If you haven’t been following the Harlequin Horizons Horror Story, here are possibly the best accounts, written by Jackie Kessler, in order of writing:
The Day After Harlequin Blinks
Answering your Questions
They should be required reading of all want-to-be-published-writers who aren’t sure how to go about it. Although this is all about romance writers and a romance publisher, the principles apply across the board. If you aren’t a writer, you still might find the story interesting! All the elements of a good tale are there: greed looming large, self-delusion, scamming, corporate villainy in disguise, heroes standing tall in defense of the naive, smack-downs and …
Well, sort of.
John Scalzi has another good commentary here.