
Publisher Closure Puts 2600 in Limbo - yry4345
http://www.2600.com/?q=content/source-interlink-closure-and-rebranding-puts-2600-limbo
======
wpietri
The most exciting part for me: you can subscribe to getting digital copies of
2600 via Amazon: [http://www.amazon.com/2600-Magazine-The-Hacker-
Quarterly/dp/...](http://www.amazon.com/2600-Magazine-The-Hacker-
Quarterly/dp/B004GB1WF6/2600magazi-20)

~~~
profquail
2600 subscriptions are also available through Google Play:
[https://play.google.com/store/newsstand/details/2600_The_Hac...](https://play.google.com/store/newsstand/details/2600_The_Hacker_Quarterly?id=CAow1KqPAw)

~~~
laacz
As a person not from US or any other large country, I keep discovering new
products we do not have access to. Google Play Newsstand is a new addition to
the list :)

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skram
In case it isn't obvious.. the #1 way to support 2600 is to subscribe (be it
for the print or online version) and keep buying merchandise like the
calendar, mugs, etc.

[http://store.2600.com/](http://store.2600.com/)

[disclosure: 2600 is not my full time job but I am on the magazine and web
teams]

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nav1
Previous discussion:
[https://news.ycombinator.com/item?id=7958815](https://news.ycombinator.com/item?id=7958815)
(it's still on the front page)

~~~
AJ007
I'll keep voting any story about 2600 up. Unfortunately it looks like the
magazine & distribution companies legally were completely separate and they
just kept similar names for branding. Other companies in their bankruptcy
filing are owed millions to tens of millions.

~~~
tombrossman
Worth noting that those other companies owed far more also have significantly
more resources and assets then 2600. Adjusted for size, it is a terrible blow
for them.

~~~
hga
Indeed.

On the other hand, if 2600, not to mention the other small fry publishers, can
survive the blow, they can essentially free ride on the legal efforts of the
big fish in their creditor class. There's enough money at stake that Time
Warner et. al. will expend plenty of effort, if they perceive there will be a
sufficient payoff ("can't get blood out of a stone", sometimes the best you
can do is force a Chapter 7 liquidation and get a few pennies on the dollar
for your efforts).

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JoeAltmaier
If a judge permitted bankruptcy, I don't imagine there's much hope of
recovering anything. Shaming isn't a legal maneuver, and accountants have a
thick skin.

~~~
hga
I'm pretty sure the judge doesn't have much choice but to accept a voluntary
filing for Chapter 11 reorganization as long as the company really does have
debts greater than it can handle going forward.

That doesn't mean. however, mean the judge has to accept the company's
proposed plan for continued operations, creditors can submit their own, can
even take over the company, and he can for example reverse recent asset
transfers. The company was split into these pieces last October
([http://www.hispanicbusiness.com/2014/6/24/source_interlink_c...](http://www.hispanicbusiness.com/2014/6/24/source_interlink_company_files_for_bankruptcy.htm)),
that may be recent enough if they're trying to play these sorts of games.

The biggest problem for 2600 would seem to be the "limbo" part: all collection
efforts are stayed while this gets hashed out---the whole reason for Chapter
11 reorganization is to try to do something less destructive than a
liquidation---so whatever money 2600 will get from this process won't be
arriving any time soon.

However Chapter 11 doesn't mean the company can simply stiff creditors like
2600, in fact the prospects for the creditors should by definition be better
than for a Chapter 7 liquidation.

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enraged_camel
>>Instead, we're hearing reports that only the part of the company that owes
us money will be filing for bankruptcy, leaving the other part free to keep
operating. This is corporate logic we refuse to accept - the two entities
shared the same name until things went sour - they are most definitely related
and we hold them fully accountable.

Welcome to America, where corporations are people when it is convenient (e.g.
when they want to get their favorite politicians elected), but can restructure
themselves to avoid paying their debt when they fuck up big time.

Maybe I should borrow a shitload of money from a bank, and then cut off my
hand and say to the bank, "well, it was actually my hand that owed you money.
The rest of my body doesn't owe you anything."

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mathetic
This is effectively a hit order that doesn't make 2600 liable in any way.

I should be outraged by this cunning strategy but I guess corporations
exploiting legal loop holes to do dirty business irritates me more.

~~~
tombrossman
A 'hit order'? Not sure what that means, especially from the completely
reasonable tone of the article.

As you say it's the business getting dirty here, not hackers.

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2close4comfort
Now this is terrible and with HOPE around the corner even worse!

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xxdesmus
Operation shame TEN: The Enthusiast Network on every social network we can
find?

Might work.

~~~
larrys
"Might work."

Not going to work and it can't work. If the strategy was to put the company in
bankruptcy then they can't pay any debts out of bankruptcy period. It wouldn't
be legal.

As a side note whatever chance you might have to getting money out of a
bankrupt company on the sly (say they create a PO for some other goods and
services to get you the money say it's your brother in law etc.) would never
ever happen for obvious reason _because_ of all the publicity.

~~~
hga
Indeed. E.g. they immediately had to file a petition "to pay claims of
employees": [http://chapter11cases.com/2014/06/24/source-home-
entertainme...](http://chapter11cases.com/2014/06/24/source-home-
entertainment-llc-2014-bankruptcy-new-filing-alert-motion-for-authority-to-
pay-claims-of-employees/)

I've read elsewhere over 5,000 were laid off, and they have less than 200
left. This would be to pay what's due to the former, and/or continue to pay
the latter, so the company doesn't just shut down now, a worst case for
everyone.

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Shivetya
oh, TEN, the same people who recently bought Automobile magazine and ensured
that many of us would never renew because they fired the people we liked, that
TEN. Best of luck.

