This January sees the first cohorts of books whose authors can terminate their contracts with their publishers under a 1978 law that lets authors kill their old deals after 35 years. Given all the interesting stuff happening with backlists and ebooks, expect to see a lot of authors being courted by, say, Amazon with big fat advances for their profitable backlists if they yank their books and make them Amazon-exclusive. And this is going to happen every year from now on.
The law in question is Section 203 of the 1978 Copyright Act which allows authors to cut away any contract after 35 years. Congress put it in place to protect young artists who signed away future best sellers for a pittance.
“People have had 2013 circled on their calendar for a while,” said Andrew Bart, a copyright lawyer at Jenner & Block, in a phone interview...
The 1978 law also means a threat to the back list of titles that are a cash cow for many publishers. The threat is amplified as a result of new digital distribution options for authors that were never conceived when the law was passed — these new options mean authors have more leverage to walk away from their publishers altogether.
Publishers brace for authors to reclaim book rights in 2013
(via Making Light)
Lax enforcement from the SEC has allowed the biggest companies in America — 90 percent of the companies in the S&P 500, led by the faltering energy sector — to ignore the “Generally Accepted Accounting Principles” (GAAP) in presenting their financial information to investors, manufacturing nonexistent profits in quarters where they suffer punishing losses.
I have a first-world problem: I stay in a lot of hotels.
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