THE LATEST NEWS:
December 17, 2019
Update from Elizabeth, Anne, and Lynn.
The meetings just before Christmas expanded from one morning to three days. Thank you for being patient. Adding in holidays and the flu, I apologize for how long it has taken me to provide this update.
Dreamspinner has hired Berger Singerman LLP, specialists in financial restructuring, to develop a plan for 2020 and a structured repayment of all past due amounts. We know that the inability to provide an exact amount and pay date has been extremely stressful.
We want to make clear that this isn’t bankruptcy. The goal of hiring experts in restructuring is so we can avoid that step and pay all amounts due at 100 cents on the dollar.
The first part of this plan is to move forward as we mean to continue. As of November, we have set aside all royalties from incoming payments, which means November reports will be uploaded over the weekend and November payments will be made in full by the 10th of January. We are building in a little time to be sure we meet the deadline since it is the first monthly payment we will be doing, and it coincides with end of year reporting.
December reports will be uploaded by January 15, and December payments will be made by January 31. Each month after that will report by the 15th and pay by the end of the month.
This process leaves a fixed amount as past due. This is the amount that Berger and Singerman will be helping us schedule for repayment. It will take a couple of weeks for us to finalize that plan. We will be in touch with authors directly about their repayment schedule, but it will be based solely on amount due and the outstanding time it has been owed.
When the schedule is sent, authors will have the opportunity to respond and ask questions. We are open to trading products (audio and translations) for outstanding amounts for authors wishing to completely sever their ties with Dreamspinner.
Our representative at the SBA is out for the holidays until January 6. I don’t expect a status update until after that date.
October and November reports will be uploading over the weekend. We apologize for multiple notices as we fix problems. The system has been set to upload quarterly, and it is taking some trial and error to have it accurately split the reports by month.
Lynn West will be out on medical leave due to surgery the first week in January. Please direct any questions you would normally send to her to Elizabeth or Anne. Rights Reversion questions or requests should still be sent to help@ as listed below.
We are here and willing to discuss the current situation as well as future plans with authors. Our email addresses are below. Until this situation has been completely resolved, we will issue an update every Tuesday.
Elizabeth, Anne, and Lynn