Five months after the first issue, the publisher went bankrupt and entered receivership. By placing a claim for his unpaid salary, Munsey managed to assume control of the magazine. It was a very unlikely financial proposition; subscriptions had been sold that had to be fulfilled, but Munsey had almost no money and credit from printers and other suppliers was impossible to come by. Munsey borrowed $300 from a friend in Maine, and managed to scrape along as he learned the fundamentals of the publishing industry.