diff --git a/lib/Emitter.php b/lib/Emitter.php
index 34f07b1..84b5ec4 100644
--- a/lib/Emitter.php
+++ b/lib/Emitter.php
@@ -7,6 +7,7 @@ namespace Amp;
  */
 final class Emitter implements Observable {
     use Internal\Producer {
+        init as __construct;
         emit as public;
         resolve as public;
         fail as public;
diff --git a/lib/Internal/PrivateObservable.php b/lib/Internal/PrivateObservable.php
index 9b6ba03..3fa51da 100644
--- a/lib/Internal/PrivateObservable.php
+++ b/lib/Internal/PrivateObservable.php
@@ -14,6 +14,8 @@ final class PrivateObservable implements Observable {
      * @param callable(callable $emit, callable $complete, callable $fail): void $emitter
      */
     public function __construct(callable $emitter) {
+        $this->init();
+
         /**
          * Emits a value from the observable.
          *
diff --git a/lib/Internal/Producer.php b/lib/Internal/Producer.php
index b6eb382..f63ed1e 100644
--- a/lib/Internal/Producer.php
+++ b/lib/Internal/Producer.php
@@ -9,6 +9,7 @@ use Amp\Observable;
 use Amp\Subscriber;
 use Amp\Success;
 use Interop\Async\Awaitable;
+use Interop\Async\Loop;
 
 trait Producer {
     use Placeholder {
@@ -20,6 +21,11 @@ trait Producer {
      */
     private $subscribers = [];
 
+    /**
+     * @var \Amp\Future|null
+     */
+    private $waiting;
+
     /**
      * @var \Amp\Future[]
      */
@@ -35,18 +41,23 @@ trait Producer {
      */
     private $dispose;
 
+    /**
+     * Initializes the trait. Use as constructor or call within using class constructor.
+     */
+    public function init()
+    {
+        $this->waiting = new Future;
+        $this->dispose = function ($id, $exception = null) {
+            $this->dispose($id, $exception);
+        };
+    }
+
     /**
      * @param callable $onNext
      *
      * @return \Amp\Subscriber
      */
     public function subscribe(callable $onNext) {
-        if ($this->dispose === null) {
-            $this->dispose = function ($id, $exception = null) {
-                $this->dispose($id, $exception);
-            };
-        }
-
         if ($this->result !== null) {
             return new Subscriber(
                 $this->nextId++,
@@ -59,6 +70,12 @@ trait Producer {
         $this->futures[$id] = new Future;
         $this->subscribers[$id] = $onNext;
 
+        if ($this->waiting !== null) {
+            $waiting = $this->waiting;
+            $this->waiting = null;
+            $waiting->resolve();
+        }
+
         return new Subscriber($id, $this->futures[$id], $this->dispose);
     }
 
@@ -73,7 +90,12 @@ trait Producer {
 
         $future = $this->futures[$id];
         unset($this->subscribers[$id], $this->futures[$id]);
-        $future->fail($exception ?: new DisposedException());
+
+        if (empty($this->subscribers)) {
+            $this->waiting = new Future;
+        }
+
+        $future->fail($exception ?: new DisposedException);
     }
 
     /**
@@ -105,6 +127,10 @@ trait Producer {
      * @throws \Throwable|\Exception
      */
     private function push($value) {
+        while ($this->waiting !== null) {
+            yield $this->waiting;
+        }
+
         try {
             if ($value instanceof Observable) {
                 $disposable = $value->subscribe(function ($value) {
@@ -168,6 +194,12 @@ trait Producer {
         $futures = $this->futures;
         $this->subscribers = $this->futures = [];
 
+        if ($this->waiting !== null) {
+            $waiting = $this->waiting;
+            $this->waiting = null;
+            $waiting->resolve();
+        }
+
         $this->complete($value);
 
         foreach ($futures as $future) {
diff --git a/lib/Postponed.php b/lib/Postponed.php
index 391d4ba..2744915 100644
--- a/lib/Postponed.php
+++ b/lib/Postponed.php
@@ -7,6 +7,7 @@ try {
         production: // PHP 7 production environment (zend.assertions=0)
         final class Postponed implements Observable {
             use Internal\Producer {
+                init as __construct;
                 emit as public;
                 resolve as public;
                 fail as public;