The hordes of bands and publicists have descended upon New York for this week’s CMJ Music Marathon, but it appears that CMJ has troubles that go far beyond the usual festivals chaos.
The New York Times is now reporting that CMJ is being sued by Metropolitan Entertainment, based on a botched merger with lots of hard feelings. Metropolitan claims that CMJ failed to repay $600,000 in loans after the failed merger, which imploded in ugly fashion. CMJ is also being accused of transferring assets to “shield them from Metropolitan,” always a fun game.
CMJ is valued at $2.4 million, but the total amount of the lawsuit is $1.5 million.
Happy 33rd birthday CMJ Music Marathon!