We just read the bad news that SellaBand is bankrupt.
This is the news that is published at The Next Web
"Sellaband, the once beloved Dutch music startup that lets fans invest in their favorite bands filed for bankruptcy yesterday and today the Dutch court approved the request. (see picture below)
The Sellaband website says it is down for maintenance, but on their support pages they admit they are in the deadpool.
Sellaband allowed artists to raise the money from their fans and the SellaBand community in order to record a professional album. Since its launch in August 2006, SellaBand has coordinated recording sessions for 34 artists or acts who had their albums funded by their fans with over USD $3,000,000 invested so far. Late last year the company announced that it’ll be funding the next album from Public Enemy frontman Chuck D.
The question for many Sellaband devotees is what will happens to the money “believers” (investors) and artists balances? Also what are the consequences for artists who are well on their way to the required sum to create their new album."
Although this has hardly any consequences for TalentCast, we are very sorry about this.
We wish the SellaBand team a lot of strength.
Crew of TalentCastUpdate from SellaBand headquarters:
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.
On behalf of the trustee,
CEO SellaBandUpdate (24-02-2010 12:35) (not confirmed):
SellaBand has been sold to a company in Munich. Tomorrow SellaBand should be back online.Update (24-02-2010 15:55):
SellaBand will continue. The curator (Paul Schaink) of SellaBand signed this afternoon a contract with the new owners. SellaBand will move from Amsterdam to Munich without taking over the current employees.
The new owners want to stay anonymous at the moment. All we know so far is that they are from the media branch and that they don't plan to change much in the current concept of SellaB