Geoff Rickly On Severing Ties With Martin Shkreli: “This Is Going To End The Career Of The Record Label, No Doubt” (Updated)


Update – September 23rd 10:46pm:

Rickly has since taken to Twitter, where he offered:

“Because there are some conflicting things, I feel the need to say this plainly. I have always been an honest and caring person. So… Collect has been a labor of love from the beginning. The bands on my roster are the best, the brightest, the most forward thinking… The most diverse group of people. I’m so proud of all of them and they didn’t deserve this. Tonight I’m running on nothing but faith… Faith that any missteps I make in the next few days will be forgiven by people that matter to me. Because I’m human and I hurt. Faith that tomorrow will be better and I’ll use my 20 years of punk rock resourcefulness to fulfil every promise I’ve made. Faith that all of you that have sent their love to me today will help pull me up and teach me a better way to make this label work. And some bands will leave and I will love and support them and some will stay and I’ll bleed for them like I do. And I’ll make new mistakes But I’ll do it in the best, most honest, most caring way that I can. With my friends and family @SkeeterNYC and persevere. I love you friends. I love you kind strangers. I love you who have been outraged. We need to rage against things sometimes. Now is one.”

Original Story:

Earlier today No Devotion/Thursday singer Geoff Rickly decided to cut ties between his Collect Records label and its previous silent partner/investor, Martin Shkreli—the now infamous pharmaceutical executive whose price gouging created a firestorm. Both Rickly and Shkreli have spoken with the The New York Times of the situation. Rickly reveals that Shkreli had invested around $600,000 in the label. He was also aware to an extent of Shkreli‘s past dealings, offering:

“Of course I Googled him. I had apprehensions and I talked to him about it. He has a cavalier attitude about things. At the time, one on one, it was soothing, but in public now it comes across as borderline sociopathic. You take any capitalist money and you never know. It’s a dirty system and usually people do something questionable things.”

The loss of Shkreli‘s funding will likely doom the label however, as Rickly said:

“This is going to end the career of the record label, no doubt. If I were a band on the label I would be having a serious crisis of faith right now. The amount of money I have in the bank doesn’t cover my outstanding invoices. It’s devastating.”

Shkreli said of the decision to move on without him:

“I don’t like it — I want to be involved in all this — but I respect their decision. They can move forward from here. I kickstarted the company. I’m not the kind of guy that takes back a — if they can find a new investor, great, if they go out of business then it is what it is.”

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