CrossGen hat den Bankrott erklärt!

[Clint Barton]

CROSSGEN FILES FOR BANKRUPTCY
BREAKING NEWS!!!

Anonymous inside sources at Florida based comicbook publisher CrossGen report that all remaining staff members have been laid off and the company has filed for bankruptcy as of June 18, 2004.

We're sure that more information is pending please check back regularly.

http://www.comicworldnews.com/index....lines&page=323

Das war's also.
Und wieder geht ein interessanter, junger Comicverlag unter.
Ich hoffe, daß wir irgendwie noch das Ende von "Negation War", "Route 666" und "KKBB" sehen werden (und wenn Bedard nur noch die Skripte irgendwo postet)

BTW:
Bevor jetzt irgendjemand denkt, daß wäre ein Fake - Captain Jim, Moderator des CG-Fan-Boards bei www.comicbookresources.com und aktives Mitglied auf www.brokenfrontier.com, hat ein bißchen Recherche betrieben und es bestätigt.

[Boron]

Oh........

[Obregon Kaine]

hier ein Kommentar dazu von Ron Marz:

While I don't want to get too specific, obviously things at CrossGen entered a new phase as of yesterday. I've seen some comments like, "Great, now I'll never know how Negation War ends" or something to that effect. And I understand that reaction.

But I would ask everyone to be mindful that those are only stories. Of far more importance are the people involved. A lot of people lot their jobs yesterday. A lot of people are still owed substantial amounts of money. A lot of people and their families have suffered because of the situation. Please be more concerned about real, live human beings, rather than learning the end of a story.

[Clint Barton]

Just received some new information from a credible source who must remain unnamed. Seems that everybody was layed off with the exception of a skeleton crew of administrative staff. It also now appears that Alessi *IS* hoping to do a Chapter 11 Reorganization, thinking he can still salvage something. Of course, this will have to be approved by the court and that may not be so easy.

More information as it becomes available.

Hoffen und Bangen, hoffen und bangen.

Und ich sag#s mal so: Klar tun mir die Leute leid, die ihren Job verlorenen haben - aber wer so blöd war und sich nach der ganzen Vorgeschichte noch nicht nach einem neuen Job im Vorfeld erkundigt hat, ist auch ein bißchen selbst Schuld, da dies doch relativ blauäugig war.

[Clint Barton]

CrossGen UPDATE
(Due to our server being fried at the moment)

As reported at Comic World News:

Okay folks... here's the latest... our sources at CWN came back to us with a more complete update...

(this is where I hate this place in the biz being professional enough to own up to an error), both sources that we verfied the story with (we don't just run with stuff on heresay) came back to say that CG was filing BK. A VERY important distinction that paints my face very red. Our initial posting was not done to intentionally mislead any fans, retailers, professionals or others with any interest in the proceedings at CrossGen.

That said:
The BK is such to allow for a future (chapter 11). And currently some former staffers are being given permission to go on the premises to complete some in process freelance projects.

Caleb Gerard,
EIC, www.comicworldnews.com

*nochmehrdaumendrück*

[Bär]

was geschieht mit den code 6-sachen?

[Clint Barton]

Lady Death gehört CG, ergo wird der Charakter (wieder) verkauft oder er verschwindet im Nirvana.
Gleiches gilt fpr Abadazad und The Crossovers.
MVCreation (MotU, Tales of the Realm) haben CG schon vor Monaten verlassen.

[Helrunar]

Läuft ja alles so ziemlich wie damals bei Chaos! Comics. Seufz.
Brian Pulido ist schon bei Avataar Comics und bringt dort im September 4 neue Titel heraus. Fragt sich also, wann Lady Death auch bei Avataar landet.

[Foreigner]

Die Ähnlichkeit zum Ende Chaos! Comics drängt sich förmlich auf. Immerhin liest sich das Zitat in Clint Bartons vorletztem Post so, das einige Projekte wohl noch beendet werden. Oder verstehe ich das falsch?

[Clint Barton]

Wenn Chapter 11 (also Glaubigerschutz) genehmigt wird, vielleicht (falls Alessi dann noch Leute hat, die für ihn arbeiten wollen).

