Medallion Press filed for Chapter 7 bankruptcy October 18, in the U.S. Bankruptcy Court of Northern District of Illinois. In its filing, the publisher listed assets of $100,001 to $500,000 and liabilities in the same range. It cited between 200 to 999 creditors.
Under a Chapter 7 filing, a trustee will liquidate a company’s assets in order to earn as much money as it can to pay creditors. According to court documents, a meeting of creditors is scheduled for November 13, in the DuPage Courthouse in Wheaton, Ill. Heather Musick, senior v-p for Medallion, has been named to represent Medallion's interest in the bankruptcy proceedings.
Medallion was founded in 2003 by Helen Rosburg, a published romance author and great-granddaughter of Wrigley Co. founder William Wrigley. The house initially focused on publishing mass market paperbacks in the categories of general fiction, romance, fantasy, paranormal, science fiction, mystery and thrillers.
After growing steadily from its launch to 2010, Medallion formed with Medallion Media Group and put an eye towards entering the movie and music business. In 2012, the company launched TREEbook, which it described as a new e-book format that featured a time-triggered reading experience that allowed the book to generate multiple story-lines based on things like an individual's reading pace. The technology, however, never gained much traction in the market.
Since word of the bankruptcy started to spread, agents have been working to retrieve the publishing rights of their authors from the company.