It’s been no secret that the exit of TuneCore co-founder Jeff Price in 2012 was messy, but a lawsuit filed by Price against the company is yielding up more details. It details a falling out with investor Opus Capital over whether $1m of an agreed $4m loan was available to be drawn down in early 2012 to alleviate cash-flow issues – and specifically to pay bonuses to staff.
The dispute led directly to Opus’ Gill Cogan becoming executive chairman of TuneCore, and then to Price departing in July that year. The lawsuit itself concerns severance pay, with Price’s lawyer saying it can’t convey the “tale of betrayal and ego that lies behind the refusal to pay Mr. Price the money he is owed” according to Billboard. Needless to say, TuneCore’s attorneys disagree: “Price’s opposition, and the lengthy affidavit that accompanies it, paint a picture of a man so enamored with himself that he simply cannot accept that the rules that apply to everyone else should also apply to him.” The case continues.
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