Lookout! We're screwed.
Everybody is talking about the near collapse of Lookout! Records in light of Green Day's recent repossession of its records. I have to weigh in on this on the side of Green Day, however rich and powerful they may be. And as a band member who only rarely has seen royalties or accounting from various "nice" labels. Ummm, how can you not pay your biggest band royalties for ten years and keep signing unproven young bands? And hiring people? I love the idea of independent labels, but at some point they've got to exist in reality, not just in the ideal state of "it's cool, we're totally buds." There's loads of news out there on this and lots of great commentary on this. The most shocking aspect of this is Larry Livermore, the ex-Lookout! honcho describing the label's new signings as "terrible bands." Can you say bitter? I know this isn't hot news, I'm in catch-up mode.