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Platinum

Dirk Deppey catches all the Platinum news this morning.  Deppey describes a now-deleted post on the Investors Hub website (here's the Platinum discussion forum there if you're interested) by Platinum COO Brian Altounian that was a pretty inflamatory comment on Platinum's "relationship" with creator D.J. Coffman.  Coffman responded here and later here.

Deppey also links to a Publisher's Weekly story that focuses in on how book publishers are still happy with the new WOWIO site whereas comic publisher are not.  I think that actually speaks volumes to where the two types of publishers are in terms of adapting to the web and incorporating new media into their publishing strategies.

UPDATE: FLEEN gets an anonymous tip that WOWIO still doesn't know when it will get around to writing checks to publishers to pay them what it owes them.

 

Re: Platinum

 It's typical for companies amidst a merger to go through non-essential cash flow freezes. The failure to pay, while another black eye for Platinum's reputation, is actually something that may be beyond their control as contract lawyers and auditors go through the books and fold everything into a new enterprise. As a publicly held corporation, Platinum may be prohibited from shelling out money to someone else's creditors until certain legal and fiduciary benchmarks have been met. This seems to be confirmed by the recent Platinum statement that all will be paid with interest.

 

While I sympathize with every artist who has not been paid, the journalistic standards on this story have been inappropriately sensationalistic and poorly informed. Just because Platinum's public relations have been clumsy doesn't mean we get to lower our journalistic ethics and print undocumented stories where the subject was not invited to comment. That's just gossip, and I'm disappointed to see you repeat it.

 

Bengo

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