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Well, if Ralph Sir Edward's analysis is correct, they are in a situation where most of the money they are making is already spoken for by royalties, unpaid but promised advances and other financial obligations. This is not an uncommon situation in many companies, but now a lot of companies are having a hard time getting credit which limits their ability to get new authors.
Of course, the ridiculous advances that many publishers have been paying lately might have something to do with it.
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Bill
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