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View Full Version : A bit of news about Devils Due, the TF license and DW's bankruptcy...


Hound
2005-02-28, 09:11 PM
http://www.tippingcows.com/

It looks like Devils Due has picked up the Transformers license from Hasbro which was pulled from Dreamwave. We should have the new relaunched books by this summer. I wonder if the Dreamwave Porches were part of the deal?
Also of note:
Dreamwaves bankruptcy m eans that pretty much everyone who worked there is screwed as the owners parents are the primary secured creditors and will get their $141,000 back before anything even trickles down to all the artists and writers who kept the company going by having their paychecks pushed further and further back. At least, according to the bankruptcy papers, the brothers were able to file the paperwork in style, getting to drive their $89,000 Porches to the courthouse....
I don't know his sources so I wonder if anyone can provide a second source that might lend confirmation...

Reflector
2005-02-28, 09:19 PM
Porches with wheels? What'll they think of next? I bet a car is a lot easier to drive, though...

Almighty Galvatron
2005-02-28, 09:28 PM
That's exactly what I was thinking

Nevermore
2005-02-28, 09:43 PM
More:

http://www.comicbookresources.com/columns/index.cgi?column=litg&article=2102

Denyer
2005-02-28, 10:43 PM
HANDFUL OF DUST

With such scurrilous rumourmongers like myself, it's good to see at least one comics magazine doing some decent journalism, interviewing Pat Lee about the fall of Dreamwave without mentioning Dream Engine, McDonough, Patyk or the variety of deceptions the company undertook. Looks like Lying In The Gutters could learn a lot.

Sadly all we're left with is the list of creditors, with a little identification of the debt where instantly known.

DREAMWAVE PRODUCTIONS OF THE TOWN OF MARKHAM, IN REGIONAL MUNICIPALITY OF YORK, IN PROVINCE OF ONTARIO

Mailing List Creators What? Contingent

1 ADAM PATYK $18,400.00 $18,400.00 TF Writer
2 JAMES MCDONOUGH unknown
3 JAMES MCDONOUGH $26,286.00 $26,286.00 TF Writer

Secured

4 BMW GROUP FINANCIAL SERVICES CANADA $56,000.00 Roger's BMW Z3
5 BMW GROUP FINANCIAL SERVICES CANADA $58,000.00 Roger's BMW X5
6 IMAGE FINANCIAL SERVICES INC. $10,294.00
7 NATIONAL LEASING CORPORATION unknown Equipment
8 NORTHSTAR LEASING CORPORATION unknown Equipment Leasing
9 STEELCASE FINANCIAL SERVICES LTD. unknown Office

