It has been a little over 5 months since PledgeMusic suspended all campaigns and payments, and two months since FRP Advisory began contacting buyers as part of Pre-Administration, the UK equivalent of bankruptcy. To date, however, no formal filing of Administration has been made.
In its first public updated since May 20th, the PledgeBusic board issued this statement in response to an inquiry from Hypebot:
“Pledge is continuing to pursue a sale of the business.”
A source has confirmed that there is one interest buyer still in the process of doing due diligence. If completed, a direct sale might return more lost revenue to artists and other creditors than Administration.
The music crowdfunder lost nearly $11 million dollars between 2016 and 2018, according to a company pitch deck; and its closure left hundreds of artists and labels unpaid and without the funds to fulfill orders their fans had already paid for.