Thread: Dreamspinner Press Restructures as Authors Cry Foul
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Old 01-20-2020, 06:44 PM   #17
j.p.s
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Quote:
Originally Posted by fjtorres View Post
Only if executed *before* bankruptcy.
Once the bankruptcy court takes over any such clause is void.
The copyrights become corporate *assets* to be sold to pay off creditors; secured debtors first and then if anything is left, the unsecured debtors. The contracts go to whoever buys them, even for pennies on the dollar.
Quote:
Originally Posted by Apache View Post
The judge can also rule them the property of the court even if disposed of before bankruptcy filing. A man returned his truck to the bank before filing bankruptcy. The judge ruled that the bankruptcy took precedence and the truck was seized by the court.
Apache
You both neglected to mention that the lawyers are in line ahead of the secured creditors.
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