"There is a well-trodden line about assessing the trustworthiness of online bargains: if it looks too good to be true, it probably is. It comes to mind when looking at the extremely unusual way in which Morrissey is apparently seeking to offload his business interests in the Smiths. This is not like the forensic and formal processes behind huge catalogue sales in recent years such as Sting, Bob Dylan, Queen, David Bowie, Bruce Springsteen, Pink Floyd or Paul Simon."
"There is a Gmail address listed as the only channel of contact for prospective bidders. Except when you email it, you get a bounce back saying no such address exists. Putting a rights sale on a free email account feels like the corporate equivalent of scrawling 'guitar for sale' on a lamp-post, says Cliff Fluet, a partner at legal firm Lewis Silkin, a highly respected veteran of catalogue sales."
Morrissey is offering all his business interests in the Smiths for sale in an unusually informal and vague manner. The notice lists recording and publishing rights, merchandise rights, trademarks and related assets but acknowledges he does not own many of these outright and previously turned down Johnny Marr's offer to share trademark control. The listing uses a Gmail address as the sole contact and that address bounces back, signaling amateurish handling. Lawyers and industry veterans warn serious investors expect data rooms, warranties and disclosures, so the approach will likely scare off heavyweight bidders or force steep price discounts. The band’s breakup and members' disputes add further uncertainty.
Read at www.theguardian.com
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