CMJ is being sued for nearly $1 million over a failed merger with management and promotional firm Metropolitan Entertainment, say reports.
The music company CMJ, which hosts the annual CMJ Music Marathon and publishes the CMJ New Music Report magazine, are being sued by Metropolitan after the deal, struck in 2009, crumbled.
The lawsuit accuses CMJ of receiving loans of nearly $600,000 from the promo company to fund the Music Marathon festival; court documents say CMJ’s debt is now approaching $800,000.
That, plus $99,000 in legal fees, amount to a lawsuit of about $1 million for CMJ.
In a statement, Metropolitan exec John Scher said CMJ found another investor and accused the company of ignoring their debts with Metropolitan.
Full content: Exclaim
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
ConocoPhillips Acquires Marathon Oil for $22.5 Billion in Major Energy Sector Consolidation
May 29, 2024 by
CPI
Judge Denies Amazon’s Bid to Dismiss FTC Lawsuit Over Prime Membership Practices
May 29, 2024 by
CPI
Germany and France Advocate for Major EU Competition Reform
May 29, 2024 by
CPI
Equifax Accused of Monopolizing Employment Verification Market in New Suit
May 29, 2024 by
CPI
Car Battery Makers to Challenge EU Cartel Charges in Brussels
May 29, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Merger Guidelines Retrospective
May 21, 2024 by
CPI
Mergers of Complements
May 21, 2024 by
CPI
Personality Traits, Private Equity, and Merger Analysis
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Lessons in the Importance of Incipiency, Modern Economics, and Monopsony
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Sharpening Merger Analysis
May 21, 2024 by
CPI