martin
Sellaband addict in waiting
Vixen Rock
Posts: 82
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Post by martin on Feb 23, 2010 17:36:16 GMT
On Friday February 19th, SellaBand AG requested provisional suspension of payments (moratorium). This was granted by the Court in Amsterdam on the same day. Yesterday, Monday February 22nd, this moratorium was changed into bankruptcy, with appointment of, Mr Paul Schaink, an amsterdam lawyer, as trustee. The trustee wishes to inform the 'Sellaband community' that, apart from a few technicalities, the completion of a transaction with a potential buyer of the business, is to be expected soon, in order to make a fresh start, safeguarding both the rights of Believers and Artists. More news will follow shortly.
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cylu
Sellaband addict in waiting
Posts: 13
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Post by cylu on Feb 23, 2010 17:36:45 GMT
Message changed since Martin already added the full text. So, now we have to wait some time for more news...
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mandy
Sellaband addict in waiting
Posts: 2
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Post by mandy on Feb 23, 2010 17:39:06 GMT
What a heavy day. I hope the escrow is okay and considering how fast the cds sell I dont see how they will help pay off the debt. That is sad to say but true. I hope we can get all of the Cubworld cds so we can sell them for everyone. crap! I guess we will have to wait and see how it goes. I dont want to borrow trouble so Im just going to hope that the money gets to everywhere it needs to go. So will the site just never come back up? how does that work?
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Post by francisrodino on Feb 23, 2010 18:07:26 GMT
it's great to back on the REAL Sellaband Forum!!!
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Post by mawa on Feb 23, 2010 18:16:10 GMT
Here we go again Hi folks, well, there we are again. I was already wondering what was taking them so long to go bust finally...took them at least 6 month longer than I expected... Ah, this place actually even feels much nicer...tx Lu
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berry71
Sellaband addict in waiting
Posts: 21
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Post by berry71 on Feb 23, 2010 18:54:37 GMT
Thanks Lucretia for this forum altough I don't know what to say right now...
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wildcat
Sellaband addict in waiting
Posts: 2
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Post by wildcat on Feb 23, 2010 19:16:45 GMT
just speechless
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Post by Administrator on Feb 23, 2010 19:18:33 GMT
John C Fraser has a special area on his site up btw. I've dropped a few messages letting him know about this place but the link is www.johncfraser.com/sellaband/. P.S. Many apologies if this place is moving like treacle for you as well. After such a long period of inactivity this poor board is getting quite a traffic spike. I'll do my best to try and keep on top of the registrations! P.P.S. Don't forget we do have a live chat feature on this site (chat link at top) though I am not sure excatly how many bodies it will take before it explodes ;D
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Post by grooveduke on Feb 23, 2010 19:35:37 GMT
Thanks for approving me. It's good to have a place to talk.
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epyllion
Sellaband addict in waiting
Posts: 4
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Post by epyllion on Feb 23, 2010 19:40:22 GMT
We (epyllion) have currently received NONE of our funding from sellaband yet. The 'other side' of the fundraiser seems to be really stretched out and painstaking... and it seems to have resulted in us getting nothing out of it. We need to either a) get the entire $9000 that Sellaband owes us, or b) atleast get back our personal investment of close to $3000. This is definitely horrible news, as all the wheels are already set in motion to complete the album, and we now how no way of funding everybody's work.
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Post by wyando on Feb 23, 2010 19:41:18 GMT
Thanks Lu, for open this good old forum, although on a not so nice event. I'll put a link in my blog soon too.
A website with money involved going a down a few days is something what may not happen (as such websites had to have backup servers an all), but then again it's SellaBand and we've seen that before (the first bankruptcy which has been saved in the last minute? Who knows). Anyway, I've always been wondering, why Pim had left the boat last year, so now we know.
Let's see what ESCROW really means and how artists in the recording queue will have the possibility to use that money for the CDs funded (and how we get them).
Unfortunatly, there is not much left from that vivid community we once were...
Anyway, think positiv! Wyando
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Post by grooveduke on Feb 23, 2010 19:51:47 GMT
I'm glad I went with kickstarter for my first album. I wish I had some way to communicate with my believers. In the event that they don't get money back from Sellaband, I want them to know that I'll gladly substitute my first album, for the Sellaband album, although I'm not sure I can do the same terms since I won't have the full pool of capital. I'll be working on my website this week. I hope to roll it out by the release date of my album.
This is a setback because I really thought Sellaband was a great idea. But, the project continues on.
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Post by johncfraser on Feb 23, 2010 20:20:16 GMT
So... I had a few hours to think about this right now. Had been talking to quite some people and quite a lot of people contacted me. I've been screaming about Sellaband from the rooftops the last couple of months in national media, and now we've got to deal with this. I've been talking to some dutch radiostations about it and now I've found sometime to publish a brief statement on my website.. And it goes a little something like this:
------------------- Dear Friends,
Today the news of Sellaband’s bankruptcy hit me in the face. I’ve been trying to gather enough fundings for my new album the last couple of months and everything seemed to be on schedule. My target was to reach 10,000 dollars by the 30th of april. But unfortunately the website went bankrupt.
Now the big question is: What to do for my new album? Let me be clear: my debut album will be released this year. It’s only uncertain in what kind of way. I’m looking into a few options now. Releasing it as a download only album via iTunes, release it physical on CD and give people the opportunity to invest in my music. These are just two things that come to my mind right now. If there is anyone with another business model that could be interesting for me: please let me know!
The bankruptcy of Sellaband.com does not mean that Fan Funded music has no future. What went wrong with Sellaband had nothing to do with the artists or investors on the website. Let’s all keep that in mind and look forward to the future which will include a new John C Fraser album!
To speak with Bon Jon Jovi’s legendary words: Keep the Faith!
John
------- These are my thoughts right now....
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xahmol
Sellaband addict in waiting
Posts: 34
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Post by xahmol on Feb 23, 2010 20:22:19 GMT
SAB really thinks a restart will have any chance? Who will trust them with their money ever again? I would advice any buyer not to buy honestly.
It would be like buying a bank just before the bankrun.
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Post by johncfraser on Feb 23, 2010 20:32:16 GMT
I agree... I will not rejoin Sellaband again... Their bankruptcy has been all over the news today.... But what do you guys think of artists who decide to gather the money by themselves? with a good business plan ofcourse...
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