(Not from the Onion) Got a net worth of $2M and $50K to spare? You can buy stock in Queensryche! [View all]

[rocktivity]

Last edited Mon Dec 28, 2020, 02:09 PM - Edit history (32)

Blabbermouth.com: QUEENSRŸCHE...(is) attempting to raise $2 million by selling stakes in what...(their) securities attorney calls a "new holding company for all things QUEENSRŸCHE" that will receive the revenues from its tours, merchandising, album sales and digital downloads.

For a minimum investment of $50,000, fans who pass an independent accreditation process can purchase an equity ownership stake from a private consolidated holding company that entitles them to "a fixed percentage" of future revenue...An internal board of directors comprising drummer Scott Rockenfield, bassist Eddie Jackson and guitarist Michael Wilton and band counsel Thomas Osinski will oversee the corporation.

"Traditionally, a band would not go into their personal pockets" to...bankroll and control a recording-and-touring effort, (the) securities attorney...said. "They would go to Capitol Records" or the like, which would dictate the project and give them an advance but "also take a huge swipe of the money...By disintermediating the labels, we're leaving more money on the table both for the band and people who invest."

QUEENSRŸCHE's latest, self-titled album sold around 13,500 copies in the United States in its first week of release to land at position No. 23 on The Billboard 200 chart. The record arrived in stores on June 25, 2013 via Century Media Records...

Seattle Times: The stock deal Queensrÿche rolled out this month utilizes a provision of the 2013 JOBS Act that allows promoters to publicize a private stock placement, though only “accredited investors” — with a net worth of $2 million, not counting a home — are eligible to invest...David Bowie, of course, raised $50 million a couple of decades ago by selling bonds secured by future royalties on his music. But he didn’t sell equity in David Bowie (Incorporated)...

Queensrÿche was in legal turmoil for almost two years after lead singer Geoff Tate split with three other original members and both groups claimed the name. Once that dispute was settled in April, the three who got to keep the Queensrÿche name — Eddie Jackson, Scott Rockenfield, Michael Wilton — added singer Todd LaTorre and guitarist Parker Lundgren, and began planning the stock sale.

"Disintermediating the labels" -- is that the legal term for "We are no longer ON a record label because our last album proved that Queensryche minus Tate equals zero, so we've gone into desperation mode"? And why is the lawyer getting a full share of the holding company while the band's newest members get nothing? Why not cut the equity pie five ways with LaTorre and Lundgren splitting a slice?

If this were a band that sucked, I'd be schadenfreude-ing my head off. But Queensryche was one of the better ones -- what a crying shame. Meanwhile, Geoff Tate is selling wine and producing compilation albums. All he has to do is wait for Queensryche's implosion to complete, re-hire lead guitarist Chris DeGarmo, record some new material, offer it to a record label along with a tour of Operation Mindcrime plus other Queensryche classics, and mourn all the way to the bank.


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