January 30, 2012

In the money

Forget the greedy hedge fund managers and despicable 1% decried at the Occupy Wall Street protests. Music tycoon Brandon Ebel may have pulled off the largest heist in recent memory with the signing of Abandoned Pools, giving venerable Seattle label Tooth & Nail a bona fide sledgehammer with which to bludgeon the rest of the industry.

Formally cemented in November, the deal was announced online today by AP founder and sole proprietor Tommy Walter:

Walter has received significant attention here – and pretty much everywhere else – during the past few years, primarily for AP’s under-valued second album (Armed to the Teeth) and the propitious yet unprofitable venture Glacier Hiking. As that band’s stock slowly depreciated, Walter reallocated his assets and infused new capital into AP. The two-year yield is the forthcoming Sublime Currency, an investment that should provide Mr. Ebel a sizable return and help buy back – at the very least – his company’s relevance.