After years of financial problems, independent publishing house MacAdam/Cage filed for Chapter 7 liquidation last month in a San Francisco court. The company burst on the indie scene publishing hit books by Susan Vreeland (Girl in Hyacinth Blue) and Audrey Niffenegger’s the Time Traveler’s Wife.
The company first ran into financial problems in 2009 and founder David Poindexter, after paying back a large chunk of its debt, tried to start over again in early 2012. Those efforts however, did not work as expected and Poindexter put the company up for sale. Before a deal could be completed Poindexter died in spring 2013 after a bout with cancer. In the bankruptcy filing, MacAdam/Cage listed liabilities of about $1.4 million and assets of just $130,000.
First meeting of creditors us set for February 25 at the San Francisco US Trustee Office.
