For anyone who hasn't seen already, check out this post over on Treva2007 on Livejournal. Loose Id plans to bid on the contracts held by Triskelion, which is going through bankruptcy. There was a lot of worried blogging going on about what'd happen to the Triskelion authors (and other authors whose publisher had or is going under) since bankruptcy courts don't recognize contract clauses which revert rights to an author if a publisher goes under.
If successful in their bid, Loose Id, LLC will release the majority of contracts at no cost to the authors who entered into them.
In a few cases, new contracts will be extended to the author from Loose Id in lieu of the Triskelion contracts. If an author chooses to reject the offer made them, their contract will be released by Loose Id, at no cost to the author.
This is incredibly cool and I think Loose Id deserves some major kudos, whether or not their bid is successful. If I ever get back to writing het, this publisher will be at the top of my submission list, 'cause you can't beat working with truly good people.