Music Royalties Strangle
Date: Thursday, August 26, 2010 @ 15:02:56 UTC

The long saga of free music streaming service Project Playlist (now just called looks like it will end in a classic case of "out of the frying pan and into the fire." Any hope that the company's worries were over when it settled with Universal Music Group and Warner Music Group dropped its suit in May could be dashed if UMG succeeds in stopping Project Playlist from paying off millions of dollars-worth of debt with a $15.7 million loan from the label. The label filed papers to that effect on Monday as part of Playlist.comís ongoing Chapter 11 bankruptcy, in which the company said it only had $2.2 million in total assets, little of it in cash. Complete Article

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