MySpace plunders dregs of Snocap/Imeem. Musicians the losers... Imagine.

This killed me...

From Wired:

MySpace/Imeem Deal Leaves Thousands of Artists Unpaid

Independent artists who sold their music through imeem’s Snocap music storefronts on MySpace and other sites won’t be paid what’s owed even after MySpace Music’s acquisition of some — but not all — of imeem, Wired.com has learned.

MySpace Music bought “certain assets” from imeem, and they do not include imeem’s liability to more than 110,000 independent artists with Snocap storefronts, according to a source with inside knowledge of the deal. Those artists’ contracts mandate they be paid each month if they’re owed more than $20. Some artists have been owed money for more than a year, and the chance of them seeing any money now is, for all intents and purposes, zero, the source says.

[Read about the whole sorry mess at Wired.]

Despite the fact that MySpace has always been heavily involved in promoting Snocap and pushed them as the only way to sell music through MySpace.

When it looked like Imeem and Snocap were circling the drain, MySpace rushed to buy what few assets their fairy godchild had left -- apparently intent on making sure that the bankruptcy courts would have little chance to convert those assets into payment for some of the bundle owed musicians for MySpace related sales.

Nice, huh?

More discussion at Gearslutz.