The Science Fiction and Fantasy Writers of America Website is reporting that ibooks Inc. and Byron Preiss Visual Publications filed for Chapter 7 bankruptcy on February 22nd. Both companies were founded by the innovative publisher Byron Preiss, who died as a result of a tragic automobile accident last July (see 'In Memorium: Bryon Preiss'). Unlike Chapter 11 bankruptcies, which allow companies to reorganize, Chapter 7 is a strictly a matter of liquidating the debtor's assets to pay off creditors. The first meeting of the creditors of ibooks and Byron Preiss Visual Publications will be held on April 4, 2006.
Preiss's widow Sandi Mendelson explained the decision to file for Chapter 7 this way: 'In the months after my husband's tragic accident last summer, his companies set out to honor his commitments to his authors and projects and continue his vision in publishing. We very much wanted to go forward in the spirit and direction that Byron believed in; however, it became clear that without his unique creative force driving the companies he created, this was not possible. I know this outcome will be disappointing to many in the publishing community. As you can imagine, this has been an agonizing and arduous decision.'