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Prospector
Profile
3-31-001
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| ARTISTdirect, Inc. |
NAICS |
512220 |
| 1601 Cloverfield Boulevard, Suite 400 South
Santa Monica, CA 90404 |
Description |
Integrated Record Production |
| (310) 956-3300 |
Employees |
74 |
| http://www.artistdirect.com/ |
Revenue |
(mil) |
24.0600 |
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Income |
(mil) |
-4.8900 |
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Assets |
(mil) |
54.9700 |
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Liability |
(mil) |
64.6600 |
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(for the year ended 2006-12-31) |
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Category:
Default
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Event:
ARTISTdirect, Inc., said in a regulatory filing with the Securities and Exchange Commission that on March 17, 2008, it entered into a Forbearance and Consent Agreement with U.S. Bank National Association, as Collateral Agent, and JMB Capital Partners L.P., JMG Capital Partners, L.P., JMG Triton Offshore Fund Ltd., and CCM Master Qualified Fund Ltd. Under the terms of the Agreement, the Initial Purchasers agreed to forbear from exercising any of their rights and remedies under the Senior Financing Documents with respect to existing senior defaults for a period
commencing February 20, 2008, and ending on December 31, 2008. On October 16, 2007, the Company received an Event of Default Redemption Notice from the holders of approximately $2,693,000 principal amount of Sub-Debt Notes demanding that the Company redeem their Sub-Debt Notes. The Company believes and has advised these Sub-Debt Note holders that redemption (including the demand for redemption) is not permitted under the terms of the Subordination Agreement.
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Intellectual Property:
The Company's MediaDefender subdiary utilizes proprietary software and a robust, scalable IT platform. This patent-pending combination of software and IT was created over time and based upon the successes and failures of real-world trials. The use of back-up and redundant systems, combined with constant monitoring, allows MediaDefender to provide continuous coverage and rapidly address potential technical problems. In December 2002, MediaDefender filed an umbrella patent that covers a variety of its concept and back-end technologies. Due to the evolving nature of P2P networks, these technologies are not based on any one service, but rather have the fluidity to be transferred to any P2P network. The claims in the patent filing are predominantly methods for managing a large array of computers for the purpose of preventing piracy on P2P networks. The Company seeks to protect certain of its common-law trademarks through Federal registration in the United States of America and State registrations in Puerto Rico. The Company also has trademark registrations in Argentina, Australia, Brazil, Canada, Chile, Costa Rica, the European Union, Japan, Mexico, Panama, Peru, the United Kingdom and Venezuela. [SEC Filing 10-KSB 04-30-07]
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Description:
ARTISTdirect, Inc., operates and maintains the ARTISTdirect Network, a collection of Web
sites that feature multimedia content, including music, news and information and an online database covering more than 100,000 artists.
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Officers:
Frederick W. Field (Chair); Jonathan V. Diamond (Pres., CEO & Dir.); Fred Davis (Dir.); Teymour
Boutros-Ghali (Dir.); Eric Pulier (Dir.); Eric Pulier (Dir.); Dimitri Villard (Dir.); James N. Lane (Dir.)
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Auditor:
Gumbiner Savett Inc.
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Securities:
Common Stock Symbol ARTDE.OB; OTCBB; 10,217,291 common shares outstanding as of April 11, 2007.
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