The Guvera saga continues, as top executives appeared in a Sydney court to be questioned over the collapse of the streaming service’s Australian operations.
As Mumbrella reports, Guvera’s former chief executive, Darren Herft, took to the stand yesterday in Sydney’s Federal Court during the first day of public examination.
It was revealed during questioning the three directors - Herft, former AMMA executive Adam Bloom and Guvera director Warwick Berman – are looking into recapitalising the business by launching Dragonfly Music.
When questioned about the nature of the product, Herft responded that is would be a “redeployment of brand channel technology” but without the music playlists that Guvera was built on.
“They will contain music-related content but it won’t be a playlist of songs,” Herft told the court.
“There is a wide variety of other services that Guvera could have provided in the music services area….it could be music news for example that we could pull from different partners on a daily or weekly basis or as regularly as a brand would like.”
In July 2016, a month after Guvera was blocked from a stockmarket listing, the company shut down operations in Australia in order to “focus all efforts in key emerging countries".
The questioning touched on the numerous outstanding debts Guvera owes to investors including Sony, Warner and Omniphone.
Herft was also asked about a $584,000 debt owed to APRA/AMCOS, to which he said he was aware of but also advised that there was “a lot more history to that”.
The examination is set to resume on 16 March, with Herft expected to be questioned for at least about full day.
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