MusicDish e-Journal - October 22, 2018
MusicDish Advertising Network
» HOME » INSIDER SCOOP » CAREER TIPS » MUSIC SPOTLIGHT » MUSICDISH*CHINA
» INDUSTRY INTERVIEWS » NEWS BEAT » DIGITAL SKOOL » OPEN REVIEW » MUSICDISH EDELWEISS
Search MusicDish e-Journal (Advanced)
Subscribe To MusicDish e-Journal
About | Contact | Advertise | RSS | Submit Article | Submit News | Artist Development | Premium PR Distribution
Mi2N | MusicDish*China | MusicDish Network | MusicDishTV | Urban Music News Network

Troubled Vivendi
By Jon Newton, p2pnet.net
(more articles from this author)
2002-05-09
Comment | Email | Print | RSS

Music Industry News - as it happens
Source: MusicDish/Mi2N - May 3, 2002

Moody's Investors Service recently downgraded Vivendi Universal's long-term senior debt ratings and is thinking about doing the same to its utilities arm, Vivendi Environment.

Vivendi thinks hackers may have been behind a "malfunction" in voting at its shareholders meeting on April 24.

And now its financial woes mean it'll have to make a cash payment of $250 million next year to Herb Alpert and Jerry Moss, founders of Rondor Music International, a music publisher bought by Seagram (owned by Vivendi) in 2000.

"When it acquired Rondor, Seagram committed to pay Messrs. Alpert and Moss the $250 million in cash if the shares of Vivendi Universal fell below $37.50 for 10 consecutive days," said Dow Jones Business News on May 3.

Vivendi's shares have dropped 45% since the beginning of the year.

Vivendi chairman Jean-Marie Messier is, "trying to restore his standing with investors," said the report. "In the next few months, analysts say Mr. Messier must show shareholders that he is ready to get his hands dirty managing the huge company and put an end to the serial deal-making that investors have become wary of.

"He also must restore confidence in his strategy, the crux of which is to someday deliver movies and music on demand to consumers via cellphones and TV sets."

Hackers
As far as the voting problem goes, Vivendi said in a statement that a joint petition has been filed with the Paris Commercial Court by Vivendi Universal, Société Générale and Compagnie de Saint Gobain.

"Following a hearing on May 2," said Vivendi, "the Court: officially noted a malfunction in the tabulation of the votes cast during the Shareholders Meeting; formally acknowledged to Vivendi Universal that its Board of Directors would have the authority to convene another Shareholders Meeting as soon as possible.

"The aim of this meeting would be to re-determine the vote count on the resolutions that were not adopted on April 24, the results of which may have been affected by this malfunction. The Court also gave its permission for a re-vote to take place on the resolutions that were approved by the shareholders, in order to confirm the original results, if necessary.

"Based on the foregoing and the fact that the Court has determined that the resolutions passed at the meeting would stand as voted, the dividend will be able to be paid on May 13, 2002, as previously announced.

"Lastly, the Court agreed to Vivendi Universal's request for an independent expert to investigate the voting aberrations. The expert's assignment will be to ascertain the origin of the malfunction in the voting system and, in particular, to determine whether a possible 'hacking' of the voting system took place at the meeting.

"The expert will have six weeks to carry out the assignment and will examine the evidence submitted by Vivendi Universal to a Court Officer. This investigation will include a study of the electronic voting machines, a copy of the central computer's hard drive and the antenna of the voting system."


Home » News Beat » Troubled Vivendi
Permalink:http://www.musicdish.com/mag/?id=5940
Email |Print |Comment |RSS

back | top


MusicDish Advertising Network

News Beat

» indieOn Connects Music to the Blockchain

» 13 Music Label Sold to MTN

» Darcus Beese Named President Of Island Records

» ASCAP Revenues Top $1.144 Billion In 2017

» BMG Appoints New Creative Directors In Nashville

News Beat Directory



» [2018-09-16] Live Nation Electronic Asia Inks Deal With Budweiser For Creamfields Festivals; Together, Creamfields And Budweiser Will Focus On Building Entirely New Content For Dedicated Electronic Music Fans Throughout Asia

» [2018-08-23] Andy Ma Appointed Warner Music China CEO; Andy Ma Has Also Been Appointed EVP, Commercial And Business Development For Greater China

» [2018-08-23] IndieOn Connects Music To The Blockchain; IndieOn Is Confident Of Creating A "music Miner" Who Listens More And Grow Their Token Value

» [2018-06-23] The 2018 MIDEM Silk Road International Music Alliance Signing; International Music Industries Signing Of A Mutual Resource Sharing Agreement With Shanghai Conservatory Of Music & The China Records Group

» [2018-06-06] Screen Music Connect To Explore The Music Of Film, Television And Interactive Media; Created By James Hannigan, Award-winning Composer And Game Music Connect Co-founder, Screen Music Connect Builds On The Success Of The Sold-out Game Music Conferences

» [2018-06-05] Fred Casimir To Develop BMG's Global Recordings Business; As Well As Building BMG's European Infrastructure, Casimir Was Instrumental In Developing BMG's Recordings Business

» [2018-06-03] 13 Music Label Sold To MTN; DSN Music Spins Off Record Label To Albuquerque Music Entrepreneur's New Group

» [2018-06-02] CISAC 2018 Annual Report; A Comprehensive Overview Of The Confederation's Work To Serve 4 Million Creators And 239 Authors Societies Across The World

» [2018-06-02] MusicDish Announces A Love Electric 2018 China Tour; The Tour Will Crisscross Through China With 12 Shows In 8 Cities, Including Guangzhou, Dongguan, Zhuhai, Shenzhen, Kunming, Jiaxin, Wuhan And Beijing

» [2018-06-02] Darcus Beese Named President Of Island Records; Renowned U.K. Music Executive To Join Universal Music Group's U.S. Label Leadership

» [2018-05-17] Avant-Garde Label Maybe Noise Launches In Beijing; The Official Launch Will Be On May 26 At Magnet Theater With A Performance Supporting Its First Vinyl Release: Png Z

» [2018-05-04] Award-Winning Lithuanian Rock Band Colours Of Bubbles "She Is The Darkness" 2018 China Tour; The Tour Will Kickoff In Shanghai Where The Band Will Represent Lithuania During The Country's Signing To The Silk Road Music Alliance
MusicDish Advertising Network

follow MusicDish on
Follow MusicDish on Twitter

Mi2N Music PR

Tony Carlucci & Dynamic Destony Releases New LP "A New Day"

Laura Angelini Makes Birthday World Event

Killer Tracks Delivers The Music For A NASA Moon Video

John Keenan Taking It To The Next Level

Royale - Playground (Single)

Make A Wish With Catherine Duc's 'Stargazing' Remix Of Ben Hobbs' 'Blind To You'

Asian Pop Queen Celest Releases Debut English Single/Video "I Got Him"



Websites: Mi2N | MusicDish*China | MusicDish Network | MusicDishTV | Urban Music News Network
Services: Submit Article | Submit News | Submit Video | Artist Development | Premium PR Distribution

Copyright © 1997-2018 MusicDish LLC., all rights reserved.
About MusicDish e-Journal | Contact Us | Advertise | RSS | Internships