QUEENSRŸCHE's Attorney Expects Stock Placement Deal To Be Successful

November 28, 2014

QUEENSRŸCHE's securities attorney, Marc LoPresti, spoke to The Seattle Times about the band's attempt to raise $2 million by selling stakes in what he calls a "new holding company for all things QUEENSRŸCHE" that will receive the revenues from its tours, merchandising, album sales and digital downloads.

For a minimum investment of $50,000, fans who pass an independent accreditation process can purchase an equity ownership stake from a private consolidated holding company that entitles them to "a fixed percentage" of future revenue.

"Traditionally, a band would not go into their personal pockets to [bankroll and controll a recording-and-touring effort]," LoPresti said. "They would go to Capitol Records" or the like, which would dictate the project and give them an advance but "also take a huge swipe of the money," he added. "By disintermediating the labels, we're leaving more money on the table both for the band and people who invest."

QUEENSRŸCHE's stock deal utilizes a provision of the 2013 JOBS Act that allows promoters to publicize a private stock placement, though only "accredited investors" are eligible to invest.

"If it's successful, which we expect it to be, we may do it again with other bands," LoPresti said.

An internal board of directors comprising drummer Scott Rockenfield, bassist Eddie Jackson and guitarist Michael Wilton and band counsel Thomas Osinski will oversee the corporation.

A PledgeMusic campaign, "Building The Empire", has been launched that will act as a pre-order campaign for QUEENSRŸCHE's next album, tentatively due in early 2015. Eddie Jackson, Todd LaTorre, Parker Lundgren, Scott Rockenfield and Michael Wilton are offering fans various unique experiences to bring them closer to the band than ever before. The band is offering everything from limited-edition vinyl and merchandise to the actual instruments played on the upcoming album and a chance to hang with the band in their hometown of Seattle.

A video clip announcing the PledgeMusic campaign can be seen below.

QUEENSRŸCHE's latest, self-titled album sold around 13,500 copies in the United States in its first week of release to land at position No. 23 on The Billboard 200 chart. The record arrived in stores on June 25, 2013 via Century Media Records.

Find more on Queensryche
  • facebook
  • twitter
  • reddit
  • email

Comments Disclaimer And Information

BLABBERMOUTH.NET uses the Facebook Comments plugin to let people comment on content on the site using their Facebook account. The comments reside on Facebook servers and are not stored on BLABBERMOUTH.NET. To comment on a BLABBERMOUTH.NET story or review, you must be logged in to an active personal account on Facebook. Once you're logged in, you will be able to comment. User comments or postings do not reflect the viewpoint of BLABBERMOUTH.NET and BLABBERMOUTH.NET does not endorse, or guarantee the accuracy of, any user comment. To report spam or any abusive, obscene, defamatory, racist, homophobic or threatening comments, or anything that may violate any applicable laws, use the "Report to Facebook" and "Mark as spam" links that appear next to the comments themselves. To do so, click the downward arrow on the top-right corner of the Facebook comment (the arrow is invisible until you roll over it) and select the appropriate action. You can also send an e-mail to blabbermouthinbox(@)gmail.com with pertinent details. BLABBERMOUTH.NET reserves the right to "hide" comments that may be considered offensive, illegal or inappropriate and to "ban" users that violate the site's Terms Of Service. Hidden comments will still appear to the user and to the user's Facebook friends. If a new comment is published from a "banned" user or contains a blacklisted word, this comment will automatically have limited visibility (the "banned" user's comments will only be visible to the user and the user's Facebook friends).