Hip hop label Dawn Raid, for so long a shining example of local music success only to have very public fall from grace last month when it went into voluntary liquidation owing a reported $1 million to creditors, has arisen from the ashes.

The original Dawn Raid remains in liquidation but founders Brotha D and Andy Murnane have bought back the rights to the back catalogue and music publishing, with the help of two new high-profile investors, and set up a new limited liability company, Dawn Raid Music Limited, says Murnane.

The new backers are John Barnett, of South Pacific Pictures fame (who recently also invested in the Satellite Media group, buying founder David Rose out) and businessman and Vector chairman Michael Stiassny, described in the NZHerald last year as "the fix-it man" for his record as a liquidator brought in to rescue collapsing companies....