Does the fun ever stop at Platinum Studios? Even as they announced two more additions to their advisory board, Dean Stackel and Rob Kenneally, their stock price has fallen to a a nickel, executives have taken pay cuts, and their next financial report has been delayed. One big bright spot was the announcement that Platinum’s marquee title, HERO BY NIGHT, is being developed into a possible TV show by IM Global.
On his blog, HERO BY NIGHT creator DJ Coffman reacted to the news, which he read about in the trades, like everyone else:
No, I was not informed. I can’t say that I’m surprised because Platinum Studios probably were afraid I’d blab about it on my blog, which has been known to kill deals and stuff I’m told. And I can’t say I’m surprised at all as how things have gone down this year, which is probably no secret at all to anyone who knows anything about this stuff in the slightest.
I’m going to bite my tongue a little here, but only for the sake of having OTHER things going on that NOBODY in the outside world knows about, so having my name and creation in the Hollywood Reporter and out in the BUZZ isn’t a bad thing. (although sometimes I feel like I do need to shower afterward)
I can say this about Hero By Night. It is without a doubt the BEST thing Platinum Studios has in it’s entire library. The best universe for sure. And that’s not meant to slam anything else, and it’s not meant as just cocky-creator speak… it’s truth culled from a thousand destinations.
The news that Coffman, once Platinum’s biggest defender, hadn’t been informed got some journalists on the trail of the story, and Gary Tyrell asked some very specific questions:
Fleen: It’s my understanding that Scott Rosenberg (head of Platinum) has in the past started multiple companies in the area of comics and other media, including a new one called Vanguard Comics whose mission statement is eerily similar to that of Platinum Studios. Is the company that you are contracted with the same legal entity that made the announcement with IM Global?
Coffman: Yes. And it’s been my understanding from other legal eagles I’ve spoken with that if another company takes over Platinum, buys them out, changes names, the contracts still stand and are simply transfered over to the new entity, and I’d get a smaller contract to sign stating that I’m aware of the new owners of the property, and that contract continues under its term. I guess that’s common sense legal biz.
The moral once again…read your contracts! REALLY READ THEM or pay someone to read them.
Wasn’t their initial stock offering at 20 cents? In that context the drop to a nickel doesn’t seem that harsh in a climate when blue chip companies are seeing their stock prices plummet many dozens of dollars per share. Not that that means anything about Platinum’s overall health either, but just saying.
In addition to reading your contracts, it is also important to understand them. A good lawyer is like a translator and he or she should be able to explain every clause in a contract, what the clause is intended to do, why the other party would want the clause, and the practical ramifications for each of the contract terms. Understanding the contract terms is the key.
I’m more partial to Dylan Dog, an Italian comic Platinum has the rights to (and Dark Horse issued a few editions of).
DJ Coffman really came out not looking too good out of this. He needs to stay off the blogs and comment fields for a while.
Wow. Platinum are shady.
Yes, too bad somebody didn’t warn DJ Coffman about Platinum. Oh, that’s right. People did.