[Clint Barton]

BY JENNIFER M. CONTINO
THE PULSE has learned that CrossGeneration Comics filed for Chapter 11 and laid off the remaining creators on staff. Sources close to CrossGen have told us that CrossGen President and Publisher, Mark Alessi had turned down several opportunities to sell the company outright and instead hopes to keep it alive with a skeleton crew under bankruptcy protection. His hope is to find enough investors and working capital to relaunch the company. Sources close to the imprint estimate Alessi has spent close to 30 million dollars on CrossGen and all its related properties since the company's inception.


The first inklings of CrossGen's financial problems were made public knowledge last summer when several freelancers told news sources they had not been paid by the imprint for works completed. Robin Riggs, Will Rosado, and Lewis Larosa said in August of 2003 communications with the imprint about the monies owed were not netting any results.

A week after they made their plight known, CrossGen's then Director of Marketing & Communications Bill Rosemann issued a statement about the financial problems plaguing the imprint saying the company was just experiencing "some growing pains."

After CrossGen issued its statement, both Larosa and Riggs responded with their thoughts.

Three weeks later, CrossGen's Chief Financial Officer, Mike Beattie resigned. He was replaced by then Art Director Bart Sears' brother Brett Sears, both Sears would also leave CrossGen within a few months.

Less than a month later several key members of the CrossGen staff were let go, while others decided to quit on their own. Let go were VP of Product Development Tony Panaccio, Chief Operating Officer - and co-creator of the CrossGen Universe Gina Villa, and VP of Special Projects Brandon Peterson, one of the first superstars to join the imprint.

MV Creations went from staunchly supporting CrossGen and calling them the "key to a smaller company gaining a stronger Marketing presence" to leaving the imprint within a month. CrossGen was publishing their Masters of the Universe and Rob Zombie Spookshow series. Like the freelancers, MV Creations was owed monies for works completed. However, while most freelancers were owed less than a few thousand dollars, MV was, according to sources close to the imprint owed several times that amount.

Hurricane also left the imprint and took their Snake Plisskin Chronicles with them.

In October, after learning Ron Marz, Butch Guice, Dale Eaglesham, Andrew Crossley, Fabrizio Fiorentino, Vincenzo Cucco, Don Hillsman II, John Dell, Roland Paris, Drew Geraci, Jay Leisten, Frank D'Armata, Morry Hollowell, Tom Simmons had either quit or left CrossGen, the company issued a statement about series ending and a project called The War beginning. Crux, The First, Meridian, Mystic, The Path, Ruse, Scion, Sigil, and Solus were among the series ending, leaving just Kiss, Kiss, Bang, Bang, Way of the Rat, Negation, Brath, Lady Death, El Cazador, Route 666, Sojourn, and Abadazad on the publishing schedule. Within a few months several of those series would also be cancelled and more creators would leave or be let go from the imprint.

CrossGen remained tight-lipped about their financial problems but broke the silence in this PULSE interview, a week after the cancellations were announced. The interview also confirmed a new job for Bill Rosemann as Senior VP of Publishing and shed some light into CrossGen's difficulties.

In November of 2003 another CrossGen staple, the Code 6 Managing Editor, Ian Feller was, in his own words, "downsized". The company also sold MegaCon to Beth Widera.

CrossGen continued to have problems throughout the rest of the year and into '04. In March of 2004, former staff inker Andy Smith filed suit against CrossGen for the monies owed him. He was paid in May.

Several other creators including Bill Rosemann, Chris Oarr, Greg Land, and Laura Martin left the imprint.

Other series were cancelled and publishing deadlines were missed. The imprint announced it would not participate in Free Comic Book Day, supposedly after investors saw the plans for American Power and insisted the title not be published.

Sources close to CrossGen were not surprised by the Chapter 11 filing. Those on staff hadn't been paid for at least two months.

According to the U.S. Securities and Exchange Commission

A bankrupt company, the "debtor," might use Chapter 11 of the Bankruptcy Code to "reorganize" its business and try to become profitable again. Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court.

