Former Facebook executive Own Van Natta was the CEO of Project Playlist for just 5 months before leaving this week to head MySpace. During his short tenure, traffic on the site tumbled by almost two thirds after labels upset with Van Natta for not taking their pending lawsuits seriousbly forced the service of MySpace and Facebook.

First Van Natta let rumors of inflated new investments fly. Then, reports TechCrunch, he told anyone who would listen that deals with the labels were imminent. Neither were true and now Project Playlist is left trying to recover with board member and ex-MTV exec John Sykes forced to jump in to save the service. he's also hoping protect a substantial investment that he made near the beginning of Van Natta's short and messy tenure.