Richard, am I correct in understanding your post of 21 Sept to mean that because Leader went into liquidation that meant that Bulmer was able to buy the producer's rights in the recordings, but without taking on the contractual obligations that went with them ie to pay royalties to the artists?

I thought the main issue with Bulmer was that he is not issuing the albums (apart from the occasional CD-R) whereas you appear to be saying that even if he released them commercially he would not be obliged to pay the artists their royalties.

Or have I misunderstood?