Most publicly-held companies will file under Chapter 11 rather than Chapter 7 because they can still run their business and control the bankruptcy process. Chapter 11 provides a process for rehabilitating the company's faltering business. Sometimes the company successfully works out a plan to return to profitability; sometimes, in the end, it liquidates.

Sources close to CrossGen believe with the skeleton crew in place, Alessi hopes to find new investors and raise the capital necessary for CrossGen to continue.

http://www.comicon.com/cgi-bin/pulse...6%26t%3D002370

[cyqle]

Schade...

[Borusse]

Hoffen und Bangen, hoffen und bangen.

Und ich sag#s mal so: Klar tun mir die Leute leid, die ihren Job verlorenen haben - aber wer so blöd war und sich nach der ganzen Vorgeschichte noch nicht nach einem neuen Job im Vorfeld erkundigt hat, ist auch ein bißchen selbst Schuld, da dies doch relativ blauäugig war.

Einen Job suchen und einen finden sind zwei verschiedene Dinge, mein Gutster!

[Ralf Heinrich]

Siehe auch hier.

[Clint Barton]

So, CrossGen hat drei Millionen Dollar Schulden.
Hier ist die Erklärung für "Chapter 11" und die Auflistung, in welche Scheinfirmen Alessi CrossGen aufgesplittet hat.

Newsarama has acquired a copy of CrossGen?s Chapter 11 bankruptcy filing, which was filed Friday at the Tampa US Bankruptcy Court.

The papers were filled out on June 18th, and do resolve that the company ? CrossGen Entertainment, Inc. has filed for Chapter 11 bankruptcy protection from its creditors. The filing covers CrossGen Comics, Code 6 Comics, and CG Entertainment.

The filing identifies the 20 largest unsecured creditors of CrossGen:

Quebecor World, Montreal (printer of CrossGen comics) - $1,478,893.85
Branded Entertainment, LLC (Hollywood agency developing CG properties for other media, home to Michael Uslan) - $437,868.12
American Express - $402,825.20
Foley & Lardner (law firm) - $262,382.34
Automatic Data Processing (payroll company) - $155,159.82
Fortus Software, LLC - $109,736.45
Newhouse Porter, LLC - $150,547.50
Hunton & Williams (law firm) - $102,985.25
Wizard Entertainment - $83,798.00
580 Industrial, Ltd. (lease agent for office space) - $83,009.65
CIT Technology Financial (lease agent for office technology) - $50,419.85
Citicorp Vendor Finance - $25,816.71
Reed Business Information (publisher of Publisher?s Weekly) - $22,248.21
Diamond Comic Distributors - $22,016.54
Absolute Exhibits (trade show exhibit designer/manufacturer) - $19,639.75
CGS Publishing Technologies - $17,224.54
Westin Horton Plaza (San Diego CCI hotel) - $16,632.00
Luke Ross (creator) - $16,500.00
Fabrizio Fiorentino (creator) - $16,450.00
Hyde Park Capital - $15,790.69

The total debt listed to the above creditors is stated to be $3,404,996.48, with over one million dollars owed to Quebecor. It is marked that the estimated number of creditors ranges between 200 and 999 (the category division), with $1 to $10 million estimated as assets, and $10 to $50 million estimated in debts (meaning that between $7 and $47 million is owed to secured creditors). The debtor (CrossGen) also estimates that funds will be available for distribution to unsecured creditors.

The meeting of creditors will take place on July 14th at 3:30 pm. The deadline for creditors to file a proof of a claim against CrossGen will be announced at a later time.

CrossGen failed to file a summary of schedules and financial affiars with their Chapter 11 filing, and has 15 days from June 18th to file said documents. Under Chapter 11, the debtor must pay secured creditors of give up stated collateral, while unsecured creditors (those listed above) are paid according to a plan laid out by the debtor, which the unsecured creditors may accept or reject.

As stated above, the meeting date for the creditors has been set, but CrossGen has yet to file a plan.

Update

To clarify the filing somewhat, ?CrossGen Entertainment? has filed for Chapter 11. As reported by Newsarama last April, the larger company split itself into CrossGen Entertainment and subsidiary companies (LLCs). Rod Anderson, bankruptcy counsel for CrossGen said that, in this instance, only the parent company, ?CrossGen Entertainment? has filed, but none of the subsidiaries have filed ? although the original filing lists d/b/a (doing business as) CrossGen Comics and Code 6 Comics, so presumably, those two subsidiaries are included in the Chapter 11.

