. Surely the reputations of the staff/directors can't be worth much these days?
I've had a friend treated abominably and am furious as are many others whether they have direct or peripheral contact.
Posted by: Vanessa on April 4, 2008 09:17 AM
We just had a look at the new titles coming up for Cheetham's Quercus imprint. An 'eclectic' mix for sure, it will be interesting to follow its development. Obviously there is a bit of cash behind this one...
Posted by: adam on April 4, 2008 03:23 PM
It may just be coincidence and not in any way connected with HarperColins and The Friday Project, but this has popped up on the NY Times:
Posted by: NaomiM on April 5, 2008 11:07 PM
I'd like to draw people's attention to this new blog which aims to discuss The Friday Project in an open and constructive way:
http://the-friday-project.blogspot.com/
x
Posted by: VC on April 15, 2008 12:17 PM