Pitchfork

All the good vibes in the world haven't kept the Polyphonic Spree from wading through some legal muck recently. As previously reported, the Spree's label TVT Records filed for Chapter 11 reorganization under the U.S. Bankruptcy Code back in February. As part of that "reorganization," TVT is planning to sell off or reassign its assets to a third party-- assets which include recording contracts with the label's artists.

Needless to say, the Spree are none too happy about having their recording contract sold off to just anybody without their consent. In fact, they've gone ahead and filed a legal objection with the courts stating as much. And they're not alone. Fellow TVT act Ambulance LTD have filed one as well, as has major label Universal Music Group (though their objection is related to the licensing of music for soundtracks). (Via NME / Hits.)

Specifically, the Spree and Ambulance LTD object to a May 1 court ruling that approved TVT's "Bid Procedures Motion", which is the legal thing that allows TVT to sell or auction its assets. The Spree, for their part, dispute the "cure amount" owed to them (TVT says $0.00, Spree say approximately $20,000), question TVT's ability to fulfill its role in the contract ("future performance"), and flat-out deny that TVT can reassign what "constitutes a personal services contract." Um, so there! All this can be found in the Spree's legal documents (linked above), if you can stomach this kind of jargon. Ambulance LTD's complaints center around the validity of the band's contract with the label, as well as TVT's previous failures to release and promote new music from the group.

Bids for TVT's assets were taken this week, and an auction is scheduled to take place today (June 12). Should the objections filed by the parties above fall through, a court hearing to approve the sale of TVT's assets is set for June 16.

According to a TVT representative, the label is not able to comment on the matter at this time.