In a letter to lenders received by PW, law firm Hendel & Collins of Springfield, Mass. “Vantage doesn’t have sufficient income to sustain itself as a going concern. It offers, therefore, ceased all business functions.” The Web site and telephone for Vantage are down and all questions are being aimed to Hendel & Collins partner Joseph B. Collins in Springfield. The letter cites “substantial” liabilities to unsecured and general creditors against which Vantage has few assets.
Vantage was within 1949 as a classic vanity press procedure, with writers paying reduced to the business to print out and bind their books. Like so many vanity publishers, however, Vantage involved in deceptive advertising. In 1958, the FTC released an order prohibiting the business from claiming that it was selective and that it aggressively marketed its books. In 1977, a course-action lawsuit was brought against Vantage for similar deceptive promises. 3.5 million in punitive problems. For a fascinating and comprehensive conversation of the arguments and counter-arguments in the entire case, see this article by Jonathan L. Kirsch.
In modern times, Vantage had attempted to adjust to the changing publishing landscape by re-branding itself as a self-publishing service, while still charging the same tremendous fees. The business was purchased in late 2009 by investment banker David Lamb, who attempts to upgrade Vantage’s systems. Among other initiatives, he added trade posting imprints Vantage Point Books and Andover Press, and organized for Vantage books to be distributed by Ingram Publisher Services.
Signs of trouble started to surface in 2012. In the summer Sometime, Vantage re-located from Manhattan to Great Barrington quietly, Mass., presumably in an effort to save money. According to self-publishing watchdog Mick Rooney from the Independent Publishing Magazine, lots of staffers left the business at around the same time.
- 5 std or 1 in 3
- Reached age 21,
- Controlling (CO)
- Inventing options for shared gain
- Pay as you go (PAYG)
- The development group’s experience with the application form and technology area
- Your documents of documents (whether kept digitally, in writing or both)
And in October, Mick began to receive problems about communications problems, publishing delays, and payment delays. So Even, the company’s unexpected collapse caught just about everybody by surprise–including its authors, many of whom hadn’t even known about the move to Massachusetts. Some authors were notified of the closure evidently, but many, if not most, were not. For Rooney, Vantage’s demise is “a further sign that the heyday of self-publishing providers with a paper-centric model is useless and buried.” I tend to agree.
Are you hearing, Author Solutions? Vantage’s contract required an exclusive grant of privileges, so getting a release is crucial for writers who want to re-publish their books–even if they intend to self-publish. However, although I am not a lawyer, it seems to me that a class action lawsuit is a real likelihood in this full case, and if the release is authorized by you, you won’t have the ability to participate.
Nor will you be in a position to sue individually. On the other hand, even if there is a suit, the chances of getting your money back are slim–so you might feel that obtaining a quick privileges reversion is the best result for you. Whatever their situation, I urge Vantage writers get legal advice from a lawyer that has experience in publishing law, before deciding how to proceed. For the Legal Recourse page of Writer Beware, there are a few suggestions about how to go about this, including links to attorney referral services. Rooney has Jointly established Vantage Press Authors, a Facebook group for Vantage writers to share their experiences. I’m going to be updating this tale as information comes in.
By accomplishing this, it shall enable us to know whether they are able to pay it back or not. Furthermore, another important factor happens when a business purchases too many assets. Capital expenditure should only happen when there is a definite need and the business can spend the money for the purchase.