Breaking News On Triskelion Bankruptcy

Treva Harte, co-owner and Editor-in-Chief of e-publisher Loose Id (pronounced "lucid") posted the following on the Loose Id blog here last evening:

Headline: Loose Id Bids on Triskelion's Contractual Assets
Dateline: 11 October 2007, Las Vegas, Nevada

Earlier this week, a representative of Loose Id, LLC entered a bid in the bankruptcy proceedings of Triskelion Publishing for the contractual assets of the company. If successful in their bid, Loose Id, LLC will release the majority of contracts at no cost to the authors who entered into them.

In a few cases, new contracts will be extended to the author from Loose Id in lieu of the Triskelion contracts. If an author chooses to reject the offer made them, their contract will be released by Loose Id, at no cost to the author.

Loose Id's intentions in bidding on the contracts are fourfold: (1) to facilitate the unencumbered acquisition of works offered to the company by former Triskelion authors; (2) to assist authors in securing release or reversion of rights to their work; (3) to potentially acquire and re-publish top flight manuscripts that match Loose Id's publishing guidelines; and (4) to reassure authors pursuing e-publishing careers of the sound business practices and corporate ethics of reputable e-publishers.

At this time, it is unknown whether Loose Id will succeed in its bid to acquire the Triskelion contracts. If the company is awarded the contracts, Editor in Chief Treva Harte indicates that all contracts to be released will be processed within 30 days of closing the deal and any offers of publication to be made shall be made within 60 days of close. No contract acquired by Loose Id will be held by the company against the will of the author.

Contact information: help@loose-id.com

What a great strategic move for Loose Id, which has seemed to be operating in the shadow of Ellora's Cave and Samhain in recent months. It builds good will and is a terrific publicity device.

Way to go, Treva and company!