MusicSource Plans to Buy Stake in Michigan Firm
MusicSource U.S.A. Inc., a provider of printed music, said Thursday that it has signed a letter of intent to buy a 51% stake in a Michigan company for $50,000.
MusicSource, which markets machines that print sheet music, plans to buy Integrated Marketing Professionals Inc., an incentive marketing company.
MusicSource, with four employees, made headlines in June when it sued a New York investment company and several law firms and individuals for allegedly participating in a stock scheme to defraud the company out of 1.6 million shares. The shares were dumped onto the market by Marsh Block & Co., the suit alleged, causing their value to plunge.
“It’s something that happened, but we are carrying on with business,” said Dale R. Jacobs, president of the Newport Beach company. “We are positioning ourselves to acquire a lot of companies which can boost our revenues.”
A U.S. district judge in Santa Ana is expected to issue a ruling in the suit during the first week of November, Jacobs said.
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