Wednesday, 22 March 2017

Ecco Recordings website in the dark just as their main attraction hits the BIG time.


Slippery little suckers - these success stories.

Ecco Recordings raised £234k on Crowdcube back in 2013. Their main pitch was a band called These Reigning Days - who were going to make it B.I.G. 

Several years later and they may have - Reigning Days have just signed with Marshall Records.

The Ecco Recordings website, however, is down and they were last reported heading into dangerous waters with their balance sheet in tatters in the wind. 

Looks like another empty stage for all those shareholders. One shareholder has complained that no communication from the company has been received since the Crowdcube round. It's a similar story with most Crowdcube funded companies.

5 comments:

  1. RMB deserves a knighthood
    Do you discuss current live pitches ??

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    Replies
    1. The earlier GCL campaign was dodgy to say the least, very suspicious.
      How do you assess the current Lightvert ?
      I've been told the new crowdrating site swears by
      Allsopro and the earlier ukeepu, am I missing something ?
      Big Respect

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    2. Wouldnt bother with Crowdrating. Do your own research. Everyone else has their axe to grind.

      Delete
  2. Just reviewed the confirmation statements of shareholders and done some maths. Crowdcube shareholders bought in at 57 pence per share valuing the business at a redic £943,000. Sarah Woodward, PP Asset management and Kevin Wilson subsequently bought shares at 6 pence each in Aug 2016 valuing the business at £96,000.Nice dilution factor there. Seems like they had the shareholder's (and the fans of the bloody band!) best interests at heart. It's okay for Sarah though because she increased her shareholding from 15% to 24% during this feat.

    How does anyone protect against a hypothetical director that sells 100 shares for £1 each and then buys 1000 shares for £1 the next day? Oh,and Marshall aren't that well capitalised so I can't imagine that the deal resutedin millions. Not forgetting that large credit liability on Ecco's balance sheet.

    Can't stress enough that the band has not only duped shareholders..but fans of the band too.

    ReplyDelete