Small Press Publisher Dumbo Books of Brooklyn, Converting to a Bank Holding Company, Announces Its Split into a "Good Publisher" and a "Bad Publisher"

Today we are issuing the following press release:

BROOKLYN, N.Y., January 29, 2009 - Small press publisher Dumbo Books of Brooklyn today announced that pending approval of its application to the Federal Reserve to convert into a bank holding company so that it will be able to accept deposits and be eligible for federal bailout funds, it will immediately split itself into a "good publisher" and a "bad publisher" in order to isolate toxic assets that could drive the company into bankruptcy and financial ruin.

Dumbo Books, the "good" publisher, will accept government bailout funds and refuse to lend any money to anyone.

Dumbo Books of Brooklyn, the "bad" publisher, will publish books by Brooklyn hipsters and Tao Lin's friends.