The Feldman Agency execs acquire company
Sam Feldman, founder of Canada’s the Feldman Agency (TFA), has sold the business to the agency’s president, Jeff Craib, and vice-president, Tom Kemp.
The agency, which books acts including Diana Krall, Barenaked Ladies, Sum 41, Carly Rae Jepsen and Alessia Cara from its offices in Vancouver and Toronto, was co-founded by Feldman and his business partner, Bruce Allen, in 1971.
Feldman continues to lead Macklam Feldman Management, which represents James Taylor, Ry Cooder, Elvis Costello and Sarah McLachlan and was not included in the TFA acquisition. Feldman also remains involved with management firm Watchdog, booking agency Bruce Allen Talent, and INF Influencer Agency and its parent company A&F Music, he tells FYI Music News.
“Over the last few years, the agency business has gravitated to Toronto, so it makes sense to turn it over to the guys that are hands on running it out there,” he comments. “Jeff and Tom have been with the company a long time and have played a considerable part in its growth.
“They have excellent people on the team, including Olivia Ootes [recently promoted to VP of operations] and Vinny Cinquemani, along with a most prestigious roster. I am confident that they will demonstrate the leadership skills to be enormously successful and grow the legacy exponentially.”
Agents, artists out of pocket after PMF bankruptcy
Booking agencies, artists and management companies are among those owed a combined C$13.2 million (US$9.8m) by Pemberton Music Festival Limited Partnership and 1115666 BC Ltd – the two holding companies behind Canada’s Pemberton Music Festival (PMF), which filed for bankruptcy last week.
PMF, promoted by New Orleans-based Huka Entertainment, entered receivership last Friday after finding itself unable to plug a $10m hole in its finances for 2017. Administrators at Ernst & Young (EY) advised the festival will not be reimbursing those with tickets (as, “with PMF in bankruptcy, it has no ability to provide refunds”), and EY has since directed ticketholders to “contact their bank or credit card issuer directly […] in determining whether a refund can be obtained.”
More than 18,000 people have bought tickets to Pemberton Music Festival 2017, which was to have been headlined by Chance the Rapper, Muse and A Tribe Called Quest. Bankruptcy documents list ticketholders as unsecured creditors, showing they are collectively owed nearly $8.23m.
In addition to the usual smattering of contractors, production companies and the taxman (Canada Revenue Agency [CRA] is owed $1.7m), other unsecured PMF creditors include an agency, two artists, two management companies and performance rights organisation Socan (the Society of Composers, Authors and Music Publishers of Canada).
Toronto-based The Feldman Agency, Canada’s largest independent booking agency, is owed $10,593.75, while WME act Lovecoast – who played PMF in 2015 – are out of pocket a more modest $107.52.
PS Business Management, meanwhile – whose roster has included Arcade Fire, Hot Chip, Tame Impala, Cut Copy and Natasha Bedingfield – is owed $70,007.31, while Burnt Tree Entertainment, which manages several artists but also lists Pemberton Music Festival as a client for its marketing/consulting division, is due $12,168.24.
PMF additionally owes secured creditors $3.6m, who will be be paid in full before unsecured creditors
After CRA and the festival’s ticketholders, Socan, which issues public performances licences, is one of the biggest unsecured creditors, with an outstanding debt of $373,016.
Promoter Huka Productions is also owed $99,762.96, although it is also listed as a debtor to the tune of $349,905.
PMF additionally owes its secured creditors – two companies called 1644609 Alberta Ltd and Janspec Holdings Limited – $3.6m, which would usually be paid in full before any money was reimbursed to unsecured creditors.
Aside from its obligations to creditors, PMF is also facing the threat of legal action from WME, whose head of music, Marc Geiger, has spoken of his intention to pursue the festival’s organisers “to the full extent of the law”.
Speaking to Billboard, Geiger – whose WME agency represents Haim, Ben Harper and several other PMF 2017 performers – says it is investors who must bear the responsibility for the festival’s insolvency – not fans. “This is just gross to me,” he says. “These guys are declaring bankruptcy, but none of them are actually bankrupt. Their shell company is bankrupt. And now they want fans to pay the price.
“That’s not bankruptcy. That’s fraud.”