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DM Records, Inc. Chapter 11 Bankruptcy Petition Filed

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According to documents filed with the U.S. Bankruptcy Court, privately-held DM Records, Inc. (DMR) filed for Chapter 11 protection. The Company, founded in 1992 and based in Deerfield Beach, Fl, operates as a music content, record label and music-publishing company. It licenses music for motion pictures, television shows, video games and national commercials.

The Company’s Chapter 11 petition indicates total assets of $4,243,990, including 555 copyrights worth $1.7 million, $2 million in open copyright infringement matters, over $0.5 million in account receivables, $18,293 in bank accounts and $4,135 in office equipment, furnishings and equipment.

Documents submitted by Co-Founder and President Mark Watson list $2,328,134 in liabilities: $2,283,849 in secured claims from holders Bank of America and Alvert Music. The list of creditors holding the largest unsecured claims includes American Express: $20,689, Stutzman and Bromberg: $8,000 and Brown Roberts LLP: $3,756. The Company is represented by David Lloyd Merrill of Merrill PA throughout the bankruptcy proceedings.

Read more business bankruptcy updates.