Chris Martin is known for being the frontman of Coldplay - one of the biggest British rock bands in the world that is about to embark on its record-breaking fifth headline set at Glastonbury 2024.
12.06.2024 - 21:03 / variety.com
Steven J. Horowitz Senior Music Writer A federal judge has put a temporary ban on “pharma bro” Martin Shkreli from streaming or disseminating copies of a one-of-a-kind Wu-Tang Clan album that he purchased for $2 million in 2015.
The ban, reported by CNBC, came just a day after PleasrDAO, the company that bought the album from Shkreli for $4.75 million, filed a civil suit against him in U.S. District Court in Brooklyn, New York for allegedly holding on to copies of Wu-Tang Clan’s “Once Upon a Time in Shaolin.” The suit claimed that Shkreli had played the album on the internet as recently as Sunday and that his conduct violated forfeiture.
Judge Pamela Chen made the ruling on Tuesday night, asserting that PleasrDAO “is likely to succeed on the merits” of the suit “or raise significantly serious questions going to the merits of the Forefeiture Order, violations of the Defend Trade Secrets Act [and] misappropriation of trade secrets.” Shkreli became a critical lightning rod after drastically increasing the price of an antiparasitic drug by 4,000 percent in 2015. That same year, he purchased “Once Upon a Time in Shaolin,” which set a Guinness World Record as the most expensive musical work in history.
Shkreli tried to sell the album on eBay in 2017 and sold it for $1 million, but was incarcerated for criminal fraud before the sale could be completed. The following year, the government seized $7.36 million in assets from Shkreli, including the Wu-Tang album, and in 2021 auctioned off the album to an undisclosed buyer.
According to PleasrDAO’s suit, the company claims that it bought the Wu-Tang album via two transactions, one in 2021 and another this year, for a total of $4.75 million. The complaint states that as part of
.Chris Martin is known for being the frontman of Coldplay - one of the biggest British rock bands in the world that is about to embark on its record-breaking fifth headline set at Glastonbury 2024.
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‘Once Upon A Time In Shaolin’ has now been turned into an NFT.The world’s rarest and most expensive album was their seventh studio effort, for which they released only one physical copy in 2014.Recorded in secret between 2006 and 2013, the project became the most valuable album ever made, and reportedly features contributions from all surviving members of Wu-Tang Clan, as well as two guest appearances from Cher. The unique copy was housed in a silver, jewel-encrusted box, alongside leather-bound liner notes and a wax seal of the Wu-Tang Clan logo.No digital downloads or streams have ever been made available, and after pressing the CD, the Clan stored it in a high-security vault at the Royal Mansour Hotel in Marrakech, Morocco.
purchased the single existing copy of the album in an auction for $2million (£1.4m) in 2015. He bought the album under a legal agreement stipulating that the album could not be commercially exploited until 2103, though it could be played at listening parties.Shkreli played clips of the album during a livestream in 2017 despite the restrictions, then tried to sell the album on eBay – and received an offer for $1.2million (£940,000), but the sale was never completed.
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$4.75 million for a one-of-a-kind album by the hip-hop group Wu-Tang Clan, only to learn that the convicted pharmaceutical executive made copies and is releasing the music to the public.Shkreli paid $2 million in 2015 for “Once Upon a Time in Shaolin,” and gave it up to partially satisfy a $7.4 million forfeiture order after his 2017 conviction for defrauding hedge fund investors and scheming to defraud investors in a drugmaker.The plaintiff PleasrDAO said Shkreli has, since his May 2022 release from prison, told fans on live streams and social media platform X that he kept and had shared the album, once saying, “I was playing it on YouTube the other night even though somebody paid $4 million for it.”PleasrDAO also said thousands of people tuned in on Sunday to hear the album on a live stream that Shkreli called a “Wu tang official listening party.”Such activity violates the forfeiture order, amounts to misappropriation of trade secrets, and “greatly diminishes and/or destroys the album’s value,” according to the complaint filed Monday night in Brooklyn federal court.PleasrDAO wants Shkreli to destroy his copies, turn over profits from disseminating the music, and pay compensatory and punitive damages.Lawyers who have represented Shkreli in criminal and civil matters declined to comment or did not immediately respond to requests for comment.The plaintiff is displaying “Shaolin” this month at the Museum of Old and New Art in Hobart, Tasmania.Shkreli, 41, became notorious and gained the nickname “Pharma Bro” when, as chief executive of Turing Pharmaceuticals in 2015, he raised the price of the life-saving antiparasitic drug Daraprim overnight to $750 per tablet from $17.50.He was released early from his seven-year prison
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