Perseus Offers $80,000 for PGW Name, Leases  

by Jim Milliot -- Publishers Weekly, 9/19/2007 6:35:00 AM

In what is likely one of the last sales of note in the AMS bankruptcy proceedings, the distributor and the Perseus Books Group have filed a motion with the bankruptcy court seeking its aproval to sell the PGW name and office leases in Berkeley, Calif., and New York City to Perseus for $80,000. According to the motion, the sale involves “all intellectual property associated with the PGW and Publishers Group West marks and names, including but not limited to brand, logo and naming rights.” The purchase also includes the signs above the front doors and reception desks at the New York and Berkeley locations. In addition, Perseus will pick up office equipment, furniture and data.

The motion states that Perseus plans to use the two offices for the same purposes—to distribute books and related services. The two offices housed the PGW sales and marketing teams as well as other administrative functions. As part of the agreement, Perseus will continue to pay the rent for the offices. Perseus president David Steinberger said the Berkeley location will also be used to house the West Coast staff of the former Avalon Publishing Group, which the company acquired earlier this year. Avalon employees are currently located in a separate facility in the Bay Area.

To show that is has the financial wherewithal to buy the name and to continue in business, the motion noted that Perseus Distribution Inc. and Consortium combined to ship “more than $330 million of books at wholesale value to more than 10,000 retailers and wholesalers.”

The bankruptcy court is expected to rule on the motion September 26.