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 Post subject: Re: Carstens Publications--Any More Printed Editions?
PostPosted: Fri Aug 22, 2014 7:01 pm 

Joined: Sun Aug 22, 2004 8:28 am
Posts: 2438
Location: Salt Lake City, Utah
Did some poking around, Lakeland Bank of Oak Ridge, NJ has a UCC filing on file against Carstens. Before people start yelling, this is a public record. Each state as a central repository where lenders can file their liens on businesses in which they loan money to. The one against Carstens is for pretty much all assets of the business. My guess is that they will either foreclose, or other creditors will force a bankruptcy.

If things are as bad as they seem to be, to cause a shut down, there is probably very little, if any cash on hand to service any active subscriptions and to fund other liabilities. With that in mind, no buyer wants to buy the company or a title, when you are essentially buying a name and nothing else, but a bunch of liabilities.

I would say that Steve Barry's pronouncement that he's working on a November issue is fanciful at best. He might be working on it, but it is doubtful if it will see print. If anyone buys the titles, it will be through an asset sale, either from a foreclsoing bank or through a federal bankruptcy court. That process will take a while, and it will be for just assets, none of the liabilites.

I would imagine that any subscription holders will be left holding the bag, as others who Carstens owes money to. The bank might try to sell the remaining back issue and book inventory in bulk to someone.

Honestly, I feel sorry for the employees, who are likely going to also be left holding the bag. I wonder if the final paychecks will clear. Also, I've heard rumblings that some contributors have not been paid for their work.

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 Post subject: Re: Carstens Publications--Any More Printed Editions?
PostPosted: Fri Aug 22, 2014 7:39 pm 

Joined: Sun Sep 25, 2011 11:16 am
Posts: 5
Nothing to add to the discussion but a desire to express my deep appreciation for all that the fine folks at Carstens have done for us over the years. If RMC and R&R don't come back, I'm positive I will continue to enjoy all the back issues that I have collected for many years to come.

Thank you, and best of luck on your next pursuits.


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 Post subject: Re: Carstens Publications--Any More Printed Editions?
PostPosted: Fri Aug 22, 2014 8:12 pm 

Joined: Sun Aug 22, 2004 1:51 pm
Posts: 8354
Location: Baltimore, MD
All I'm gonna say is........

Don't stick a fork in the concept of R&R Magazine yet.

I may have already said too much..........


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 Post subject: Re: Carstens Publications--Any More Printed Editions?
PostPosted: Fri Aug 22, 2014 10:53 pm 

Joined: Wed Oct 22, 2008 8:18 pm
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Like Hostess, this may not be the end for the mag, but its a bad day for the Carstens group.


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 Post subject: Re: Carstens Publications--Any More Printed Editions?
PostPosted: Sat Aug 23, 2014 8:18 am 
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Alexander D. Mitchell IV wrote:

Don't stick a fork in the concept of R&R Magazine yet.



Their boss already has.

PC

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 Post subject: Re: Carstens Publications--Any More Printed Editions?
PostPosted: Sat Aug 23, 2014 11:09 am 

Joined: Sun Aug 22, 2004 1:51 pm
Posts: 8354
Location: Baltimore, MD
Steve Barry posted the following to Facebook yesterday afternoon:

Quote:
I've been getting a lot of phone calls and emails today about my status at the magazine. Carstens Publications has indeed printed its last issue of Railfan & Railroad, but the magazine is for sale and there are multiple interested buyers -- the process has been ongoing for awhile and should be resolved shortly. While the next month may be a bit bumpy, the long term situation is just fine. Thanks for your concern, but everything is going to work out! In fact, I'm still getting things ready for the next issue, whoever the publisher may be.


I have spoken with others in "the field".

Stay tuned. Maybe something quite interesting might happen......


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 Post subject: Re: Carstens Publications--Any More Printed Editions?
PostPosted: Sat Aug 23, 2014 5:53 pm 

Joined: Mon Aug 23, 2004 11:07 am
Posts: 521
wilkinsd wrote:
I would say that Steve Barry's pronouncement that he's working on a November issue is fanciful at best. He might be working on it, but it is doubtful if it will see print. If anyone buys the titles, it will be through an asset sale, either from a foreclsoing bank or through a federal bankruptcy court. That process will take a while, and it will be for just assets, none of the liabilites.

I would imagine that any subscription holders will be left holding the bag, as others who Carstens owes money to. The bank might try to sell the remaining back issue and book inventory in bulk to someone.

Honestly, I feel sorry for the employees, who are likely going to also be left holding the bag. I wonder if the final paychecks will clear. Also, I've heard rumblings that some contributors have not been paid for their work.


Say what?

Having one more issue in the can ready to go can only increase the amount of money that comes in if the publication title is sold and in turn increases the amount the creditors would get.

I don't see how anyone can say anything's wrong with that.

