New Media Consortium is Ending All Operations Immediately, Organization is Insolvent
Here’s the full text of the email announcement (Also Available Here)
The New Media Consortium (NMC) regrets to announce that because of apparent errors and omissions by its former Controller and Chief Financial Officer, the organization finds itself insolvent. Consequently, NMC must cease operations immediately.
NMC would like to sincerely thank our loyal and dedicated community for its many vital contributions since its inception in 1994. NMC is grateful to its current executive director and NMC staff for their tireless efforts to connect people at the intersection of innovation and technology.
NMC will be promptly commencing a chapter 7 bankruptcy case. A trustee will be appointed by the court to wind down NMC’s financial affairs, liquidate its assets and distribute any net proceeds to creditors. The case will be filed in the United States Bankruptcy Court for the Eastern District of California.
Please understand that NMC’s assets may be sold as part of the bankruptcy process and another entity, potentially a nonprofit, may yet go forward with our summer conference. Nevertheless, before sending any payment for 2018, please contact our counsel Reno Fernandez at (415) 362-0449 ext. 204, and he will connect you with the trustee once he or she is appointed.