netlibrary's bankruptcy and III

[Miriam Bobkoff <miriambobkoff@xxxxxxxxxx>]

I have seen in two places that III is NetLibrary's
biggest creditor. They owe $3 million dollars to
Innovative.

Huh?

I'm not business minded. Can someone explain what
three million dollars of services III has provided
them, and what it might do to Innovative's balance
sheet to be missing three million dollars worth of
expected revenue ?

The two sources:

from http://www.e-book.com.au/
"In a strange twist, the netLibrary affair is turning
into an "all in the family" matter for librarians,
since the biggest netLibrary creditor is not among the
many publishers owed royalties. Instead a cool $US3
million turns out to be a debt to the company known
colloquially in library circles as "Triple I", a.k.a.
Innovative Interfaces Incorporated, supplier of
automated library systems to many university libraries
in Australia & around the world."

And from Walt Crawford's Cites and Insights, December
issue  http://home.att.net/~wcc.techx/civ2i1.pdf
where he says on p. 5 "...some of the creditors listed
in netLibrary's backruptcy filing...--and $3 million
to Innovative Interfaces."

Miriam Bobkoff           personal: mbobkoff@xxxxxxxxxx
Santa Fe Public Library  work:
mbobkoff@xxxxxxxxxx
1730 Llano Street
Santa Fe, NM 87505       The Library's Page:
(505) 955-4862      
http://www.ci.santa-fe.nm.us/sfpl/


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