Publishers and staff owed $1.5m by failed Inception Digital with Mark Carnegie only secured creditor
Failed sales house Inception Digital owed more than $1.5m when it went into administration, with around a dozen local and international publishers set to lose out on hundreds of thousands of dollars in advertiser fees.
At a creditors meeting yesterday it was revealed that only multi-millionaire investor and former director of the company Mark Carnegie and the Australian Tax Office will get funds from the company, leaving publishers including Mashable, The Urban List, The New Daily and AOL hundreds of thousands of dollars out of pocket.
Mashable is owed $529,239 by its former sales house, The Urban List $79,725, AOL $67,622 and The New Daily $54,067. Celebrity chef Adam Liaw is also listed as a creditor.
Mashable is owed more than $500,000 by Inception Digital
The financials seem like they could of made it worked? Sad that Carnegie is the only one that will get his money.
Why is this information being divulged? Is it constructive? Is it balanced editorial with the financial gain made by the publishers mentioned? Why didn’t we see this level of detail around Brand New Media’s demise? Why?
Hi Why,
Thanks for the comment.
We can’t know how much Inception made for each of its publishing partners, only how much money it claimed from advertisers in the name of those publishers for ad campaigns which have run, but they will never see. Is that fair, for an industry already on a knife edge and many publishers losing money already? Or should the whole situation just be whitewashed?
In terms of BNM we’d have published a similar list had we had access to that information.
We’ve tried repeatedly to contact the owners and operators, none of them has responded which is a shame as we’d love to give their side of the story.
Cheers,
Alex – editor, Mumbrella
In terms of why this level of detail wasn’t divulge