Runaway Dinosaur

For the love of the music…..

Business 101

Posted by T Rex on January 28, 2008

business-mistakes.jpg

I think everyone with even the slightest amount of business knowledge is trying to figure out how a company could make a huge announcement at MIDEM but not have signed contracts from the companies they claim to be partners.

QTrax: The Non-Launch here.

Alley Insider has done a great job and was all over the QTrax story the past 24 hours. For those keeping score here is the latest from QTrax CEO Allan Klepfisz……

“The response to the service is clearly unprecedented. We launched at MIDEM, the leading music industry conference, precisely because of the degree of support we have had and continue to enjoy from rights holders,” said QTRAX President and CEO Allan Klepfisz. “We believe the exact nature of that support will be publicly clarified within a very short time. As the world’s first free and legal P2P service that has chosen to spend 4.5 years on licensing and not to violate IP rights, we have decided that we will provide activation keys shortly upon final execution of all pertinent contracts.”

From Digital Music News.…..If the whole thing sounds unbelievable, perhaps it is. Major misunderstandings aside, executives are now considering the possibility of stock manipulation, or at least the issuance of seriously misleading statements.

Qtrax is owned by Brilliant Technologies (BBLN.PK), a penny stock that enjoyed a big surge on Friday – and a major sell-off on Monday. At the bell, shares had fallen 43 percent to 0.0525, a cliff prompted by the non-deals. “There is a lot of concern that something is going on that nobody really understands,” said one source, pointing to the possibility of a manipulated stock run-up.

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