Mudcat Café message #573353 The Mudcat Café TM
Thread #36385   Message #573353
Posted By: GUEST,Andy, Port Erin
16-Oct-01 - 10:39 AM
Thread Name: 'Celtic Music/Dave Bulmer' saga: Pt 2
Subject: RE: 'Celtic Music/Dave Bulmer' saga: Pt 2
Like Gareth I have done some delving at Companies House. I think that, unless I'm totally wrong, Bulmer may be about to bust CM Records. The last accounts were for 1999 and the ones for 2000 are shown as being OVERDUE. I then had a look at some other companies and discover that the record pressing factory in Wimbledon, PR Records originally had CM Records as a Shareholder. In April this year Bulmer apparently transferred ALL the CM shares in PR to himself, making him the majority Shareholder.

With CM appearing to be all but bankrupt, and with serious critcisms being made of the Directors by the company accountant (who was unable to audit the accounts properly)my guess is that Bulmer removed the shares so that any incoming insolvency accountant or receiver would not have the benefit of shares in another company to "play with".

The problem for the artistes signed(!!!) to CM would seem to be that their works will disappear down the Bulmer/Sharpley Black Hole - royalties with them.

To anyone affected by this probable scenario, do something about it fast.