CrossGen Entertainment?s other subsidiaries are:

CrossGen Intellectual Property, LLC: CGIP holds all CGE content intellectual property (IP).

CrossGen Technologies, LLC: CGT holds all CGE technology IP and manages technology IP creation, development, production, and application.

CrossGen Publishing, LLC: CGPub publishes all print projects, including CGE Ancillary, Code 6, CrossGen Universe, and foreign publishing.

CrossGen Media, LLC: CGM is responsible for feature films, television programs, video games, websites, merchandise, and additional interactive products.

CrossGen Productions, LLC: A subsidiary of CGM, CGP produces feature films and television programs.

CrossGen Interactive, LLC: A subsidiary of CGM, CGI is responsible for interactive publishing, video games, and role-playing games.

CrossGen Education, LLC: CGEd publishes education materials.

Comics On The Web, LLC: COW is responsible for internet publishing, including Comics On The Web(tm).

CrossGen also spun of MegaCon into its own LLC, but that was sold to the show?s organizer, Beth Widera.

By keeping the subsidiaries out of bankruptcy, CrossGen?s intellectual property should remain out of the Chapter 11 proceedings as well. Looking at CrossGen Intellectual Property, LLC as an example, as reported previously, Blue Ridge Investors, Mark Alessi, Tom Alessi and Dee Gee Entertainment are that LLC?s secured creditors. In the case of CGIP, LLC, the collateral on both Alessis? secured loans is the intellectual property itself, while other secured creditors? loans lay claims against the assets of the debtor, excluding intellectual property, and Dee Gee claims a portion of Sojourn, Route 666, and Ruse, but not the IP outright.

The attached agreement (a full listing of the company?s intellectual property) with Mark Alessi?s filing includes two pending patents, one for a ?Method of Displaying Comic Books and Similar Publications on a Computer? and the other for a ?System for Publishing Content on a Portable Digital Storage Medium.? The remainder of the list includes the copyrights and trademarks for all of CrossGen?s properties from the well known to those concepts and properties which the company registered, but to date, has never exploited, such as Kid Sigil, BeeVee, Squit, and Taoshift.

Other properties listed in the Exhibit include all of CrossGen?s Code 6 properties (Demonwars, The Crossovers, and Lady Death) except the recently announced Abadazad. Also on the list is the rights CrossGen?s library (monthlies and trades), ?Comics on the Web,? the term ?MegaCon,? and the CrossGen sigil.

In the case of both secured parties (Blue Ridge and Alessi), if the debtor (CrossGen) defaults on the loans by missing scheduled payments, Alessi and Blue Ridge can claim the collateral as payment. Likewise, if the efforts to right the ship that is CrossGen are unsuccessful and the company is forced to declare bankruptcy, secured creditors (Blue Ridge and Alessi) have priority over unsecured creditors (employees, and others to whom the company owed money). In addition, lenders can often trade the collateral for the debt.

Comparatively, the major secured creditors of CGE, Inc. include: Blue Ridge Investors (collateral including the IP of CGE ? although that was corrected by Blue Ridge with the statement that it had no security interest in the IP, and all assets excluding IP in a separate agreement); Dee Gee Entertainment (collateral including a security interest in the first $300,000 of proceeds from Ruse, Sojourn and Route 666, and an interest in the copyrights and trademarks); Tom Alessi (terminated with respect to security interests); Mark Alessi (terminated with respect to security interests).

Technically, as the company was restructured in early 2003, CGE should hold no intellectual property. In short, the Chapter 11 filing only affects CrossGen?s comics division, minus the IP. Through the remaining LLCs the CrossGen properties can continue to be licensed, used, and exploited in other media ? or through other programs, such as a licensing of the Comics on the Web proprietary technology, or the educational program, Bridges (which is currently being ?re-defined?).

