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Who Will Get to the Bottom of The Hundreds of Millions of Black Box Money at MLC? – Music Tech Solutions
Who Will Get to the Bottom of The Hundreds of Millions of Black Box Money at MLC?
One of the most common questions we get from songwriters about the MLC concerns the gigantic level of “unmatched funds” that have been sitting in the MLC’s accounts since February 2021. Are they really just waiting until The MLC, Inc. gets redesignated and then distributes hundreds of millions on a market share basis like the lobbyists drafted into the MMA? Nobody can believe that the MLC can’t manage to pay out several hundred million dollars of streaming mechanical royalties for over three years so far. (Resulting in the MLC holding $804,555,579 in stocks as of the end of 2022 on its tax return, Part X, line 11.) The proverbial monkey with a dart board could have paid more songwriters in three years. Face it—doesn’t it just sound illegal? What’s lacking here is a champion to extract the songwriters’ money. Clearly the largely unelected smart people in charge could have done something about it by now if they wanted to, but they haven’t. It’s looking more and more like nobody cares or at least nobody wants to do anything about it. There is profit in delay.