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Rampsonn colour) happens to
1
THE MEDIA BUSINESS
be mm distributor
$mall Publishers Struggling After Court Impounds Books
pany. The bank obtained a court or-
The publishers see the dispute in
By EDWIN McDOWELL
der preventing distribution or sale of
The publishers see
"David against Goliath" terms, said
the books until a determination is
Rollin Riggs, president of Mustang
More than 850,000 books from 65
made whether the bank nost has an
Publishing in New Haven. He said
small publishers are tied up in a Con-
interest in the books.
Yesterday the publishers accused
the dispute in
Mustang, which specializes in books
nécticut warehouse, under orders of
on how to be admitted to college and
the Federal Bankruptcy Court in
the bank of attempting to seize and
Bridgeport. The publishers say that
'David against
schools of medicine, law and busi-
sell the books "at remainder prices.'
ness, has 70,000 books locked up in
unless the order is lifted soon, it will
The publishers insist that they alone
drive many of them out of business.
own the books and the accounts re-
Goliath' terms.
Key's warehouse.
Another publisher, Bruce Shaw, the
Few of them have other books in
ceivable.
founder of the Harvard Common
stock to ship to stores or book clubs,
The parties have been unable to
Press in Boston said "In is the most
and proceeds from previous book
agree on a settlement offer, which the
Robert Dombroff, the lawyer for
bizarce situation 1 have ever lived
ales have been put into an escrow ac-
publishers said would have required
Connecticut Bank and Trust, said it
through.'
count.
them to give up some of their assets
was against his policy "to comment
If he does not get access to his
The central issue is whether the
to repay the bank's loan to Key. Sev-
on pending litigation.
books soon, "I will lose everything
publishers or a Bridgeport-based dis-
eral publishers said the settlement
Harold Levine, the owner of Key,
I've worked for for 10 years," Mr.
libutor, Key Book Services Inc.,
would have cost their group approxi-
contended that the publishers had
Shaw said.
have rights to the books and the
mately $2 million.
caused the problem by arguing in
Other publishers caught in the case
nioney owed by bookstores that have
Position of Publishers
court that the money owed by the
include the Congressional Quarterly,
ordered some of them. Large publish-
bookstores belonged to them rather
Hill & Company, Jameson Books, the
ers who know about the case said the
"The position of our people is that
than Key. He said the bank and the
Council on Foreign Relations, Kiplin-
légal tangle is indeed a serious threat
they're being forced to pay back a
creditors' committee of Key do not
ger Books, Marion Boyars Publishers
to the publishers involved.
loan for which they never received
want to hold the books hostage.
and Architectural Book Publishing
The ruling grew out of the failure of
any benefits," said Tracy Alan Saxe,
"They'd do that if they have no
They are clients of Kampmann
&
Key to repay a 3 million loan from
a New Haven lawyer representing 39
choice," he said, "but they want a fair
Company UI New York, a pational dis-
the Connecticut Bank and Trust Com-
of the publishers.
settlement.'
tributor Kambmann agreed to sell
their books and perform such serv-
a.
ices as receiving, warehousing ship
ping, customer services and the cal-
lection of money owed them
Distributors Verbal Agraement
But in 1987, Kampmann entered
into a verbal agreement with Key
under which Key would fill orders
and perform related services for the
publishers while Kampmann would
retain the marketing and sales. The
gublishers contend that they did not
know of that agreement and that
their deal with Kampmann could not
Times
de assigned w a unro party.
mey might not have known the
specifics of the agreement, but they
knew there was an arrangement,"
Mr. Levine of Key said. "It wasn't upr
to us to tell them what it was. We had
a relationship with Kampmann, not
with them.'
Eric Kampmann, the founder of
Kampmann & Company, said: "Up
until four weeks ago. all parties
agreed that the inventories were the
property of the pubushers. In my
view the inventories are being used
as a bargaining chip at an enormous
cost to the individual publishers
whose books cannot be sold.
Statement Signed by 39 Publishers
In a statement released through A1-:
fred Regnery of Regnery Gateway a
Washington publishing house. the 39
publishers insisted yesterday that
THURSDAY, JUNE 29, 1989
they do not owe the bank money. The
39 contend that Key pledged the pub-
lishers' accounts receivable as.collat-
eral for its Inan and that the money is
owed solely by Key.
Om March 9, Key filed for protec-
tion under Chapter 11 of the Federal
Bankruptcy Code, and later in March
Lou- this is the strange
Kampmann also filed for Chanter 11
Kampmann subsequently entered
feded case which blind rided
into a new distribution agreement
with the National Book Network. But
when Kampmann sought to remove
us- temporarily
books from the Key Warehouse to Na-
tional's warehouse TIT Sayage, Md.
Connecticut Bank and Trust asked
for a temporary restraining order.
Until a court determination is
made. the publishers are prohibited
from selling the books in the ware-
now postpond by the
house. A hearing to determine who
owns the inventory in the warehouse
federal district count
is scheduled for July 21. Hearings on
other issues are unlikely to take place
NW
12640 DocId: 59167994 Page 78
until December.
before November.
