WTAF? I'm so sorry: this is appalling!

Good lord, that's quite the surprise! Congratulations on baby Ray. He's beautiful.

Something I once forced on a crying toddler: The knowledge that she would not be allowed to marry her father (my husband).

No prob!
I have no personal stake in this (I have many thoughts!) but I think alt text is important, specially on Bluesky.

End alt text thread.

Typos almost certainly mine, not from OG statement by John Mitchinson.
(12/12)

I have now severed all my connections with the business I co-founded, which is wretchedly sad, but I resigned on a point of principle and hope that some of you at least will understand why that decision was the only one I could make.
I'm more sorry than words can say.

(11/12)

Ever since I joined Waterstones as a bookseller in 1987, this industry has been my life. I have always put books and their authors first and I will continue to do that.
(10/?)

There will be speculation in coming weeks about how and why Unbound has failed. That is right and proper. There is, in particular, a great deal to be said about businesses that over-rely on external investors--a vulnerability that has proved near-fatal in Unbound's case.
(9/?)

The company's current position is morally and financially unacceptable. We started Unbound to offer an alternative to the traditional publishing model, to offer a better, fairer deal for authors. That starts with paying them on time. If there is any money in the business, it should go to them.
(8/?)

I made that choice because I could not countenance taking another penny from a business that no longer prioritised paying its authors. The other departing staff felt the same. We all feel let down and devastated on the authors' behalf.
(7/?)

None of us have other jobs to go to. In my own case, I left with no equity, no notice period, no tangible reward to show for 14 years of work, except of course for the only reason I'm in this business--the wonderful books we have published.
(6/?)

...not least because it happened too late for us to seek an alternative. The May 30th payments scheduled for both the payment plans and the end of May profit share would not be paid.
That is why I resigned last Friday, joined by seven senior members of the Boundless team.
(5/?)

The whole team signed up to the payment plan we issued. And, with justifiable reluctance, most authors did, too.
The revelation last week that the investment money we had been promised in May was going to fall substantially short was a devastating blow...
(4/?)

Unbound was founded on the principle that authors ARE the business. I still believe that.
Unbound's decision to enter administration in March was traumatic and painful, but it at least offered a route for our authors to be paid, albeit over an extended period of time. (3/?)

Anyone who knows me will realise, I hope, that this apology is heartfelt and sincere.
Unbound's well-publicised financial troubles notwithstanding, there can be no viable publishing business without a credible plan for paying its authors. Authors must come ahead of all other business creditors.(2/?)

Alt text for this post:

I want to address the completely understandable anger being expressed about Unbound/Boundless.
Let me begin with an apology to all the writers, colleagues, friends and supporters who have been drawn into this mess or who feel let down.
(1/?)