{"id":624,"date":"2013-04-19T01:58:02","date_gmt":"2013-04-19T01:58:02","guid":{"rendered":"http:\/\/gisanicki.com.au\/?p=624"},"modified":"2013-04-19T01:58:02","modified_gmt":"2013-04-19T01:58:02","slug":"why-the-hives-owe-34-of-a-million-and-how-to-stop-it-happening-to-you","status":"publish","type":"post","link":"https:\/\/sanickilawyers.com.au\/why-the-hives-owe-34-of-a-million-and-how-to-stop-it-happening-to-you\/","title":{"rendered":"Why the Hives owe 3\/4 of a Million, and how to stop it happening to you."},"content":{"rendered":"

When talking to up and coming bands about having someone manage their business and accounts, the reaction to \u00a0letting go of their financial oversight\u00a0ranges from \u201cwe don\u2019t have any money\u201d, to \u201chow can we trust them?\u201d. \u00a0 \u00a0The reality is that as an artist you are exposed to the risk of fraud and abuse by your manager.<\/p>\n

This can be seen in the recent \u201cshady dealings\u201d of the management group that takes care of both, \u201cThe Hives\u201d and \u201cThe Cardigans\u201d.\u00a0\u00a0 While a few little discrepancies here and there can be expected in rock and roll, an unsigned, unauthorised loan of $775,000\u00a0isn’t\u00a0something that a band can just write off, and still keep faith in their representation.<\/p>\n

In this case the monies were transferred back and forth between the bands, over a period of years, and \u201cThe Hives\u201d unknowingly amassed the $775,000 debt to \u201cThe Cardigans\u201d.<\/p>\n

\u201cThe Hives\u201d are contesting this, saying they never agreed to the loan and that the claim of debt is false.<\/p>\n

Now this\u00a0shouldn’t\u00a0put you off getting representation, but this is where having checks and balances, and your finger on the pulse is important.<\/p>\n

A good manager can take care of transactions, negotiations, and general nonsense, so you can focus on writing hits and buying cool jackets.\u00a0 However you need to be aware of the bottom line, and create an environment of accountability.<\/p>\n

The importance of being across your own affairs cannot be stressed enough.\u00a0 Quarterly reviews, and a top level understanding of the way the bands finances work will leave you empowered, and you won\u2019t end up holding the bill down the line.\u00a0\u00a0 Both parties\u2019 rights and obligations are defined in the Management Agreement, so get advice when this is being drafted.\u00a0 \u00a0It is important to understand the scope of their role in your own terms, and if they start acting outside of it ensure you question this and are comfortable with these answers.<\/p>\n

Beyond this, checks and balances can come from a separation of management, legal and accounting.\u00a0 It is important to get independent legal advice, or have legal counsel separate from your manager and an independent accountant.\u00a0\u00a0 It\u2019s important that they have a working relationship, but having things passing through three sets of eyes can ensure that shady dealings ring alarm bells immediately.<\/p>\n

At the end of the day a good management\/legal\/accounting team can make your life easier, but don\u2019t let complacency leave you exposed to being taken advantage of.\u00a0\u00a0 Or you might end up owing \u201cThe Cardigans\u201d money as well.<\/p>\n

Sam is a guest blogger who comments on Law, Entertainment, Tech and Fashion. \u00a0His\u00a0scribbles\u00a0can be found here.<\/a><\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

When talking to up and coming bands about having someone manage their business and accounts, the reaction to \u00a0letting go of their financial oversight\u00a0ranges from \u201cwe don\u2019t have any money\u201d, to \u201chow can we trust them?\u201d. \u00a0 \u00a0The reality is that as an artist you are exposed to the risk of fraud and abuse by … Continued<\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[10,11,12,13,14],"class_list":{"0":"post-624","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-news","7":"tag-accountability","8":"tag-management","9":"tag-risk","10":"tag-the-cardigans","11":"tag-the-hives","12":"entry"},"acf":[],"yoast_head":"\nWhy the Hives owe 3\/4 of a Million, and how to stop it happening to you. - Sanicki Lawyers Melbourne<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why the Hives owe 3\/4 of a Million, and how to stop it happening to you. - 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