1/19/09 Announcement

To Digital Railroad Members and Customers:
As reported on November 19, 2008, “…, all monies collected after November 14, 2008, will be distributed as follows: 70% to the owners of the copyrighted material and 30% to the senior secured creditor. This program will terminate on December 19, 2008.“

In this regard, Digital Railroad (DRR) has been working to invoice, collect and pay the photographers. Buyers have been remitting their payments via checks and wires to DRR. Unfortunately the Bank of America has taken control of the DRR bank account and has denied DRR access to the wires received from buyers, thereby making this cash unavailable to pay photographers. We have advised buyers not to send their payments to the Bank of America and have given them another bank to remit payments.

From the checks received (not deposited in Bank of America), we have been able to make payments to 58 photographers amounting to approximately $21K.  We have ended the invoicing for images but are continuing to follow up on payments from buyers and the distribution of these funds to photographers. These efforts should be completed by March 1, 2009.

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