Bid4Assets Spins Record Label in Online Auction
By Ina Steiner
Grand Royal record label is for sale in a bankruptcy auction on the Bid4Assets Web site. The new owner will own the record label's assets, including master recordings, licensing agreements and miscellaneous merchandising agreements.
Grand Royal was founded in 1993 and released its first album, Luscious Jackson's In Search of Manny, soon after inception. Grand Royal also released albums from Atari Teenage Riot, Ben Lee, Sean Lennon, Bis, Buffalo Daughter and Money Mark. An article on MTV.com gives background on the demise of the Beastie Boys' label in August 2001 http://digbig.com/3kkb.
Bids can be placed on the record label now through January 22, 2004. The minimum bid is $10,000. The auction requires bidders to submit a BidDeposit of $2,500 through eDeposit to avoid prank bidding activity that sometimes occurs in high-profile auctions. If the winning bidder fails to complete the purchase, the winning bidder's entire BidDeposit amount will be forfeited to the seller.
About the author:
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to email@example.com.
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