Furniture Lease

10 TEDDY AND ANNE LEE $141,000.00 Pat & Roger's parents
11 TELETECH FINANCIAL CORPORATION unknown

Unsecured

12 407ETR $60.00 Toll Highway
13 ALAN WANG $13,733.00 $13,733.00
14 ALEX MILNE $4,330.00 $4,330.00
15 ANTHONY WASHINGTON $343.00 $343.00
16 BELL CANADA $730.00 Telephone
17 BELL CANADA $963.00 Telephone
18 BELL CANADA $1,077.00 Telephone
19 BENJAMIN LEE $6,720.00 $6,720.00
20 BRIAN AUGUSTYN $1,324.00 $1,324.00
21 C & C OFFSET PRINTING CO. (NY) INC. $24,679.00 Printing
22 CANADA REVENUE AGENCY $6,300.00 Canada Tax Office
23 CANADA REVENUE AGENCY unknown Canada Tax Office
24 CANON CANADA INC $70.00 Photocopier
25 CITICAPITAL TECHNOLOGY FINANCE LTD $662.00 (this place shares the same address with #11 Teletech Financial. It could be the body in charge of their asset clearance).
26 DIAMOND COMIC DISTRIBUTOR unknown
27 DON FIGUEROA $15,435.00 $15,435.00
28 EDWIN GARCIA $2,375.00 $2,375.00
29 ELAINE TO $20,501.00 $20,501.00
30 ERIC MICHAEL BURNS $478.00 $478.00
31 ERIK SANDER $2,059.00 $2,059.00
32 ESPEN GRUNDETJERN $6,375.00 $6,375.00
33 FEDEX $5,983.00 Shipping
34 FERD POBLETE $6,010.00 $6,010.00
35 GUIDO GUIDI $2,716.00 $2,716.00
36 GWL REALTY $36,608.00 Office Rent
37 HASBRO, INC. $494,442.00 TF Royalty
38 HEENAN BLAIKIE LLP $1,663.00 Lawyer
39 IMAGE FINANCIAL SERVICES INC. unknown
40 JEREMY TIONGSON $10,096.00 $10,096.00
41 JOE NG $2,114.00 $2,114.00
42 JOEL BENJAMIN $3,678.00 $3,678.00
43 JOHN NEY RIEBER $1,550.00 $1,550.00
44 JOHNATHAN HO $444.00 $444.00
45 JOSHUA PEREZ $1,642.00 $1,642.00
46 JUSTINO DAVID PENA $2,206.00 $2,206.00
47 KE JIANG $630.00 $630.00
48 LIN JIAN LONG $161.00 $161.00
49 MARCELO MATERE $4,045.00 $4,045.00
50 MATT HANSEN $658.00 $658.00
51 MILLER THOMAS LLP $1,787.00 Lawyer
52 MORGAN THOMAS $8,753.00 $8,753.00
53 MOST MANAGEMENT (CAPCOM) $9,195.00 Capcom Royalty
54 MTS ALLSTREAM INC $3,514.00 Long Distance Carrier
55 PATRICK BUENDIA $555.00 $555.00
56 PAYMENTECH CANADA $75.00 Credit Merchant Services
57 PITNEY BOWES $85.00 Office Appliance
58 QUEBECOR WORLD LEBONFON $4,685.00 Printing
59 QUEBECOR WORLD MONTREAL MAGOG $243,917.00 Printing
60 REED EXHIBITIONS $3,345.00 Trade Show
61 REGENT PUBLISHING SERVICES LIMITED $1,742.00
62 RICH YOUNG $16,412.00 $16,412.00
63 ROBERT ARMSTRONG $420.00 $420.00
64 ROBERT RUFFOLO $805.00 $805.00
65 ROMULO ADALBERTO SOARES DA SILVA $3,237.00 $3,237.00
66 SHELDON LAZAROVITZ unknown unknown
67 SIGMOND TORRE $600.00 $600.00
68 SIMON FURMAN $16,674.00 $16,674.00
69 STAR CHOICE $128.00 Satellite TV
70 STUART NG $956.00 $956.00
71 SUSAN LOU $3,953.00 $3,953.00
72 TALENT PUN $1,800.00 $1,800.00
73 TELLUS MOBILITY $655.00 Cel phone
74 UPS unknown Shipping
75 VMC GROUP $1,154.00 Marketing services (Trade Show Booth)
76 WEB OFFSET PUBLICATIONS LIMITED $38,947.00 Printing
77 WINTERBELL $4,520.00 $4,520.00
78 XL LABORATORIES INC $3,284.00 (Associated with poster printing)
79 YVONNE POON $210.00 $210.00

Number of creditors printed = 79
Total $1,364,248.00 $213,204.00

One very different aspect comparing the fall of CrossGen and DreamWave, was that with CrossGen they owed a lot more, but the money was mostly to corporations. With Dreamwave, a much greater percentage, over a quarter of a million, is owed to creators.

And look how much Hasbro are owed... whatever deal the new Transformers publisher has with Hasbro may include some recoupment of this loss, in exchange for the existing Diamond orders.

We mentioned the Lee's parents as a secured creditor, and the apparent circumstances behind those last week. But just how did all those cars end up being listed as "secured?"

Cliffjumper
2005-03-01, 01:06 AM
They offered Joe Ng money? Was that to draw books, or not to draw books?

C'mon, who was right about Pat being a money-grabbing wanker straight ou the box? C'mon! it's not often I get something right...

Commander Shockwav
2005-03-01, 03:47 AM
Originally posted by Cliffjumper
They offered Joe Ng money? Was that to draw books, or not to draw books?

C'mon, who was right about Pat being a money-grabbing wanker straight ou the box? C'mon! it's not often I get something right...

Yep, as I suspected as well.

There is no way, NO FREAKIN WAY, the Lee's didn't see this coming waaaaaaaaay before the bankruptcy happened.

So what did they do? They played like everything was dandy, all the while ensuring that their cars and other perks would be secured.

I loved him for his bringing Transformers back in a big way, an unforgettable three years. But lets not judge the man on his tastes or talents.

No, now his true character is revealed. Under that TF love is a man without care or concern for those under him, a backstabbing two-timer of a man, a flat-out dishonest man without any integrity whatsoever.

Great TF artist, TF revivalist, it matters not.

His true colors have been revealed.

