Wednesday, April 6, 2016
Sony vs. Rdio executives
In a new lawsuit, Sony Music alleges it was defrauded of millions when the on-demand service Rdio came to agreement with Pandora and subsequently filed for Chapter 11 bankruptcy last November.
The complaint filed in New York federal court targets Rdio chief executive officer Anthony Bay, Rdio general counsel Elliott Peters and Rdio senior v in charge of content licensing Jim Rondinelli.
Now That Rdio Is Gone, What Are Rivals Doing to Snag Those Free-Floating Customers?
The first big bust in the era of streamed music, Rdio sold its key assets to Pandora for $75 million. At the time of the bankruptcy filing, Rdio had more than $190 million in secured debt and about $30 million of unsecured debt. The company was losing $2 million each month.
Licensing sound recordings was one of Rdio's biggest expenses.
In 2010, Sony came to a content agreement that enabled Rdio to use music from such artists as Michael Jackson, Bob Dylan, Bruce Springsteen and Beyonce. By the end of 2014, according to the complaint, Rdio owed Sony $5.5 million as a minimum revenue guarantee. Sony says that Rdio's executives approached the label about renegotiating the content agreement and deferring the due date of the payment. Sony agreed to an interim extension.
The complaint states: "Unbeknownst to SME, however, at the same time that Rdio was negotiating the amendment to its Content Agreement with SME, it was simultaneously negotiating its deal with Pandora -- under which Rdio would file for bankruptcy; Pandora would buy Rdio’s assets out of bankruptcy; defendant Bay (as part-owner, executive officer, and director of Rdio’s secured creditor) would expect to be first in line to receive proceeds of the Pandora deal; and SME (as an unsecured creditor) would receive pennies on the dollar for the amounts owed to it under the amended Content Agreement."
Looking Close at Pandora's Rdio Dismantling: What Analysts Say, What Billboard Thinks
Sony says that Rdio purposely kept its Pandora negotiations and impending bankruptcy secret so as to hold back Sony from demanding immediate payment of the $5.5 million and "inducing" extensions and a restructuring of payment obligations. What's more, Sony alleges that one day prior to Rdio making its deal with Pandora, a renewal amendment was made that gave Rdio the right to sound recordings through March 31, 2017.
"A material provision of the Renewal Amendment was Rdio’s obligation to pay SME $2 million on Oct. 1, 2015 — the day after the Renewal Amendment was executed," continues the lawsuit. "This presented a dilemma for Rdio: the Pandora deal would be jeopardized either upon Rdio’s taking $2 million in cash out of its business, or upon Rdio failing to make the payment to SME and putting its ongoing access to SME’s content at risk."
Faced with this situation, Bay and Rondinelli allegedly told Rdio it was raising capital so as to get Sony to extend the due date for the payment.
Sony, repped by Jonathan Sperling at Covington & Burling, is now asserting claims of fraudulent inducement and unjust enrichment. The music major is upset over the $5.5 million it still hasn't received from the 2010 deal as well as the $2 million not received under the renewal agreement. Sony also takes issue with compensation and bonuses paid out to Bay and Peters -- money, it says, that "should have been paid to SME for the rights it licensed to Rdio" -- as well as Bay being "personally enriched" by the sale of Rdio assets to Pandora.
"It would be against equity and good conscience to permit Defendants to retain any benefits that they obtained as a result of their fraudulent conduct," the complaint states.
Saturday, April 2, 2016
Marvin Gaye
Today we remember Marvin Gaye – American soul singer, songwriter, and musician. Take some time to remember the “Prince of Soul” here:http://www.jango.com/stations/113262530/tunein.
Gaye has been credited as one of the most influential musicians on the sound of Motown in the 1960s. He would rise through the ranks from an in-house player to a solo artists with numerous hits. During the 1970s he released concept albums which marked him as the first artist in Motown to break away from its production company. After his death he has received numerous posthumous awards such as the Grammy Lifetime Achievement Award and inductions into the Rhythm and Blues and Rock and Roll Halls of Fame.
M&M
Did you know Eminem was forced to change his name from M&M to Eminem in 1995 after the manufacturers of M&M sweets threatened to sue? Well now you do!
4LYFE VOL. 1 RAW4LYFE
Its poverty, its winning, its losing, and its your time and money well spent! Southern Klaxxic Shit. These songs were rec when I had no idea what I was doing with the equpiment or programs I had. Now I have learned and you can compare the difference.
http://cdbaby.com/cd/bonnettedabandit2
4Lyfe Vol.1 (Remastered)
Dis cd is similar to 4Lyfe Vol.1 ft. MEATBALL. Just a few BONUS tracks
http://www.cdbaby.com/cd/BonnetteDaBandit1
4Lyfe Vol.1 ft. Meatball
http://www.cdbaby.com/cd/BonnetteDaBandit
DATS A LINK TO A PREVIOUS VERSION OF MY CD. JUST A FEW BONUS SONGS.
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