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Music

+ - RIAA Files for Bankruptcy; CEO Commits Suicide

Submitted by
mrs clear plastic
mrs clear plastic writes "Late Friday afternoon, the Recording Industry Association of America filed for bankrupcy protection at the U.S. Bankruptcy court in Manhattan. The numerous pending lawsuits by some defendants of the RIAA's previous campaign to bring litigation against file sharers were just one factor behind Friday's filing, RIAA's attorney, Mitch Wickenden, told reporters outside the bankruptcy courtroom. He did say, however, that a major contribution was the significent decline in sales of music CDROMs.

Sales have been declining for the past several years. The RIAA had claimed that it was due to the unauthorized copying of music on line. Arthur Rosenburg, president of the Independant Music File Sharing Collective, said that the RIAA was not keeping up with the times and had not adapted to the changing, peer based market for music.

On a personal note, during church services today, we were all asked to pray for the family of Mitch Bainwol, RIAA's prsident. His son, Jaims Bainwol, is a member of the choir in my church. Mitch was found dead Saturday morning, apparently of carbon monoxide poisoning. He was discovered by his son in his car, with the engine running, in the garage with the door closed.

Former president Hilary Rosen, quickly appointed by the board to be interim president, expressed condolences to Bainwol's family on Saturday afternoon."

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