Warner, Sony Slash $100M Claims Against Failed Music Startup

Law360, New York (July 31, 2012, 5:59 PM EDT) -- Warner Music Inc. and Sony Music Entertainment agreed on Monday to effectively slash by over 95 percent their collective $100 million in claims against the failed digital music startup Beyond Oblivion Inc., settling a dispute over distribution agreements nixed after the company went bust in December. 

In a motion for approval filed by unsecured creditors in New York bankruptcy court, Sony and Warner agreed to a settlement that would allow the companies to list $100 million in claims but would cap their recoveries on the company's...
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