What?s not clear at this point are specifically what CGE?s assets (stated on the filing to be between $1 and $10 million) are in relation to the subsidiaries. For instance, CGE?s ownership of a sub company could be considered an asset of the larger company, meaning that the subsidiaries could be sold as raise money for CGE to pay its debts.

Additionally, it?s also unclear what CrossGen will be listing as assets under Code 6. As per the agreement that prospective creators came in under, the author would retain 25% ownership of the property ? while the remaining respective 75% of the Code 6 characters would be listed under CGEIP, LLC. As CrossGen?s Code 6 FAQ stated: ?If you are the 25% owner, you gain the benefit of the revenue generated from your property in all areas including publishing, movies, video games, etc.?

Even if the creator is fired, the FAQ states: ?You would always continue to be the 25% owner and continue to receive 25% of any profits from all revenue sources including comics publishing, movies, video games, etc. But you would no longer receive page rate compensation.

?There is no length of term in the Code 6 agreement. It is an agreement in perpetuity. Code 6 will continue to expend resources to create ancillary opportunities for your property forever. Because of that, Code 6 will continue to be the majority owner and you will continue to be the 25% owner as well sharing in all profits generated from all sources.

?The Code 6 agreement continues in perpetuity. Code 6 will continue to expend resources to create ancillary opportunities for your property forever. Because of that, Code 6 will continue to be the majority owner and you will continue to be the 25% owner as well sharing in all profits generated from all sources.?

Developing...

http://www.newsarama.com/forums/show...threadid=14498

[Moodswings]

schade schade schade...das wars dann wohl mit den tollen Serien

[Clint Barton]

Continuing with its Chapter 11 proceedings, CrossGen has filed reams of paperwork with the bankruptcy court. First up is the statement of financial affairs, which must be compiled by every debtor. Newsarama has acquired a copy of the papers.

The statement reveals much about CrossGen?s inner working for the past few years, starting with income. The company saw income of $5,293,675.00 in 2002 (from sales and licensing); $5,453,221.00 in 2003 (from sales, licensing, and the sale of MegaCon); and $910,946.00 from the beginning of 2004 until the filing of Chapter 11.

The statement also lists amounts paid to creditors within 90 days immediately proceeding the commencement of the case. Of these creditors, 580 Industrial, the landlord of CrossGen?s space is still owed $130,00.00. Andy Smith, who sued for monies owed, was paid $1,960.00. Worldwide Express, CIT Group, and Zeno Office solutions are other creditors who were paid in the last 90 days, but to whom CrossGen still owes five figures or more.

In the listing of creditors (who qualified as insiders) who were paid in the year prior to filing, amounts still owed are listed as well. Among them:

Mark Alessi ? still owed $5,382,665.00.
Jennifer Hernandez (VP, Director and General Counsel) ? still owed $38,050.17.
Pam Davies (former VP of production) - still owed $8,207.05.
Chris Oarr (former VP of Sales) ? still owed $557.80.
Beth Wider (former VP of Education) ? still owed $7,288.47.
Barbara Kesel (former VP Creative Development) ? still owed $6,992.41.
William Rosemann (former VP, Publishing) ? still owed $930.46.

The filing also showed that CrossGen has had ten suits filed against it in the previous year. Parties suing CrossGen (all for contract dispute) include: ADP Small Business Services (payroll system), American Express Travel Related Services (in discovery process), Andrew Smith (unpaid freelancer), Choicepoint Services (landlord), Coca-Cola, GCO LLC, MV Creations, Oakwood DC, LLC, and Reed Business Information (complaint filed).

Under losses suffered by the company in the year immediately preceding the commencement of the case, four losses are listed:

Original artwork from Way of the Rat #1 (valued at $6,750), about which the filing states: ?It is believed that a disgruntled former employee himself or with other now former employees removed the originals from the offices of the debtor.? The date of loss is listed as summer/fall of 2003.

The previously reported alleged misuse of company credit cards is listed as a loss as well, to the tune of $23,000, with the filing stating: ?Several now former employees each and together conspired to use the company American Express card for personal charges.?

Petty cash and other financial benefit (at a value of $7,000) is also listed as a loss, with the filing: ?It is believed that the former CFO of the company took cash and other benefit for his own personal use.?