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"ocrText": "smoking chan VN own -beance\nRampsonn colour) happens to\n1\nTHE MEDIA BUSINESS\nbe mm distributor\n$mall Publishers Struggling After Court Impounds Books\npany. The bank obtained a court or-\nThe publishers see the dispute in\nBy EDWIN McDOWELL\nder preventing distribution or sale of\nThe publishers see\n\"David against Goliath\" terms, said\nthe books until a determination is\nRollin Riggs, president of Mustang\nMore than 850,000 books from 65\nmade whether the bank nost has an\nPublishing in New Haven. He said\nsmall publishers are tied up in a Con-\ninterest in the books.\nYesterday the publishers accused\nthe dispute in\nMustang, which specializes in books\nnécticut warehouse, under orders of\non how to be admitted to college and\nthe Federal Bankruptcy Court in\nthe bank of attempting to seize and\nBridgeport. The publishers say that\n'David against\nschools of medicine, law and busi-\nsell the books \"at remainder prices.'\nness, has 70,000 books locked up in\nunless the order is lifted soon, it will\nThe publishers insist that they alone\ndrive many of them out of business.\nown the books and the accounts re-\nGoliath' terms.\nKey's warehouse.\nAnother publisher, Bruce Shaw, the\nFew of them have other books in\nceivable.\nfounder of the Harvard Common\nstock to ship to stores or book clubs,\nThe parties have been unable to\nPress in Boston said \"In is the most\nand proceeds from previous book\nagree on a settlement offer, which the\nRobert Dombroff, the lawyer for\nbizarce situation 1 have ever lived\nales have been put into an escrow ac-\npublishers said would have required\nConnecticut Bank and Trust, said it\nthrough.'\ncount.\nthem to give up some of their assets\nwas against his policy \"to comment\nIf he does not get access to his\nThe central issue is whether the\nto repay the bank's loan to Key. Sev-\non pending litigation.\nbooks soon, \"I will lose everything\npublishers or a Bridgeport-based dis-\neral publishers said the settlement\nHarold Levine, the owner of Key,\nI've worked for for 10 years,\" Mr.\nlibutor, Key Book Services Inc.,\nwould have cost their group approxi-\ncontended that the publishers had\nShaw said.\nhave rights to the books and the\nmately $2 million.\ncaused the problem by arguing in\nOther publishers caught in the case\nnioney owed by bookstores that have\nPosition of Publishers\ncourt that the money owed by the\ninclude the Congressional Quarterly,\nordered some of them. Large publish-\nbookstores belonged to them rather\nHill & Company, Jameson Books, the\ners who know about the case said the\n\"The position of our people is that\nthan Key. He said the bank and the\nCouncil on Foreign Relations, Kiplin-\nlégal tangle is indeed a serious threat\nthey're being forced to pay back a\ncreditors' committee of Key do not\nger Books, Marion Boyars Publishers\nto the publishers involved.\nloan for which they never received\nwant to hold the books hostage.\nand Architectural Book Publishing\nThe ruling grew out of the failure of\nany benefits,\" said Tracy Alan Saxe,\n\"They'd do that if they have no\nThey are clients of Kampmann\n&\nKey to repay a 3 million loan from\na New Haven lawyer representing 39\nchoice,\" he said, \"but they want a fair\nCompany UI New York, a pational dis-\nthe Connecticut Bank and Trust Com-\nof the publishers.\nsettlement.'\ntributor Kambmann agreed to sell\ntheir books and perform such serv-\na.\nices as receiving, warehousing ship\nping, customer services and the cal-\nlection of money owed them\nDistributors Verbal Agraement\nBut in 1987, Kampmann entered\ninto a verbal agreement with Key\nunder which Key would fill orders\nand perform related services for the\npublishers while Kampmann would\nretain the marketing and sales. The\ngublishers contend that they did not\nknow of that agreement and that\ntheir deal with Kampmann could not\nTimes\nde assigned w a unro party.\nmey might not have known the\nspecifics of the agreement, but they\nknew there was an arrangement,\"\nMr. Levine of Key said. \"It wasn't upr\nto us to tell them what it was. We had\na relationship with Kampmann, not\nwith them.'\nEric Kampmann, the founder of\nKampmann & Company, said: \"Up\nuntil four weeks ago. all parties\nagreed that the inventories were the\nproperty of the pubushers. In my\nview the inventories are being used\nas a bargaining chip at an enormous\ncost to the individual publishers\nwhose books cannot be sold.\nStatement Signed by 39 Publishers\nIn a statement released through A1-:\nfred Regnery of Regnery Gateway a\nWashington publishing house. the 39\npublishers insisted yesterday that\nTHURSDAY, JUNE 29, 1989\nthey do not owe the bank money. The\n39 contend that Key pledged the pub-\nlishers' accounts receivable as.collat-\neral for its Inan and that the money is\nowed solely by Key.\nOm March 9, Key filed for protec-\ntion under Chapter 11 of the Federal\nBankruptcy Code, and later in March\nLou- this is the strange\nKampmann also filed for Chanter 11\nKampmann subsequently entered\nfeded case which blind rided\ninto a new distribution agreement\nwith the National Book Network. But\nwhen Kampmann sought to remove\nus- temporarily\nbooks from the Key Warehouse to Na-\ntional's warehouse TIT Sayage, Md.\nConnecticut Bank and Trust asked\nfor a temporary restraining order.\nUntil a court determination is\nmade. the publishers are prohibited\nfrom selling the books in the ware-\nnow postpond by the\nhouse. A hearing to determine who\nowns the inventory in the warehouse\nfederal district count\nis scheduled for July 21. Hearings on\nother issues are unlikely to take place\nNW\n12640 DocId: 59167994 Page 78\nuntil December.\nbefore November."
}