The Falcon Has Fallen

Since I had written a number of times about Sólyom Airways, which was trumpeted as the NEW IMPROVED national Hungarian airline, even if it were owned by Saudis, Árpád Farkas sent me a news piece that addresses its demise. Is anyone genuinely surprised? Well, you shouldn’t be.

Investors backed out, and those who chipped into the kitty are left with a defunct airline. The kitty gobbled up the falcon. The losers are unquestionably the 73 employees who were probably hoping to stay off of the unemployment lines long enough to fly for free with their airline perks. Now they have had their wings clipped as well.

The CEO had to be hospitalized as he was giving a radio speech while discussing the news that the Oman backer backed right out of the deal. The co-CEO resigned a couple of days before. Did he see the writing on the wall or did someone have to perform skywriting for a more dramatic effect?

Related articles

• Solyom Airways unable to pay salaries for September
• It seems Sólyom Airways will never fly

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Out of Black Ink

What do Mark Twain, J.R.R. Tolkien, Ralph Waldo Emerson, and Jonathan Safran Foer all have in common with eight Nobel Prize winners, 47 Pulitzer Prize winners, 13 National Book Award winners, and more than 100 Caldecott, Newbery, Printz, and Sibert Medal and Honor recipients? They are all authors who have had books published by Houghton Mifflin Harcourt Publishing Co. However, Houghton Mifflin Harcourt Publishing Co. has filed for bankruptcy, so another American legend may come to an end. It makes me wonder who is keeping tabs of the dissolving aspects of our culture. This publisher has been around since 1832. Imagine how many authors they published in 180 years of being in business?  

An article from Bloomberg.com states '“The global financial crisis over the past several years has negatively affected' Houghton Mifflin’s financial performance, in a business that “depends largely on state and local funding' for the schoolbook market, said William Bayers, company general counsel, in court papers."

When I taught elementary school, all of our textbooks were published by Houghton Mifflin. Curious George is wondering what this world is coming to and I am just a curious, but also apprehensive.

Related articles

• Houghton Mifflin Harcourt Publishing Files For Bankruptcy, Claims $3 Billion In Debt

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• B&N and Houghton Mifflin Harcourt to sell Nooks loaded with content to schools

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• Business notes | A sign of the times - publisher Houghton Mifflin Harcourt seeks bankruptcy

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Good-bye Frequent Flier Miles II

Another view of those frequent flier miles. http://www.nwcn.com/sharedcontent/northwest/travel/stories/NW_071309TRB-airline-bankruptcy-danger-TP.39d331d2.html

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More Signs of the Times

KB Toys has returned to Chapter 11 bankruptcy, says the Wall Street Journal, and will be liquidated by its parent company — Prentice Capital Management.

"Going out of business" sales will begin quickly at the chain's 277 retail outlets, 40 larger KB Toy Works stores, 114 outlet stores and 30 temporary "holiday stores."

The WSJ says the liquidation was prompted by a 20% decrease in sales in the second half of this year.

The article had no information about the fate of KB Toys gift cards (though KB Toys website says they have suspended sales of gift cards for the 2008 season) — a detail that is up to the bankruptcy court. Generally, gift card holders are considered "unsecured creditors" unless provisions are made for the store to continue redeeming the cards.

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