Comments on: BurnLounge federal lawsuit update http://www.palmettoscoop.com/2007/06/17/burnlounge-federal-lawsuit-update/ REINVENTING THE S.C. SCENE Fri, 19 Mar 2010 23:11:22 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: BurnLounge “simplifies” business model » The Palmetto Scoop http://www.palmettoscoop.com/2007/06/17/burnlounge-federal-lawsuit-update/comment-page-1/#comment-490 BurnLounge “simplifies” business model » The Palmetto Scoop Fri, 22 Jun 2007 15:13:04 +0000 http://www.palmettoscoop.com/backup/?p=291#comment-490 [...] appears that the good folks at BurnLounge, who are in the midst of a heavy-hitting Federal Trade Commission lawsuit, have decided to update [...] [...] appears that the good folks at BurnLounge, who are in the midst of a heavy-hitting Federal Trade Commission lawsuit, have decided to update [...]

]]> By: deepthroat http://www.palmettoscoop.com/2007/06/17/burnlounge-federal-lawsuit-update/comment-page-1/#comment-488 deepthroat Mon, 18 Jun 2007 23:25:04 +0000 http://www.palmettoscoop.com/backup/?p=291#comment-488 CEO of Music Store BurnLounge, Target of FTC Probe, Resigns Submitted by Mark Hefflinger on June 18, 2007 - 1:42pm. New York - BurnLounge, a service that lets fans create their own music stores that the Federal Trade Commission (FTC) last week branded a pyramid scheme and is seeking to shut down, announced on Monday that CEO Alex Arnold has resigned. BurnLounge co-founders Ryan Dadd and Stephen Murray, along with the company's board, unanimously approved the appointment of Grant D. Johnson -- a current board member and BurnLounge investor -- to succeed Arnold as chief executive. Johnson is a founding managing partner at Benevolent Capital, and also owns music label Tomato Records. "This change in management is a first step towards a reinforced focus on building the entertainment company we've always envisioned," said BurnLounge president and co-founder Stephen Murphy. "We're entering a critical growth period for the company and we believe we have the right team in place to fuel this next evolution of the business to benefit our employees, artists, partners, and independent retailers." The company maintains that its "revolutionary business model" is lawful, and said it is "working to understand and address any legitimate issues and concerns that the FTC may have." A hearing on the FTC's demands for an injunction and asset freeze against BurnLounge will be held in fedearl court in California on Tuesday. CEO of Music Store BurnLounge, Target of FTC Probe, Resigns
Submitted by Mark Hefflinger on June 18, 2007 – 1:42pm.
New York – BurnLounge, a service that lets fans create their own music stores that the Federal Trade Commission (FTC) last week branded a pyramid scheme and is seeking to shut down, announced on Monday that CEO Alex Arnold has resigned.

BurnLounge co-founders Ryan Dadd and Stephen Murray, along with the company’s board, unanimously approved the appointment of Grant D. Johnson — a current board member and BurnLounge investor — to succeed Arnold as chief executive.

Johnson is a founding managing partner at Benevolent Capital, and also owns music label Tomato Records.

“This change in management is a first step towards a reinforced focus on building the entertainment company we’ve always envisioned,” said BurnLounge president and co-founder Stephen Murphy.

“We’re entering a critical growth period for the company and we believe we have the right team in place to fuel this next evolution of the business to benefit our employees, artists, partners, and independent retailers.”

The company maintains that its “revolutionary business model” is lawful, and said it is “working to understand and address any legitimate issues and concerns that the FTC may have.”

A hearing on the FTC’s demands for an injunction and asset freeze against BurnLounge will be held in fedearl court in California on Tuesday.

]]> By: deepthroat http://www.palmettoscoop.com/2007/06/17/burnlounge-federal-lawsuit-update/comment-page-1/#comment-489 deepthroat Mon, 18 Jun 2007 23:23:43 +0000 http://www.palmettoscoop.com/backup/?p=291#comment-489 Burnlounge Ceo Alex Arnold resigned late Monday afternoon. Do you think he cut a deal with the FTC? http://www.dmwmedia.com/news/2007/06/18/ceo-of-music-store-burnlounge-target-of-ftc-probe-resigns Burnlounge Ceo Alex Arnold resigned late Monday afternoon. Do you think he cut a deal with the FTC?

http://www.dmwmedia.com/news/2007/06/18/ceo-of-music-store-burnlounge-target-of-ftc-probe-resigns

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