Norman Ridker, whose Thoroughbred Times owed millions of dollars to creditors when he closed the company through Chapter 7 bankruptcy Sept. 14, secured a large personal payday Feb. 1 by selling his remaining magazines.
FolioMag.com reports a newly formed joint venture between Mark Harris, co-owner of National Publisher Services, and David Fry, chairman of NPI Ventures LLC and CTO of Fry Communications, called I-5 Publishing LLC has acquired the books, magazines, and websites of special interest publisher BowTie Inc.
Terms of the deal were not released, but Harris and Fry told FolioMag.com they paid $10 million-plus. Included in the sale are Cat Fancy, Dog Fancy, Pet Product News International, Horse Illustrated, Urban Farm, AnimalNetwork.com, DogChannel.com, and books like Dog Heroes of September 11th and The Original Dog Bible.
Meanwhile an online auction of many of the remaining Thoroughbred Times assets concluded Feb. 1, with the publication's trademark going for $93,000. A customer e-mail list brought $23,000, hard copy photos $20,500, and a library went for $8,900. Although some of the 67 items offered were pulled pending litigation, the online auction looked like it would surpass $166,000.
"It got going great late in the sale," said Jim Halfhill Sr. of Halfhill Auction Group, which conducted the online sale. "It was difficult dealing with some intellectual property, but we saw some very spirited bidding."
In the Chapter 7 filing, Thoroughbred Times listed $5.3 million in liabilities and just under $1 million in assets. Creditors include 27 former employees, The Jockey Club, a long list of turf writers, and other industry stakeholders.
Note: Frank Angst is a former Thoroughbred Times employee.