The End of Crossgen...

[grendelscott]

Just got this in an email from a friend of a friend, etc...

Even those of you who have never read a Crossgen book have been keeping aware of the state of the company over the past year and now despite attempts to cover the undeniable truth, Crossgen has officially declared bankrupcy. Here's an exerpt from the Newsarama Article:
"The filing identifies the 20 largest unsecured creditors of CrossGen:

Quebecor World, Montreal (printer of CrossGen comics) - $1,478,893.85
Branded Entertainment, LLC (Hollywood agency developing CG properties for other media, home to Michael Uslan) - $437,868.12
American Express - $402,825.20
Foley & Lardner (law firm) - $262,382.34
Automatic Data Processing (payroll company) - $155,159.82
Fortus Software, LLC - $109,736.45
Newhouse Porter, LLC - $150,547.50
Hunton & Williams (law firm) - $102,985.25
Wizard Entertainment - $83,798.00
580 Industrial, Ltd. (lease agent for office space) - $83,009.65
CIT Technology Financial (lease agent for office technology) - $50,419.85
Citicorp Vendor Finance - $25,816.71
Reed Business Information (publisher of Publisher’s Weekly) - $22,248.21
Diamond Comic Distributors - $22,016.54
Absolute Exhibits (trade show exhibit designer/manufacturer) - $19,639.75
CGS Publishing Technologies - $17,224.54
Westin Horton Plaza (San Diego CCI hotel) - $16,632.00
Luke Ross (creator) - $16,500.00
Fabrizio Fiorentino (creator) - $16,450.00
Hyde Park Capital - $15,790.69

The total debt listed to the above creditors is stated to be $3,404,996.48, with over one million dollars owed to Quebecor. It is marked that the estimated number of creditors ranges between 200 and 999 (the category division), with $1 to $10 million estimated as assets, and $10 to $50 million estimated in debts (meaning that between $7 and $47 million is owed to secured creditors). The debtor (CrossGen) also estimates that funds will be available for distribution to unsecured creditors."

[hillis3]

All of their books that had been solicited through Previews and not come out was offically canceled last week.

[JR2]

Actually, I think Diamond forgot to cancel "Way of the Rat #25." It isn't listed in the new set of cancellations and I haven't seen it listed anywhere else.

I'm sure it is cancelled though.

Crossgen started out ok and then went down in a burst of firey death.

:banghead:

[marvelboi77]

Hey is the reason we don't read about this in Wizard is because they are owed money and arn't allowed to talk about it.

[JR2]

marvelboi77,

Your reasoning sounds good to me. Wizard would usually be all over something like this.

:eplus2:

[hillis3]

JR2,

I believe Way of the Rat was cancelled the month it was solicited. The message below came Bill Rosemann on the Crossgen website back in "the day".


YOU HEAR IT FIRST: WAY OF THE RAT'S FINAL ISSUE = #24

Hello, Way of the Rat Readers,

It unfortunately is my duty to share the news with you that, due to low sales, Way of the Rat will end with April's issue #24.

We made the decision only a few weeks ago -- after we solicited that issue -- and now that the May catalog is hitting, many of you may be wondering where Way of the Rat #25 is. So I figured that you deserved to hear the news first.

[DDura711]

:tounge: Never read one of their books, I'm a Marvel man. So like the way of Valiant there they go........

[EXITAR007]

I loved ruse it was batman without the bat

[grendelscott]

:tounge: Never read one of their books, I'm a Marvel man. So like the way of Valiant there they go........

I miss the early Valiant years. That was some of the best writing I have ever read...

[spider-man]

I liked way of the rat.

[EXITAR007]

yea there books were nice reads not bogged down with history like marvel and dc it was creating history every month maybe some of the characters will be bought by marvel or dc.

[JR2]

Hillis,

Thanks for the info about "Way of the Rat."

Makes sense. It's the kind of stupid thing that Crossgen was doing at the end.

The funny thing is that I don't believe that Diamond cancelled it. (which is the kind of stupid thing Diamond does, like for years letting MacFarlane solicit "Spawn" 6-7 months early)

:eek:

[sleepindeath]

When did this happen?

That would explain why I cannot find any new issues from them.

[sleepindeath]

Just joking:)

I am bored(Work). Almost time to go home.

[qcjoe]

I loved crossgen when itcame out but it really lost its way towards the end. When I heard workers were not paid I dropped them.

[wizard-comics]

I loved Sojourn...how does a comic company get so in-debt....who the hell thought they know how to run a company overt there...let's face it, ya don't go into $3,000,000 + in debt over night....what a shame, wish someone would of picked up Sojourn and kept it going...was a pretty good read