Finally, the theft of a cel phone is listed as a loss, at a value of $1,878.51. The filing states: ?A former employee took a company cell phone and made calls after he was laid off.?

Other points of interest:

MegaCon was sold to Beth Widera for $225,000.00.

Listed under property held for another person are the Code 6 properties with a breakdown:

JM DeMatteis owns a 25% interest in Abadazad, Mike Ploog owns a 10% interest in the same. Robert Rodi owns a 25% interest in The Crossovers, and Robert Salvatore owns a 49% interest in both Demon Wars and Demon Wars: Grave Mungo Story.

The last is particularly interesting, as both the Abadazad and Crossovers creators held (or split) 25% of the ownership of the property, as was explained in the Code 6 FAQ; although Salvatore held 49% of each of his.

http://www.crossgen.com/cgentertain...e%206%20faq.asp

As the Code 6 FAQ stated under the question of the 75%-25% being negotiable: ?No. All agreements for new Code 6 properties will be based on the same percentage split. Anyone submitting to Code 6 for publication will be expected to accept these terms.?

As part of the filing, CrossGen also listed all parties to whom a financial statement was issued within the last two years prior to filing. While the list is long, and mostly made up of venture capital groups and potential investors, there are some standouts including: DPS Film Roman, former Marvel President Eric Ellenbogen, composer Graeme Revelle, Marvel Enterprises, Spyglass Entertainment, Perot Systems, Sony Pictures, Warner and Brothers.

The stockholders in the company break down as: Alessi: 72.6%;Jennifer Hernandez: 5%; Nancy Newhouse Porter (entertainment attorney): 1%; Safe Harbor Managed Account 101A 19.4%; and Michael Uslan: 2%.

As of the filing, CrossGen has not taken a physical inventory of its products, stating that it relies on its printer and distributor to track and supply inventory reports. The latest inventory reports are attached, with Bull Dog holding nearly 700,000 CrossGen books; book distributor CDS holding in the neighborhood of 100,000 books, Quebecor holding 217,052 books and related printed products, and Diamond holding roughly 30,000 copies of more recent titles. In a glimpse of the cold hard reality of comic book publishing, Diamond?s inventory lists several of the CrossGen overstock titles, including more recent Brath and Lady Death as product to be destroyed.

In a separate filing of a motion for the court to approve the officer?s compensation, CrossGen requested that both Alessi and Hernandez retain their pre-filing monthly salaries (including benefits) of $10,000 and $5833.33 a month, respectively.

In another filing, CrossGen stated that it supplied approximately 285 comic book retailers with comic series, and is seeking a purchaser for its intellectual property. In the same filing, CrossGen also requested the court instruct local utilities to continue service to CrossGen?s offices.

CrossGen has also requested that the court approve of, in an expedited manner, a post-filing request for financing in order for it to meet its day to day expenses. If it does not receive the funding, CrossGen stated that it would not be able to carry on monthly operations or make lease payments on its facility. The Lender for the infusion of cash: Mark Alessi, who, upon the court?s approval, loan CrossGen up to $150,000 to continue operating. In loaning the amount to the company, Alessi seeks a lien upon CrossGen?s collateral that is not otherwise encumbered.

The company estimates that its monthly expenses for July will run roughly $91,700, while income during that same period will be $12,200.

http://newsarama.com/forums/showthre...threadid=15166

Alessi schuldet sich selbst also "irgendwie" 5,3 Millionen $$$. Interessant.
Genauso, daß CG 10x (!) verklagt wurde... darunter von Coca-Cola... wohl wegen der recht lustigen "Werbung" von Grag Land.
Fragt sich, wie handfest der Vorwurf des Kreditkartenmißbrauchs von Ex-Mitarbeitern ist.
Offen bleibt auch die Frage, ob DeMatteis, Ploog und Rodi den Rest an den Rechten zu ihren Serien (Abadazad und The Crossovers erwerben können.
Salvatore hat da bei einem Anteil von 49% vermutlich mehr Glück, als die anderen drei (jeweils 25% bzw. 10% für Ploog).

[MrSinister]

Alessi schuldet sich selbst also "irgendwie" 5,3 Millionen $$$. Interessant.

