Following your recent telephone conversation with Dave, re Myra's management agreement, it's clear you are are unhappy with the terms we have proposed. These are absolutely standard for a worldwide management contract in the music and entertainment industries and fair to both parties. With income streams diminishing and business generally getting much tougher some experienced management companies are actually seeking much higher rates of remuneration, especially in N.America. Therefore we are not prepared to negotiate our commission terms and technically compromise our position with our other artists whom we have signed direct to worldwide agreements.
It's not a good start for us to have to justify our commission and for you to obviously feel we are being unreasonable and unfair. Consequently we have decided it's better if we withdraw our offer to manage Myra and for you to look at alternative management companies.