Nevermore
2005-03-01, 11:50 AM
Why is everyone bashing Pat Lee? He drew a cool Optimus with sexy tits, and it's not his fault that BMWs are so expensive and those stupid writers and artists actually demand getting paid for their work... :rant:

inflatable dalek
2005-03-01, 12:55 PM
Originally posted by Cliffjumper
C'mon, who was right about Pat being a money-grabbing wanker straight ou the box? C'mon! it's not often I get something right...

I'm beting Furman, Guido and the others are wishing they'd listened to you.

Still, at least Furman will be able to go on making a living with his fantastic editing of Titan's TF collections... :smokin:

Zisteau
2005-03-01, 01:11 PM
Note to self: If ever applicable, don't continue to work for smooth talking butthole for months on end without seeing a paycheck along the way.

Commander Shockwav
2005-03-01, 03:17 PM
Originally posted by Zisteau
Note to self: If ever applicable, don't continue to work for smooth talking butthole for months on end without seeing a paycheck along the way.

You know, I think what happened was that employees like Simon, James, Adam, and Don probably enjoyed their work so much, it didn't cross their mind that they should demand payment when payment was due. They just went on their merry way, thanking God they had such a great job.

I feel bad for those guys. Like lambs to the slaughter.

Cliffjumper
2005-03-01, 03:21 PM
Originally posted by Commander Shockwav
I feel bad for those guys. Like lambs to the slaughter.

Hmmm, I have one part sympathy, one part "you're bloody fools". I enjoy my work. Wouldn't do it if I was owd a couple of grand though, even if ti was in Mickey Mouse money.

Denyer
2005-03-01, 03:26 PM
Especially those employees contracted as their first work in comics; someone like Furman is going to have been prodding people in a reasonably polite manner from an earlier stage.

Cliffjumper
2005-03-01, 03:50 PM
I dunno, when I first heard about unpaid creators, I thought it'd be the guys who had disappeared from books - Ng, Raiz, Guidi etc - who weren't being paid... but no, there's guys like Furman and Figueroa who were signing up for new books left right and centre... while DW are certainly gits of the highest order, Furman/Mick/Patyk etc's naivety/stupidity helped this situation, to be honest. It's like that whole Micromasters was promotional material crap - did Mick & Patyk honestly not ask how they'd be paid until after they'd done four issues...?

Denyer
2005-03-01, 04:12 PM
I'd assume they were working on a per-issue rate but had contracts also specifying the preparing of promotional materials. The Lee brothers simply attempted to redefine what 'promotional materials' included.

If you've previously received monies in accordance with agreements, waiting a short while for cashflow issues would seem reasonable. It's not that uncommon in any business, particularly those which may include percentages based on sale statistics.

Cliffjumper
2005-03-01, 04:16 PM
Hmm. If I'm doing overtime at work, I check that I'll be paid at overtime rate before I put the hours in.

And I certainly wouldn't promise to work in another branch while awaiting payment for my previous work.

Oh, and Erik Sander should forfeit any outstanding monies for that "E-rock" crap.

Hound
2005-03-01, 04:28 PM
Any confirmation on Devils Due getting the TF liscense?

Commander Shockwav
2005-03-02, 04:01 AM
It's like that whole Micromasters was promotional material crap - did Mick & Patyk honestly not ask how they'd be paid until after they'd done four issues...?

Speaking of which, did anyone notice the absence of James McDonough and Adam Patyk from the above list?

Perhaps tossing those legal threats at the Lee's made them ante up what they owed those guys. Anyone else have any other possible explanation why those guys aren't in the list of unsecured above?

Ozz
2005-03-02, 08:55 AM
Originally posted by Commander Shockwav
Speaking of which, did anyone notice the absence of James McDonough and Adam Patyk from the above list?

The one Denyer posted? They're right at the top.

Commander Shockwav
2005-03-02, 03:16 PM
Originally posted by Ozz
The one Denyer posted? They're right at the top.

Oops. Didn't see that somehow.

What does "Contingent" mean as opposed to "Secured" and "Unsecured"? Anybody know?

Denyer
2005-03-02, 03:52 PM
Originally posted by Commander Shockwav
What does "Contingent" mean as opposed to "Secured" and "Unsecured"? Anybody know? I'd infer it's contingent on sale of assets, rather than coming out of remaining monies. Either that or those are disputed amounts, still being worked out because the non-payment was a contract dispute. Probably the latter.

Ghirox
2005-03-03, 11:32 AM
Originally posted by Hound
Any confirmation on Devils Due getting the TF liscense?
move to this ... confirmed by Hasbro source
http://tfarchive.com/community/showthread.php?threadid=29127