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Why don't they just put the pdf versions on Internet Archives? Then they would at least be preserved for the future

Why don't they rebind them and put it back in some library? They don't have to throw it out.

Because legally then it's a copy and not a format conversion.

This story has a lot of details left out and is a magnet for illinformed commentators: the reason the originals are destroyed is because it is legal to do so for the purposes of format conversion, but not legal to retain the originals under copyright law.

That would be illegal.

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