The Rage Against The Machine/Chris Cornell project, known now by all as Audioslave, has paid $30,000 to four chaps from Liverpool. Why, you ask? Well according to NME, it is because those cats had the name first. American Audioslave found out and were worried about a lawsuit, so they sent a team of lawyers in for a preemptive strike. Liverpool Audioslave were first offered the paltry sum of $5,000 to give up the name completely, but after some negotiating, American Audioslave (is this confusing to anyone else) agreed to pay the quartet $30,000.
However, by forking up all of that cash, American Audioslave has only earned the right to "share" the name with the Liverpool gang and did not, in fact, gain exclusive rights.
As the Liverpool Audioslave is unsigned and playing small club gigs in the UK, and American Audioslave is a rock & roll supergroup with a huge media conglomerate backing it, I think it's safe to say that there won't be much confusion between the two in the future. Audioslave (the one we actually care about) will drop its self-titled debut album on November 19 via Epic.