Word is the New York Times jumped the gun when they reported that TVT Records’ Founder/President Steven Gottlieb had lost control of his company (full name TeeVee Toons) after a loan dispute with Prudential Securities. The report claimed Gottlieb had defaulted on a $23.5 million loan and that as a result had lost control over the management of his company to financial service provider.
But latest reports say that Gottlieb was never personally responsible for the defaulted loan and therefore remains in full control of his company. Even if Prudential were to prevail in the dispute, which is still pending in court, its remedies would be limited to seizing certain music royalty rights that TeeVee Toons transferred in 1999 to an affiliated company called TVT Catalog Enterprises.