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UK indies lose out in DNA case.

Music Week

| May 04, 2002 | COPYRIGHT 2002 UBM Information Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Fifteen UK indies are among those estimated to have lost up to $3m (2.1m [pounds sterling]) of consignment stock Stateside, after a US ruling went against them last week.

The indies' distributor Distribution North America (DNA)/ Valley Media was declared bankrupt earlier last November and a US judge ruled last week that the debtors were free to sell consignment stock they were holding for the companies.

Many of the indies, who were against the sell-off, say they had been caught out by changes to US stock legislation. The companies had rejected an offer by DNA/Valley Media to buy back their ...

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