Bob H


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 Post subject: Re: Carstens Publications--Any More Printed Editions?
PostPosted: Sat Aug 23, 2014 8:32 pm 

Joined: Sun Oct 19, 2008 12:58 pm
Posts: 1195
Location: Chicago USA
I hope the anniversary issue sees print. I need updates on the L&HR remnants and Lima-Hamilton diesels. But seriously, I hope we've not seen the last of them.

Steve


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 Post subject: Re: Carstens Publications--Any More Printed Editions?
PostPosted: Sat Aug 23, 2014 11:07 pm 

Joined: Sun Aug 22, 2004 8:28 am
Posts: 2438
Location: Salt Lake City, Utah
Heavenrich wrote:

Say what?

Having one more issue in the can ready to go can only increase the amount of money that comes in if the publication title is sold and in turn increases the amount the creditors would get.

I don't see how anyone can say anything's wrong with that.

Bob H


Just because you buy the title, doesn't mean you buy the editor, staff and contributors.

Carstens is closed, Steve Barry is no longer employed by them, thus whatever he's working on, presumably from his home office, isn't an "asset" of Carstens that would generate more revenue for the creditors.

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 Post subject: Re: Carstens Publications--Any More Printed Editions?
PostPosted: Sat Aug 23, 2014 11:28 pm 

Joined: Sun Aug 22, 2004 1:51 pm
Posts: 8354
Location: Baltimore, MD
He probably knows more than he's letting us in on.

It has been eluded that more than one serious buyer is in the shadows, and for all we know someone's only waiting for--just to make up a possible scenario--the current owners to file a bankruptcy declaration or other such business paperwork related to shutting down a company before making a move for the purchase. I don't pretend to be an accountant, but the various business and tax codes make some sometimes bizarre circumstances a sensible approach. Or they could be just haggling over the price, whether they assume what liabilities, etc. Even the subscriber list is technically an asset.

It's entirely possible that New Buyer A has already told Steve to keep going through the motions at home so as to keep production ready to resume ASAP until temporary deals are in place, pending a relocation or assumption of real estate or whatever. In fact, given that he's said what he's said, that's actually most probable, in my eye.


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 Post subject: Re: Carstens Publications--Any More Printed Editions?
PostPosted: Sat Aug 23, 2014 11:34 pm 

Joined: Sun Aug 22, 2004 8:28 am
Posts: 2438
Location: Salt Lake City, Utah
It's very unlikely that Carstens will file bankruptcy on its own. Maybe the other creditors, such as unsecured creditors can try to force the remnants of the company into bankruptcy, but with the company already shut down, that's unlikely.

The aforementioned bank that has the UCC filing is first in line in getting its debts satisfied. They have or will very soon take control of what assets the company has left. You are right that a subscriber list is an asset, and other potential proprietary information is as well.

If I were advising a client regarding the purchase, I would only purchase assets from the corpse of Carstens and leave the liabilities to die with the company. My guess is that the company has a lot of outstanding liabilities, such as unpaid vendors, suppliers, contributors and employees. In my experience, businesses that go through this type of issue also usually quit paying their taxes and even their employee withholding taxes. To just buy Carstens Publications, Inc., lock, stock and barrel with these potential minefields wouldn't make a lot of business or legal sense, though stranger things have happened.

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 Post subject: Re: Carstens Publications--Any More Printed Editions?
PostPosted: Sun Aug 24, 2014 7:48 am 

Joined: Mon Aug 23, 2004 11:07 am
Posts: 521
dup post


Last edited by Heavenrich on Sun Aug 24, 2014 9:05 am, edited 1 time in total.

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 Post subject: Re: Carstens Publications--Any More Printed Editions?
PostPosted: Sun Aug 24, 2014 8:27 am 

Joined: Mon Aug 23, 2004 11:07 am
Posts: 521
[quote="wilkinsd"
Just because you buy the title, doesn't mean you buy the editor, staff and contributors.

Carstens is closed, Steve Barry is no longer employed by them, thus whatever he's working on, presumably from his home office, isn't an "asset" of Carstens that would generate more revenue for the creditors.[/quote]

Whether future issues (aka work in progress) are included in the sale depends on what's in the contract (which only those directly involved will ever see).

I agree that the present staff may not be hired, but I've seen where many key employees wind up working for the new owner.

Same type thing applies to takeovers including hostile ones.

Bob H


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 Post subject: Re: Carstens Publications--Any More Printed Editions?
PostPosted: Mon Aug 25, 2014 2:30 pm 

Joined: Wed Oct 22, 2008 8:18 pm
Posts: 2079
the rumor mill has it the mags will return with a new owner/publisher, the new owner will honor subscriptions, the deal maybe final by the end of the month.


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 Post subject: Re: Carstens Publications--Any More Printed Editions?
PostPosted: Tue Aug 26, 2014 6:58 am 

Joined: Tue Apr 20, 2010 10:49 am
Posts: 231
Location: Cambridgeshire UK
I do not have too much faith in rumours, but from 3 different people (all un-connected)in my circle of usual suspects, have been floating one that "Railpace Magazine" may be one of the publishers interested in both mags. This may be more wishful thinking, then truth. Maybe Steve Barry can set the facts right? Over to you Steve....


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