Yes, but what happens when your publisher doesn’t?
Medallion Press has filed for Chapter 7 bankruptcy. That means it is going away, never to be seen again.
What about the publishing rights of the authors currently under contract? Read the Passive Guy’s comments and discussion. Short version – they are gone to whoever buys Medallion’s assets. The authors and agents have no control over that. Why? Because of their contracts.
This is why we need IP lawyers in our contact lists, and why we need to be wary about contracts.