Buyers Interested In ImageState

Posted on 5/15/2006 by Jim Pickerell | Printable Version | Comments (0)

6

BUYERS INTERESTED IN IMAGESTATE


May 15, 2006

A month ago on April 12, 2006 Peter Mark Saville and Andrew John Pepper of Kroll Limited in the UK were appointed joint administrators of Image State under the UK Insolvency Act of 1986.

Very little official information has been made available since that time as the administrators will not answer press calls and their office is not giving out their email addresses.

They have sent a letter to creditors and suppliers indicating that "the Company is continuing to trade under our supervision." We also know that the offices in both New York and London are closed and the building manager in New York has been notified that the rent will continue to be paid, but no one should be allowed in the office without the specific permission of the administrators.

I understand that the administrators are now examining at least one offer to purchase the entire company and approximately 22 offers to purchase various parts of the company. It is believed that the part of the company that most potential buyers are interested in is the wholly owned 17,000 image John Foxx collection.

Is is also our understanding that there are a few more buyer interested in making offers, but that they have been told that for the time being no more offers are being accepted. Under English law Insolvency Practitioners are required to consider all legitimate offers. Therefore, it seems likely that the administrators are organizing the bids already received before accepting further bids. It would seem that it will be some time before any decisions are announced.

The letter sent to suppliers says among other things, "Please provide details of the amount owing to you as at the date of appointment. If you contend that you hold any form of security or reservation of title, would you please forward details in writing to us as soon as possible." It would seem prudent for photographers to send a letter to the administrators informing them of the number of your owned images that are on file with Image State and expressing your desire to have those images returned. The mailing address of Kroll is 10 Fleet Place, London EC4M 7RB. The court case number is 2681/2006 and the company number assigned to the case is 04187014.

The letter also says, "We are currently formatting our proposals which will be sent to creditors in due course and if appropriate, details of a creditor' meeting." From this statement it sounds like there is no assurance that there will ever be a creditor's meeting. If there is such a meeting it will likely be in London and no such meeting is likely to be held in the U.S.


Copyright © 2006 Jim Pickerell. The above article may not be copied, reproduced, excerpted or distributed in any manner without written permission from the author. All requests should be submitted to Selling Stock at 10319 Westlake Drive, Suite 162, Bethesda, MD 20817, phone 301-251-0720, e-mail: wvz@fpcubgbf.pbz

Jim Pickerell is founder of www.selling-stock.com, an online newsletter that publishes daily. He is also available for personal telephone consultations on pricing and other matters related to stock photography. He occasionally acts as an expert witness on matters related to stock photography. For his current curriculum vitae go to: http://www.jimpickerell.com/Curriculum-Vitae.aspx.  

Comments

Be the first to comment below.

Post Comment

You must log in to post comments.

Stay Connected

Sign up to receive our FREE weekly email listing new stories posted.

Follow Us

Free Stuff

Recent Stories – Summer 2016
If you’ve been shooting all summer and haven’t had time to keep up with your reading here are links to a few stories you might want to check out as we move into the fall. To begin, be sure to complet...
Read More
Corbis Acquisition by VCG/Getty Images
This story provides links to several stories that relate to the Visual China Group (VCG) acquisition of Corbis and the role Getty Images has been assigned in the transfer of Corbis assets to the Gett...
Read More
Finding The Right Image
Many think search will be solved with better Metadata. While metadata is important, there are limits to how far it can take the customer toward finding the right piece of content. This story provides...
Read More
Where Is The Stock Photo Industry Headed?
For new readers, or those who may have missed some of what I have written over the last few months, the following are a list of stories worth looking at to get a sense of where the industry is headed.
Read More
Photography As A Career
It’s that time of year when high school seniors are waiting for college acceptance letters and thinking about future careers. If you know someone who is thinking about photography as a career you mig...
Read More
2014 Stories You May Have Missed
For many the end of the year is a time to review past experiences and consider whether it makes sense to chart a new course in the year ahead. Stock photography has changed dramatically for professio...
Read More
More Stories In 2014 You May Have Missed
Every so often I put together a list of the most important stories we’ve published in the recent past. If you are engaged in the business of stock photography the links below are to stories that we’v...
Read More
Getty: A Three Month Review
In all the excitement about 35 million FREE images it is worth looking back at some of things that have been happening at Getty Images in the last three months. After watching revenue decline for the...
Read More
State Of Stock Photo Industry: 2013
If you’re looking for an overview of the state of the stock photo industry as of October 2013 the stories listed below are a good place to start. Regular readers of Selling-Stock will have seen all t...
Read More
Education Market Shifts To Digital
If supplying pictures for educational use is a significant part of your business plan you need to be aware of how the market is trending toward digital delivery and how that is likely to affect the p...
Read More

More from Free Stuff