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December 22nd, 2006, 07:24 PM #1
Music123 goes bankrupt
- Join Date
- May 31st, 2006
- Houston TX
I wanted to inform about what's been going on here at Music123. If you haven't caught the news of late, Music123 / Woodwind & Brasswind filled for Chapter 11 bankruptcy the end of November and entered into what is called a 363 Sale Process. The 363 Sale process is a well accepted sale process designed to maximize the value of Music123 for the benefit of its customers, employees, creditors and shareholders.
Music123 will be operating in the ordinary course of business during the sale process, and will have the ability to satisfy its post-petition indebtedness. This means we will make payment on any commissions credited to you December 1st forward.
In light of the filing for Chapter 11, the company is prohibited by law from paying debts which arose prior to filing for Chapter 11. Unfortunately this means we will not be able to pay the past commissions due for October and November. The payment of those funds will be handled by the courts.
If you have any questions about payment of past due amounts, I highly recommend contacting our Chapter 11 counsel Adelman & Gettleman, Ltd., www.adelmangettlemanlaw.com for further information.
Here's the official notice of our Chapter 11 filing and deadlines for creditors.
Again please be assured you will be paid for all commissions due from December 1st forward.
We have the support of LinkShare of moving forward and on having a great 2007.
If I can answer any questions that don't pertain to past due commissions let me know.
Cory E. Nielsen
Affiliate Marketing Manager
P: 574.251.3500 x2271
December 22nd, 2006, 08:24 PM #2
LOL glad I didn't follow 'em. I still think they went to Snare just so they could "clean" their batches of transactions, and pretend they weren't having any/as many reversals anymore (after getting an awful record as a major reversal-maniac when they were at CJ).
Originally Posted by Me, in June 2003
The only thing that surprises me about this one is that they made it so long without officially declaring bankruptcy and being sold off. 3 years from when I pronounced it Terminal, according to my quick search. Usually the zombie merchants stop staggering around sooner.
December 23rd, 2006, 02:52 AM #3
- Join Date
- January 18th, 2005
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