Make no mistake about it: once a band has signed a letter of intent, they will either eventually sign a contract that suits the label or they will be destroyed.
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Last Friday night, I Twitted a photograph of myself that I intended to send as a direct message as part of a joke to a woman in Seattle. Once I realized I posted to Twitter I panicked, I took it down and said that I had been hacked. I then continued with that story, to stick to that story which was a hugely regrettable mistake.