PDSE - no business trading for more than a buck (if they re lucky)
I know these guys VERY well, and have done some work for them over the years. Brian Doyle (the suit type) says of the Push records division:
"Given the impact of consolidation in the music industry, we see an ever-increasing need for independents, like ourselves, to support, nurture and release talented artists"
Translation: We have no real artists, no prospects, no distribution deals, and no budgets to develop artists. If they had ANYTHING at all happening, believe me they'd be shouting it from the rooftops. Push is a joke, All Access is also a non-entity- their ONLY artist on the roster is Hall & Oates (who are doing nothing) and Rave is ONE GUY chained to a computer making jingles, and several pinheads hanging around trying their best but basically not worth the room they take up in a VAST chunk of real estate on 23rd St.
The only reason they haven t gone belly up is that they are now sub-letting about 1/3 of their office space at a profit..... That coupled with Rave keeps the electricity from getting shut off, but they still have to arrange financing to keep the dead weight running. Rave by itself is hardly a "company", it is one lone workhorse guy.....
Speaking of which, I think their net asset balance may include all the recording gear that is owned by all the "composers" that clutter up the joint.... there is quite a bit of expensive gear, but NONE of it is owned by Paradise. Even the computers belong to the individuals who work there.
Now that it is over 5, it should be shortable.
MG |
