Not sure how true this is yet, but found this on the nme forums.

--
The Shortlist Awards, the American equivelent of the UK music industry back slapping contest mostly known as the "Mercury Music Prize" has been cancelled at short notice, with future years awards also being put in doubt. The awards which has gained a modicom of industy savvy in recent years and introduced many new US bands to both a wider audience and an as usual apathetic media crowd, is cancelled due to infighting between award founders Tom Sarig and Greg Spotts.

Speaking about the duo's rift to AP, Spotts said, "I've tried very very hard to have a Shortlist this year. I think it's become an important cultural happening on the calendar. The only reason why we haven't this year is because Tom and I don't seem to be able to agree on how. It seems to be just like as bands get more successful, the egos get more complicated to manage. That same process seems to be happening with the management with our company."

Further complicating the matter, Tom Sarig seems to be moving on. He has taken his Shortlist vision, slapped a different name on it, and put together an entirely new awards show on his own. Going under the moniker New Pantheon, the proposed gathering appears eerily similar to the previous extravaganza-- so much so that his former cohort has threatened legal action. "That isn't something that I feel is legally possible for him," Spotts said. "You can't compete against a company that you co-own."

Sarig shot back by stating he never signed a non-compete clause with Spotts, and went on to explain his New Coke-like awards endeavor: "I thought starting with a new entity with a sort of bolder initiative would be a fresh way to do it. The idea is very similar. It's shining a light on and honoring the most creative and most artistic records of the new year.
__________________