Sunday, November 18, 2007

The end is here . . .

This was in Saturday's Union Tribune and is online at

Advanced Marketing's liquidation plan OK'd

Advanced Marketing Services, the bankrupt San Diego book distributor for warehouse retailers, won court approval of its bankruptcy liquidation plan. The move allowed the company to pay creditors, including publishers Random House and Simon & Schuster, from 29 cents to 100 cents on the dollar on about $100 million in debt.

AMS and its Publishers Group and Publishers Group West filed for bankruptcy protection Dec. 29, three years after the Justice Department and the Securities and Exchange Commission began probing its financial reporting and advertising. The company has resolved all pending shareholder suits.

Bloomberg News