Jill O’Neill passed along This IT-Analysis Story on divine, who you probably know filed a petition to reorganise under Chapter 11 of the US bankruptcy rules on Tuesday.
They cover some history, and say that Rowecom had collected some $50m worth of subscriptions for magazines and other publications on behalf of a variety of publishers but had then used the money to pay off its own debts and to cover running costs rather than coughing up to the publishers.
I don’t know enough about this to make any judgements, but apparently the story missed some points, or made some mistakes.
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