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| Another Michael Robertson company goes belly up. |
Looks like we can add MP3tunes to the long list of Michael Robertson failed companies. MP3tunes has filed for Chapter 7 Bankruptcy. You can download the entire bankruptcy filing here.
Looks like Robertson is sticking it to everyone from his lawyers ($1.4 million), to several employees ($10,775), to even the coffee vendor ($96). The only secured creditor he lists is HIMSELF, through his SKL Trust. No surprise there, classic Robertson move--as usual, he'll end up first in line while others get completely stiffed.
Even worse, innocent customers are STILL getting ripped off, as it appears he's more than happy to keep selling subscriptions to his now defunct company. Hopefully the media will alert would-be customers about this bankruptcy, since apparently Robertson isn't. I can find no mention of the bankruptcy anywhere on the MP3tunes site, but I can find where they are still accepting $139.95 for annual subscriptions.
I admit I'm not too sad to see Robertson's partner in crime, the law firm of Duane Morris (Ed Cramp), being stuck with $1.4 million in bad debt. You'd think the law firms in San Diego would start to learn to stay far away from Robertson, who has proven time and time again to be a very bad bet. Prospective employees should also be paying close attention to how Robertson treats employees.
Robertson may be hoping to get out of his EMI litigation with this move, but EMI is suing him personally and will continue to keep after him. Get ready, of course, for Robertson to blame the EMI lawsuit for MP3tunes demise. Don't buy that for a minute. As you'll see from the filing, the REVENUES from MP3tunes hardly moved the needle, ever. MP3tunes was just another poorly executed business idea from Robertson.
To keep up on all the latest Robertson fiascos, visit Freespire.com.
Kevin
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7 comments:
This is certainly the second major win of the Recording Labels versus a Robertson led company. MP3tunes joins the crypt where MP3.com's remains quietly repose.
Proving once again he's a one-hit-wonder. Every company since MP3.com has been a failure. He's not a tech genius. He's not a pioneer. He's a terrible businessman with a long history of failures. Of course he'll blame everyone and everything but himself. As the CEO he's solely responsible.
You're crazy - Robertson is a genius who has known nothing but success! C'mon, look at this list of achievements on the mp3tunes site:
"Based in San Diego, California, MP3tunes was launched in February of 2005 by CEO and founder Michael Robertson three years after stepping down as CEO of MP3.com. Also founded by Mr. Robertson, MP3.com grew to nearly 300 employees and became the largest digital music site on the Web with more than 1,000,000 songs from 250,000 artists and hundreds of thousands of unique daily visitors. Vivendi Universal purchased the profitable company in 2001 for $372 million in stock and cash.
Other successful ventures by Mr. Robertson since selling MP3.com include Linspire and Gizmo 5. Founded in 2001, Linspire pioneered the first consumer-friendly Linux-based operating system, prior to being acquired by Xandros in 2009. In 2004, Robertson founded SIPphone, Inc. (Gizmo5.com), an innovative VoIP technology company which he sold to Google in 2009."
See...nothing but success follows Robertson's Midas-like touch.
Unless, maybe...he's not telling the whole truth to potential customers/investors? Nah, that can't be it.
I worked for him and was subjected to unimaginably extreme mental abuse.
And!
He still owes me money.
He's the most miserable wretch I've ever known.
They say money can't buy happiness -- there's your proof.
Hey, Micheal, when you read this, why don't you just keep that money you owe me and buy your kids some decent shoes or something, huh?
Obviously, you *need* it more than I.
Yes Bartski, I got a kick out of his bio as well. Things he calls a "success" all left shareholders and employees with nothing but losses and abuse. Even MP3.com lost money for investors, having gone public at $28 per share and in less than two years being sold at the fire-sale price of $5 per share. Only in Robertson's delusional mind is LOSING $23 per share for investors called a "success."
Kevin
He wasn't even a one-hit-wonder. In many ways MP3.com was an abysmal failure. VC's and employee's lost millions as a result of MR's actions.
You guys need to give MR a break though. If you failed as many times as he has you'd be just a miserable.
They say Karma is a bitch and I believe it. He gets what he deserves. You can't go around bullying people and treating good people like they are the scum of the earth. He could never let employees do their jobs. He was the most disruptive CEO I have ever known. We spent so much time catering to his insanity and not enough time paying attention to the actual business. He liked to play head games with employees and pretty much torture people. He gets off on others misery, a true sadist. His opinion of his own customers was vile at best. I could spend hours listing the disgusting and deplorable behavior I witnessed. He's just a little insecure man who pretty much stumbled into fortune, got a big head, and made countless bad decisions. RIP MP3tunes, and good riddance. I'm going to go use my Google Play account now. :) :)
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