Doubledown Writers Face Bad News
However, this process depends on the courts being able to sell assets. And that's the bad news for Doubledown creditors, including writers. According to Folio, at an auction last week, there were no "acceptable" bids for any assets, even including the customer lists:
According to the auction notice, the minimum bid for Doubledown’s Dealmaker was $100,000. For Corporate Leader and Trader magazines the lowest acceptable bid was $50,000. The minimum bid for Cigar Report was $25,000.These are pretty low numbers as it is, so I suspect the chance of writers recouping any significant amount are next to nothing. My sympathies to those who were screwed.
Corporate Air, meanwhile, carried a minimum bid of $55,000. Doubledown previously received an offer from a company called Private Air Media—which is headed by the magazine’s founder Dee Dee Morrison—and Knight Images Inc., for $50,000.