Gernsback was slow to pay his authors and creditors; the extent of his investments limited his liquidity. On 20 February 1929 his printer and paper supplier opened bankruptcy proceedings against him. It has been suggested that Bernarr Macfadden, another magazine publisher, maneuvered to force the bankruptcy because Gernsback would not sell his titles to Macfadden, but this is unproven. Experimenter Publishing did not file any defence and was declared bankrupt by default on 6 March 1929; "Amazing" survived with its existing staff, but Hugo and his brother, Sidney, were forced out as directors. Arthur H. Lynch took over as editor-in-chief, though Sloane continued to have effective control of the magazine's contents. The receivers, Irving Trust, sold the magazine to Bergan A. Mackinnon on 3 April 1929.