Author Topic: Sygma bankruptcy (Read 4524 times)

ErickN · « **on:** May 21, 2010, 11:22 »

After Gamma in 2009, it's Sygma (Corbis) agency's turn to go bankrupt :

http://www.google.com/hostednews/afp/article/ALeqM5gxSLgz4m4974Xvzv4XyKrJebvC6w
(in french, sorry, didn't find an english article yet)

louoates · « **Reply #1 on:** May 21, 2010, 12:15 »

Another: http://blog.melchersystem.com/2010/05/21/corbis-sygma-files-for-liquidation/

They seem to have lost lots of money...much more than the lawsuit judgments they faced. Doomed any way you look at it. Which site is next? I nominate Yay and Veer.

Sean Locke Photography · « **Reply #2 on:** May 21, 2010, 12:24 »

"The reason (something we wrote about here a while back) : Sygma was found guilty of losing original images of photographer Dominique Aubert and fined 1.5 million Euros ( about $2 million Dollars) . The company had then its property, equipment and bank account seized by the French Justice."

If losing 2 million bucks puts them out of business, they weren't much of a company to being with. Heck, I have that much liability insurance.

donding · « **Reply #3 on:** May 21, 2010, 12:25 »

let's just hope Veer payouts before any bankruptcy..if it were to happen

FD · « **Reply #4 on:** May 21, 2010, 12:33 »

Quote from: louoates on May 21, 2010, 12:15

Which site is next? I nominate Yay and Veer.

I'm putting a lot of effort in Veer lately. I wish it wasn't true. They still feel OK. At the moment I'm deleting my port at Dreamstime slowly. They r not ok, selling avalanches of subs for max size .35$subs is not what I signed up for. Corbis still gets a chance.

sharpshot · « **Reply #5 on:** May 21, 2010, 13:31 »

Is there a site that has a richer owner than Veer? I don't see them going bankrupt, it is just as likely that they will buy istock.

ap · « **Reply #6 on:** May 21, 2010, 13:47 »

Quote from: sharpshot on May 21, 2010, 13:31

Is there a site that has a richer owner than Veer? I don't see them going bankrupt, it is just as likely that they will buy istock.

you must be right (i guess you're referring corbis' deep pockets vis a vis bill gates), since their dash for cash is so unrestrictive compared to other's recent similar offers. ie deposit photos only offering .2 vs veer's (up to) $1.4/image, no time hostage (dp's 6 months tie up), no canceling the offer midstream, setting clear deadline, etc. they also have a responsive rep on msg which make you like and trust veer. if they have the money to purchase istock, go for it! (might be better than purchase photos outright)

on the other hand, sygma is also a subsidiary of corbis and they finally let them go...

WarrenPrice · « **Reply #7 on:** May 21, 2010, 15:02 »

There is often more to a bankruptcy decision than the money. Didn't the article say that the French Government had seized the Sygma assets? It is very likely that Bill Gates was sending a message. After all, he was previously chastised by European court systems. Saw a good chance to say, "Screw You."

madelaide · « **Reply #8 on:** May 21, 2010, 15:28 »

The concept of "bankruptcy" varies from country to country. Sometimes it's a preventive action to impede further loss.

Brian O'Shea · « **Reply #9 on:** May 21, 2010, 15:42 »

Hi All -

Just to clarify - Corbis-Sygma is a separate business entity. This has no impact on Veer. Our Dash for Cash program, as well as our relaunch plans for later this summer are all full steam ahead.

Best,

- Brian

donding · « **Reply #10 on:** May 21, 2010, 15:52 »

Thanks for clarifying that Brian. I'm sure it makes a lot feel better

WarrenPrice · « **Reply #11 on:** May 21, 2010, 16:02 »

Quote from: Brian O'Shea on May 21, 2010, 15:42

Hi All -

Just to clarify - Corbis-Sygma is a separate business entity. This has no impact on Veer. Our Dash for Cash program, as well as our relaunch plans for later this summer are all full steam ahead.

Best,

- Brian

So, Brian, Does Bill know that you are giving his money away?