CrossGen schuldet Alessi. Nur weil Alessi CEO war, heißt das nicht, dass CrossGen nicht eine eigene juristische Person war. Eine Firma und ihr Chef sind nicht synonym.

[Clint Barton]

Alessi verkauft sein Haus in Florida:

http://www.comicon.com/thebeat/ (runterscrollen)

[Clint Barton]

Der Vermieter will CrossGen wegen ausstehender Zahlungen rauswerfen lassen:

The most recent development in the CrossGen bankruptcy, the company?s landlord, 580 Industrial, Ltd, has petitioned the court for relief from the automatic stay placed on CG?s lease by the filing of Chapter 11, or, in the alternative, an order which would compel CrossGen to pay its post-petition lease obligations.

The filing is 580?s right, as a landlord, to seek relief from having a non-paying lessee which has filed Chapter 11, and is fairly common practice for a landlord with a lesee who has declared Chapter 11.

Under the law, CrossGen (the debtor in possession) has 60 days after filing (June 18th, 2004) to either assume the lease (pay what is owed, any damages incurred, as well as guarantee that further lease payments will be made in a timely fashion) or reject the lease (walk away from it and vacate the premises, allowing the leasing company to find new tenants). CrossGen can also ask the court for an extension on the decision.

After 60 days from the filing, the lease is assumed by the owner/leasing company to be rejected by the debtor in possession. That said, within the 60 day window, the debtor (CrossGen) is still obligated to perform its lease obligations, including paying rent. However, Chapter 11 has no remedy for a debtor who does not pay during that timeframe, forcing the landlord to appeal to the court for an order which will direct the debtor to pay what is owed, or vacate the premises.

According to the filing, CrossGen owes $5,653.41 for June (pro-rated from the date of filing), and $14,133.51 for July. 580 Industrial states that it wishes to relet the premises currently occupied by CrossGen, but cannot, as CrossGen is in possession of the building, and is currently within its 60 day window.

580 Industrial?s petition then, asks the judge to rule in its favor, granting one of three outcomes: 1) grant 580 relief from the stay and allow it to evict CrossGen and recover its property as is allowed under Florida state law (but currently barred due to the stay); 2) compel CrossGen to pay what it owes until it decides whether it will accept or reject the lease; or 3) if CrossGen is not able to pay what it owes, order the company to reject the lease immediately, and surrender possession of the leased properties.

http://newsarama.com/forums/showthre...threadid=15425

[N-Dee]

Das Konzept von Crossgen war echt nicht durchdacht...

TPB's und Webcomics zu Spotpreisen, wie wollten die Kohle machen???

[Clint Barton]

Die TPBs hatten die gängigen Preise wie bei allen Verlagen (und Digests sind auch im kommen) und mit CoW wollten die neue Leserschichten finden. Die Idee fand' ich gut, aber die Traffickosten müssen immens gewesen sein.

[Wolverine39872]

bin ich froh das motu wenigsténs unter dach und fach ist. trotzdem schade das sich cross gen nicht etablieren konnte, aber der comicmarkt ist sowieso überfüllt, da ist es verdammt schwer was neues zu bringen das auch erfolg hat.
auch wenn ich nur motu gelesen habe und sonst keine cross gen titles...

[N-Dee]

Die TPB'S waren mit knapp 12 § für ca 200 Seiten sehr billig, zumal auch die Farben und das Papier super war. Etwas mehr Werbung und günstigeres Papier hätten vielleicht nicht so viel Kohle gefressen. Aber auch die Gemeinschaftsunterkunft der Schaffenden war sicher eine teure Angelegenheit.

Ich glaube, die wollten einfach zu schnell viel ereichen.

[MVDF]

Das ist eben so eine Sache mit dem US-Comicmarkt! Da ist es nicht einfach, sich neben Marvel und DC zu stellen. Vielleicht haben die von den CrossGen-Leuten die Sache einfach falsch in die Hand genommen, vielleicht zu Anfang zu Hoch angesetz. Obwohl man sich fragt, ob es ohne so einen "Blitzkrieg" überhaupt geklappt hätte!