Yeah, that looks like the standard letter used in the video games industry too… classic points are the ‘we’re not going under’ message. this almost always translantes as ‘we’re going under, but not before you get the can’.

NO we are not going under YOU ARE!!!
Typical CORP double speak

…

Thanks for the frank answers. I used to work for a corporation, so I feel for the employees, but the people at the top many times deserve every ulcer they get. There are companies that have unfortunate times, but some companies seemed doomed to failure all along. Don’t know for sure if Platinum is among the latter, but there were rumblings well over a year ago that things weren’t going too well there.

“You seem to know quite a bit about Platinum. Do you work for them?”

I have worked for them in the past–I’ve got a co-writer credit on their first graphic novel, along with Fred Van Lente–and while I suppose there’s technically a chance they might decide to follow through on one of the books I was contracted to develop which seem to have been abandoned by the company (at least as comics), it doesn’t seem likely. I haven’t personally heard anything from anyone at Platinum’s office for months, and if memory serves, they haven’t responded to my last two or three e-mails.

But I do have friends that are or were still doing work for them (when last I checked), and I was involved with them for a long enough time that I do pay fairly close attention to what they’re up to–at least as much as someone who isn’t privy to inside info can be.

“If so, what’s your opinion on Platinum not paying its people?”

I’m frankly surprised, and more than a little worried for my friends and others working for the company. Working for them in various capacities for more than five years, I only once had a cheque show up late, and that turned out to be due to an e-mail glitch.

To be honest, this time last year I’d have bet five Canadian dollars they’d never miss a payment to their people–and I’d have thought they’d bend over backwards to ensure DJ got what he was due promptly, as he’s been, and continues to be, one of their biggest boosters.

As I’m cynical and pessimistic by nature, this obviously doesn’t inspire confidence. I only hope that, if things go as far south as some seem to think they’re about to, the people working for the company who’re owed money receive it, and the creators (including myself) who’ve created and sold “comic properties” that were never published as comics get the opportunity to regain their creations.

In fairness to the company, that last is not a completely unreasonable thing to hope for. I’ve had two properties I developed for the company returned fully to me and my co-creators. Four others I created remain in limbo, and half a dozen others created inhouse, including the GN AGE OF KINGS, which has been fully drawn and lettered for almost four years now, and JEREMIAH: THE LAST EMPIRE, which represented months of my life, I’ve pretty much given up on ever seeing printed.

“In light of their recent IPO, one would think Platinum would be awash in cash and therefore not behind in payments and allegedly trying to play their creators for suckers.”

Others here have spoken more knowledgeably than I can about the IPO thing. As for the creators being played for suckers–up till now, I’ve never heard of Platinum failing to live up to the letter of the contracts they signed. Many creators, myself included, were reassured verbally on numerous occasions that the company absolutely would publish, or get published, the work we did for them–but at the end of the day, the contract doesn’t say they have to publish and we all signed the contract, took the cheque (which showed up on time), and our chances.

“And I’ve never heard of any of those titles you listed. Perhaps Platinum needs lessons in PR…”

I’m not surprised you’ve never heard of the titles. While sales are up for the bigger publishers, the DM is brutal for small ones right now. Platinum has tried some interesting experiments in promoting their comics (putting them up in their entirety for free online at drunkduck.com, for one), but awareness of the company in the comic-buying public seems to remain limited.

Andrew

In the most basic analysis, and ignoring speculation bubbles, a company goes public because it needs to spend more money than it brings in for some period of time, in order to accomplish some larger goal (presumably to make even more money in the future). That money comes from the investors who buy the stock.

Investors, like all of us, tend to hang onto their money more stubbornly in rough economic times, so, during those times, it becomes harder and harder to convince the public market to provide you with the difference between what you’re spending and what you’re making, the tougher the economy becomes. I think I remember reading in Todd Allen’s analysis of Platinum’s SEC filings that they were spending something like $500,000/month. If that’s the case, then that’s a pretty serious “burn rate,” and one that presumably requires a great deal of confidence in order to sustain for any length of time.

If you need a large number of fairly random people (that is, the public) to be willing to risk its money on you, in order for your company to reach its goals, then you need for the economy to be solid, so that people are more willing to take the risk. The more you’re spending, the more solid you need the economy to be.

Risk is one way to build a great business — but it is, by definition, um, risky.

Some companies prefer to stay lean and mean for this reason, and either spend less than they make (which is called, you know, being profitable), or only take investment from private sources, who are fewer in number and tend to work very closely with the management team of the companies they invest in — so they’re sometimes more reliable investors to have during difficult times. The danger of this approach is that, during boom times, you may not be able to grow as quickly as you need to grow to stay on top of the pack. But during bust times, you’re relatively insulated from the worst of the damage caused by the larger economy.

I’m not an expert, just an entrepreneur, so I’m sure a professor of economics could tear the above apart pretty handily. But it’s my own sort of understanding of how this all works. Hope it helps.

And yes, almost everyone is in the business of IP these days. Why, the other day at a party, someone asked how I make my money. I shouted “IP!”

and everyone backed quickly away.

You seem to know quite a bit about Platinum. Do you work for them? If so, what’s your opinion on Platinum not paying its people? In light of their recent IPO, one would think Platinum would be awash in cash and therefore not behind in payments and allegedly trying to play their creators for suckers.

And I’ve never heard of any of those titles you listed. Perhaps Platinum needs lessons in PR along with lessons in ethics.

Yeah, that looks like the standard letter used in the video games industry too… classic points are the ‘we’re not going under’ message. this almost always translantes as ‘we’re going under, but not before you get the can’.

Tough times. Fun times.

Platinum’s been publishing books. Minis, trades, even tried an ongoing. The latter of which was or is called Hero By Night. I’m sure people have heard of it by now.

Almost everyone is in the business of IP right now. Whether it’s buying, borrowing, leasing, renting, begging, or stealing. Even some companies that you might not think would be. I see it, I’m neck deep in it.

In fact, Platinum has published more than a dozen comics miniseries and graphic novels, including several books written by Fred Van Lente (The Weapon, Ghosting, Watchdogs), Chuck Dixon (Big Badz, Kiss), and Dean Motter (Unique).

And they’ve technically been in existence acquiring “comic properties” for more than ten years–though they only started actually publishing material about a year and a half ago.

Whether Platinum’s important to the industry or not, I imagine the company remaining solvent is quite important to some of the creators doing work for them–at least till they’re paid what they’re due (or past due.)

Andrew Foley

“I’m in real estate agent in Detroit and I can see how rough things are for people right now.”

Man, does your life suck right now. Detroit’s new motto:

“Detroit: Leading the country into the depths of the next Great Depression!”

As to Platinum’s product, As I remember it, they have published 2 comics or comics series in about 4 years of existence. That’s not a very important company.

Anyway kids, let’s all live in peace.