By late 1969, Emerson thought the Nice had progressed as far as it could musically, and was particularly dissatisfied with Jackson's limited vocal style. He asked Jack Bruce and Yes' Chris Squire about forming a new band, but both turned Emerson down. While on tour in the US with King Crimson, Emerson held a meeting with Stratton-Smith and declared "the Nice had outlived its usefulness". By the end of the year, Emerson and Crimson's Greg Lake had decided to form a band together. The group carried on touring into 1970, but sometime early in the year, Emerson told Jackson that he would be leaving the band. Matters were not helped by Immediate Records filing for bankruptcy; the band later said they received no royalties from the label while an active group.