\u201cTo the Artists and Fans of PledgeMusic.<\/em><\/p>\n \u201cAs many of you know, PledgeMusic suspended operations a number of months ago.\u00a0\u00a0The company continues to work with outside counsel on the most appropriate next steps<\/strong>, and we will update you with those specifics as we get more information.<\/em>\u201d<\/p><\/blockquote>\n co-founder Benji Rogers (Rogers founded the company with Jayce Varden in 2009 as a platform in which artists can sell everything from music to personal concerts directly to fans)\u00a0 \u00a0After being widely chastised on social media for breaking his promise to return artists\u2019 money, Rogers wrote,<\/p>\n \u201cI went back into [the company] just over three months ago as a volunteer to try and help the board and team turn around and sell the company, but I am sad to report that this effort has not met with success and that\u00a0PledgeMusic will shortly be heading into administration<\/strong>.<\/em>\u201d<\/p><\/blockquote>\n It appears the company\u2019s changed its mind over the right course of action.\u00a0Instead of heading into administration, Pledge took the sneaky turn of filing a\u00a0petition to\u00a0wind up PledgeMusic<\/a>\u00a0in The Gazette.\u00a0 The Execs remained anonymous and Rodgers left the company in 2016 and started his current company\u00a0CSO to Dot Blockchain Media.<\/p>\n Pledge’s\u00a0 CEO and another executive who chose to remain anonymous attributed many of the problems to an unexpected change in the company\u2019s payment fulfillment system, restated their commitment to the company and its crowdfunding model, and insisted the company was \u201cworking through\u201d the problems. That was almost a year ago. t CEO, Dominic Pandiscia, stepped down, but the company reshuffled its senior management and pointed to new investors.<\/p>\n The RCOJ granted Pledge their winding-up order and appointed an Official Receiver (OR), who will liquidate all of the company\u2019s assets. The official Receiver has commented via tweets\u00a0<\/a>\u00a0I guess a clearer picture will be made as to what course of action they will take but maybe parties affected should follow their twitter account to keep up to date with the state of play.\u00a0 Sadly I guess the artists will go to the back of the queue behind the government (or HMRC) who always get paid in full and the fans will go behind the bands in the pecking order.\u00a0 Most will have already written off their product as a bad job after artists gave their own updates to their individual predicaments. I wouldn’t have thought the company had many assets that can be sold on due to the platform it ran but I guess seeing the Execs being prosecuted would be a just desert and the guilty parties being brought to book, but its scant consolation to the all the bands, studios, labels, musicians and fans who are left out of pocket.<\/p>\n![\"\"](\"http:\/\/rpmonline.co.uk\/wp-content\/uploads\/2019\/09\/download-3-1.jpg\")
<\/a>If they’d headed into administration, it would have allowed musicians, fans, and vendors the opportunity to officially speak out against the company\u2019s behavior, PledgeMusic has simply closed the platform through the High Courts. therefore kinda just walking away.<\/p>\n<\/h4>\n