"Despite the place we find ourselves, there is much to be proud of."
On Feb. 1, 2016, less than three years after a splashy $12-a-share IPO, Robert FX Sillerman's would-be EDM empire, SFX Entertainment, filed for Chapter 11 bankruptcy protection. The company's financial records reveal the extent of its overreach, and Sillerman announced he will step down as CEO on March 31.
On Feb. 1 of this year, an investor who held SFX shares since its October 2013 IPO would have lost all but 5 cents per share -- a 99.6 percent decline. That financial collapse followed a four-year spending spree during which the company acquired promoters ID&T (with its Tomorrowland, TomorrowWorld and Mysteryland festivals), Made Event (Electric Zoo) and Disco Donnie Presents, along with dance-music download/streaming service Beatport and artist management firm TMWRK.
Below is Sillerman's farewell letter to the company's staff, circulated on Tuesday (Mar. 29).