Night Shade’s co-owner Jeremy Lassen released an open letter that appeared on Locus Online. Below is an excerpt, you can find the full text at Locus.
By now most of you had have probably heard that Night Shade is in the process of being bought out. As many of you know, for a long time, Night Shade has been struggling financially. In evaluating our long-term outlook, Jason and I determined that those struggles would continue for an indefinite period of time. During that time, authors would continue to be paid late, and Night Shade’s reputation would continue to be dragged through the mud because of late payments, which would in turn make the day-to-day process of publishing books in a profitable manner all the harder.
In looking for a buyer, our first priority was to find someone who would make sure all of our authors got paid in full. That was my first priority. I have always promised that while we might be late, authors would eventually get all the money that was due to them. Our second priority was to find buyers who could do justice to the diverse and talented stable of writers that we have at Night Shade. And we wanted someone who would ensure that books under contract would come out and be sold and promoted well, and that books already out would continue to be sold and promoted.
Those were our requirements, and we feel that we found buyers who could fulfill those requirements. One of THEIR requirements is to make back their investment. And part of that is to put some things in place that authors need to sign off on. I always knew this would be difficult, but Night Shade worked closely with SFWA to ensure that the terms our buyers were asking for were fair and equitable to the authors involved. And frankly, this is the best I could do. I tried very hard, and this was the best solution I could come up with to ensure that ALL authors are paid ALL of the money they are owed.